“What defects and problems should I watch out for when I buy a home?” Answer: Here’s a list of common things to look for in a home that a home inspector once told me: Watch out for: 1. Aluminum Branch Wiring (single strand) – used 1965 to 1978 2. Polybutylene Water Lines – 1982 to

“Since a buyer has 17 days to inspect a home and cancel, a friend told me when you sell you can accept two offers on your home and you have 17 days to cancel either one. That way it’s fair. So if one buyer cancels or asks for a lot of repairs, you still have

“Gary, My wife and I attended one of your recent, excellent seminars, but had to leave early. I never got the answer to how you get the banks to pay ALL the closing costs. Can you tell me how this is done? Thanks.” Answer: Nice to hear from you and thank you for the kind

“My credit score is 900…” Answer: Credit scoring models vary for different categories: real estate, cars, credit cards. (Why this is the case is beyond me.) So while you may have a credit score of 900, I’m guessing you recently tried to buy a car and had your credit run. Credits scores for real estate

“I just suffered through six months of having my home for sale, and it didn’t sell. I’m sure it’s because my agent over-priced my home. Why would an agent do that?” Answer: Could be one of many reasons: — 1. Honest Mistake — Agents are human. I’ve over-priced a few homes in my 25 years

“Whatever happened to that $7500 first time homebuyer credit?” Answer: The just-passed stimulus bill made some changes to the credit that are great news if you’re a first-time homebuyer. (FYI, their definition of “first time homebuyer” is that you haven’t owned a home the past 3 years.) The provision gives you a slightly increased tax

“At your foreclosure seminar you mentioned some special financing on Fannie Mae foreclosures. Can you give me that info again?” Answer: Happy to. On some FNMA-owned foreclosure properties, they’re offering very attractive financing: – 3% down to owner-occupants – 10% down to investors – No appraisal or appraisal cost – No mortgage insurance cost –

“I converted my garage without a permit. Will this be an issue when I sell?” Answer: Assuming your conversion was of good quality, you will face a few minor to moderate challenges when selling: First, most homebuyers prefer a garage to a garage conversion. And the “nicer” the neighborhood, the more people will want a

“You’ve recently talked about it being a good time to buy a home. How can you say that when the market is so bad?” Answer: That’s the paradox of a buyer’s market. The best time to buy a home is usually when things are bad and have been bad for awhile, not when they’re good.

“Hi Gary. I’d like to start investing in real estate and would rather use my retirement funds. Can I buy real estate using my IRA?” Answer: Yes, and I’ve done it myself a couple of times. You must have a self-directed retirement account with a company (aka “custodian”) that allows real estate IRAs. Some basics