“I’m buying a home and there was only one smoke detector in the hallway. My contractor says that’s fine, but my agent says they have to be in the bedrooms. Which is correct?” ***ANSWER: Per California law, the smoke detectors must be centrally located outside each “sleeping area” (sounds like a bedroom to me). They

“What’s causing all the foreclosures in San Diego?” ***ANSWER: Last week I answered this question, attributing them to: 1. Subprime Loans 2. “Pay Option” ARMs 3. No-documentation loans 4. Zero-down 5. Mortgage Fraud 6. Increased Interest Rates 7. Lower Values 8. Difficult Short Sales 9. Tightened-up Financing Upon reflection I left off at least four

“We’re planning to sell our home. Truth be told, our home is far from perfect. The kitchen is old, the inside needs a new coat of paint, the yard’s a mess, to name a few. Do you think we I fix up my home first or just sell it?” ***ANSWER: Great question—another one that I

“I tried to buy a condo about a week ago, but it fell out of escrow because my mortgage broker couldn’t find a loan for me when my credit score fell mysteriously. My realtor’s broker has informed me that the seller is entitled to my $3000 good faith deposit. My realtor never informed me of

“What’s causing all the foreclosures in San Diego?” ***ANSWER: People ask me this all the time. The answer has many related parts. The causes include: 1. Subprime- Too many people with bad credit (aka “subprime” or “non-prime”) were granted home loans. Surprise: people with a poor history of paying their bills didn’t pay their mortgage.

“Hi Gary. I know you have a lot of experience. Suppose you have multiple offers on a home you’re selling. Other than price, what do you look for to decide which offer to accept?” ***ANSWER: Excellent question, because there is more to an offer than price. I also look at any closing costs the seller

“Hi Gary. I know you have a lot of experience. Suppose you have multiple offers on a home you’re selling. Other than price, what do you look for to decide which offer to accept?” ***ANSWER: Excellent question, because there is more to an offer than price. I also look at any closing costs the seller

“Gary: I am wondering if you can tell me the answer to this question. If a couple is going through a divorce, is either party permitted to purchase a new home in his or her name only prior to settling the divorce? Your input is greatly appreciated. Thank you, sincerely.” ***ANSWER: First the obligatory disclaimer:

“I know you’re always saying to use an agent who’s experienced. But what about a lender? I’m going to be buying a home and I’d like to use a friend of mine who just started in the lending business. Do you think that’s OK?” ***ANSWER: Not a problem… That is if you don’t mind risking

“Question. I know the market isn’t hot like it was before. So my wife and I found a home we liked and were surprised when the agent said us to rush to make offer. That seemed a little pushy. Are you advising your clients to rush to make offers in this market?” ***ANSWER: In any