“Hi Gary. I talked to a lender and they said I’m qualified to buy, but I need help with costs. How do I put in the contract that seller pays all my escrow costs?” ***ANSWER: First, let’s get the words right. You want help with CLOSING costs, not just escrow costs. In April, I represented

“I’m a real estate investor and I’d like to start buying short sales. How do you suggest I start?” ***ANSWER: I don’t. Quick background: A short sale is when a home’s loan balance is too high to allow a sale, so the bank agrees (after much negotiation and a 45-90 day process) to take less

“I’m going to sell my house this summer. I know how important it is to price your home right. So I plan to get 3 agents’ price opinions and then hire the agent in the middle? Is this a good idea?” ***ANSWER: It’s terrible. And dangerous. 2 reasons… Reason #1: Whether it’s a high price

“Hi Gary. I really enjoy reading your newsletter. I have a question. My wife and I will be buying our first home in San Diego. Do the buyer and seller both attend the closing, or just the agents?” ***ANSWER: None of the above. Practices vary by geography. In some states, the buyer, seller, agents, attorney,

“What are interest rates today?” ***ANSWER: That used to be a simple question with a simple answer. But now, even if you’re just asking about today’s fixed rate, you have to answer these questions: 1. Fixed for 3,5,7,10,15, or 30 years? 2. Interest only or amortized? 3. Amortized for 15 or 30 years? 4. No

“Hi Gary. Our kids have finally moved out on their own. We love our four bedroom home, but we only need two bedrooms plus a den. Do you know of homes for sale like that in our neighborhood?” ***ANSWER: Want my best advice? Shut the door of your fourth bedroom and forget about it. Then

“If a house is advertised ‘as is’, does that mean that the house has problems? And can you still inspect it and ask for something to be fixed?” ***ANSWER: Great questions. Homes are typically advertised “As Is” for three different but related reasons: First, indeed the home may have problems, ranging from ugly cosmetics to

“I heard that mortgage insurance is now tax deductible. Is that true?” ***ANSWER: Yes and no. (Quick background: If you buy with less than 20% down, some loans require you to pay mortgage insurance monthly or at closing. This “MI” insures the lender against loss in case you default.) As part of the “Tax Relief

“What should I fix before I sell my home?” ***ANSWER: Great question. My advice is to fix the obvious, disclose the rest, and expect to fix or credit funds for a few items as part of negotiations. FIX Expanding on that, if you’ve go the time and desire, fix the visible things that will help

“Hi Gary. When I buy a home, I’ll take your advice and definitely have it inspected. A few questions: When should I do it? How much does one cost? How long does it take?” ***ANSWER: You should do your home inspection asap after your offer is accepted. You typically have 7 to 17 days to