“Hi Gary. I’ve heard you and others talk about short sales. What is a short sale?” ***ANSWER: A short sale (aka “short pay”, “short pay-off”) is when a lender or lienholder on a property agrees to receive less than the balance due when the property is sold. I’ll tell you WHY they’d ever agree in

“We’re looking at a home on over a quarter acre, most of it is on a hillside and unusable. The agent we’re working with keeps telling us that the huge lot means the property is worth more. Is it?” ***ANSWER: If the large lot means you have greater privacy, a view, the ability to build

“My home just went off the market after 6 months. I have to say my agent worked at it, but he suggested value range pricing and it didn’t work. All the offers were in the low end of the range. Why do people think value pricing works?” ***ANSWER: Studies have shown that homes marketed with

“We’re in east county and to move west, probably University City or P.B. We know homes there are a little out of our reach and we’ll end up with a fixer-upper house. What should we be looking for in a fixer-upper?” ***ANSWER: You want a home with “the right things wrong with it.” The ideal

“Hi Gary. We’re buying a bigger home and considering keeping our old home as a rental. Do you think that’s a good idea?” ***ANSWER: Great question, one I hear from many of my clients. There’s no precise yes/no answer, but here are some things to consider: PRO 1.. Real estate has been the basic building

“We’re going to be selling our rental condo in La Jolla. Should we sell it with the tenants in or should we sell it vacant?” ***ANSWER: The answer depends on 3 things: are the tenants cooperative, are they reasonably neat, and does the home need a cosmetic overhaul? If the tenants will be flexible with

“How much money is required for a deposit to buy a home? My friend says not to give a deposit over $1,000.” ***ANSWER: The initial deposit is also called an “earnest money deposit.” $500 doesn’t sound terribly earnest and makes your offer look weak, hurting your chances of getting the home you want. Not what

“Hello… I’m going to sell my late mother’s home in September. I know you don’t want to hear this, but I plan sell it without a broker to save the 6%. One of my neighbors did, and he didn’t know anything about real estate, so it can’t be too tough. I’ll just get the escrow

“I just don’t understand how some real estate agents survive. They spend good money placing ads in the paper, but when you call them they never call you back. I’m looking for a home and can’t even get agents to call me back.” ***ANSWER: I feel your pain! In 2003, I started to invest in

“Hi Gary. I bought a home 3 years ago with 10% down and I’ve been paying PMI [private mortgage insurance]. I know PMI insures lenders against loss on low down payment loans. But my home value is way up, so I think they no longer have any risk. Can I cancel my PMI?” ***ANSWER: Lenders