“I’ve been interviewing agents to sell my mother’s home. After talking with five, I’ve come to the conclusion I really have no idea how to tell who I should hire. Help!” ***ANSWER: I’m going to tell you something you already know, but perhaps in all the confusion have forgotten. The best predictor of future performance

“My friend is looking at a house that’s listed for $550,000, but was appraised for $575,000. He thinks it must be underpriced, but I’ve heard that appraisals aren’t always accurate. Do you agree?” ***ANSWER: Yup. The appraisers I know are hard-working, smart professionals and usually the figures they come up with are right on or

“I’m planning to exchange my San Diego rental house for an apartment building in Texas. I know there’s different kinds of exchanges. I heard I should do a Starker Exchange. What exactly is that?” ***ANSWER: The name is from a 1979 court case: T.J. Starker vs. US. A Starker exchange is one name for a

“My uncle is very sick and I’m his only heir. He’s deeding me his home now to make it easier for me to sell it after he’s gone. Of course he’ll stay there as long as he lives. Is there any downside to what we’re planning to do?” ***ANSWER: STOP! Do nothing until you consult

“Gary, I’ve heard the term sweat equity before. What is it?” ***ANSWER: Sweat equity is the increase in equity (value – loans = equity) you get from improving a home. So if you buy a fixer upper for $350,000 and the value goes to $400,000 after you fix it, you’ve gained $50,000 in sweat equity.

“Hi Gary. We’re shopping agents to sell our home in P.B. What fee do you charge?” ***ANSWER: I get that question a lot. And that’s the worst way to find an agent. Here’s why… What if I told you, “I’ve got a house you can buy for $500,000.” Would you want to buy it??? Or

“How does it work if I’m buying a home but cancel because I find a problem with the home or my bank won’t give me the loan. Is that breaking the contract? And do I lose my deposit?” ***ANSWER: Most contracts have contingencies letting you cancel and get your deposit back under certain conditions. The

“I’m going to be buying a home soon and I’m a member of the XXXXXXXX (name deleted) Credit Union. Should I go there to get my home loan or to my bank?” ***ANSWER: Credit unions are funny. Because they’re non-profit, you get some curious results… Occasionally, credit unions have slightly more favorable rates than other

“My wife and I are selling our home in Pacific Beach shortly and moving to Vegas due to her job transfer. What work should we do to our home to ready it for sale? And will we really get more money or will someone pay almost the same amount for a fixer upper? ***ANSWER: Great

“My husband and I can’t afford a detached house yet, so we’re going to buy a condo. Is there a difference between a condo and a townhome?” ***ANSWER: “Condominium” is a form of ownership in which you own an interest in an entire property (the condo complex), with the exclusive right to use the designated