What about Loan Contingencies? “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

Should I use my Credit Union? “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

How about some tips about fixing up a property to sell? “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

Condo vs. Townhome “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

What about Termite Reports? “Hi Gary, it’s XXXXX. As you know, I’ll be calling you to list my house this summer. I want to get your advice. I think the whole termite requirement is a racket. Every home has termites. But I’m a realist and I know I’ll need to clear the house to sell

How do I find out my credit score? “I want to buy a home next year. I know my credit has problems from a few years ago, but I’ve paid all my bills on time or early since 2003. How do I find out what my credit score is now?” ***ANSWER: Residents of California (and

Should I use a discount broker to sell my Tierra Santa Home? “What do you think of those discount brokers, the ones who say they’ll sell your home for 1 or 2%? My friend used one and said it was a disaster. Once she called her agent and he didn’t even know who she was.

Appraisal Question “My friend is looking at a house that’s listed in Clairemont 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

What about IRS Code 121? “Hi Gary, Your newsletter is interesting and informative. We enjoy reading it and learning from it. I have a question that I would like to ask you. I know that by law if you live 2 of the five years in a house when you sell it you would get

1031 Exchanges – Reverse Exchanges “Hello Gary… We’re interested in selling our investment properties in North Park and Downtown San Diego. We like the 1031 exchange concept. However, we are scared off by the 45 day identification process.” ***ANSWER: Here’s the 2nd part of the answer to this question from last week: Two other ideas: