Agents Can Sell You or Advise You

Question: “Hi Gary. Thank you for coming by my condo, but I’m going to hire Joyce from ABC Realty [names changed]. You said I could only get $475,000, but I’d like to get $550,000. Joyce seemed really positive that she could get me the $550,000.” Answer: When an agent walks in your door, they can
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San Diego Homes Billed as “Corporate Owned”

Answer: “I’ve seen some San Diego homes advertised as ‘corporate owned.’ What does that mean exactly?” Answer: There are two likely explanations: First, when larger companies relocate a new or existing employee away from San Diego, sometimes they help by having a relocation company purchase the San Diego home, then resell it. My understanding is
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Home Equity Line vs. Equity Loan vs. HELOC

San Diego Realtor Gary Kent describes the differences between Home Equity Line vs. Equity Loan vs. HELOC.
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How Much Are Closing Costs When Selling?

“How much should I expect to pay in closing costs when selling my home?” Answer Depending on how much your San Diego home sells for, a rough rule of thumb for seller’s closing costs is .5% to 1%. The .5% is more for multi-million dollar homes. For simplicity, use 1%. Note that this does not
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Switching Banks When Mortgage Shopping

“I’m looking for a San Diego home and shopping around for a mortgage. Once my offer is accepted, is there any rule that prevents me from switching banks if I find a better deal with another bank?” Answer: Probably not, but it depends on your contract. However, some warnings: – You don’t always get the
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Why Banks Prefer to Sell to Owner-Occupants

“I’ve been told that banks prefer to sell their foreclosures to owner occupant buyers. Is that true and why? I’m strictly an investor, so what’s the downside of just saying I’m going to live in the property?” Answer: That’s a lot of questions. I’ll answer them one at a time: 1. Do banks prefer to
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Do Banks Want to Foreclose on Your San Diego Home?

“I read recently that banks are telling people they need to go into default to do a loan modification, then they’re foreclosing on the home. The article said banks do this so they can get the home at auction for far less than its value. Is that true?” Answer: That’s absolutely 100% incorrect. Despite all
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How Loan Brokers Can Mislead Clients

“We’re trying for a loan modification, but may consider a short sale if that doesn’t work. We were really misled about how our loan could change and reset. What is the responsibility of loan brokers and/or banks who lied to their clients about the type of loan they were getting?” Answer: Unfortunately the loan brokers
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Is It Hard to Get a Loan on a Fixer-Upper?

“Question. I want to buy a fixer upper house so I can fix and sell it for a profit (hopefully!). Is there any difficulty getting a loan on a fixer?” Answer: Great question. If a home is in poor condition, you may have trouble getting a conventional loan. (An FHA or VA loan would be
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Have FHA Loans Become More Expensive?

“I heard FHA loans have become more expensive. Is that true?” Answer: They’ve become both more expensive and cheaper. How could that be? Several months ago, HUD (Dept of Housing and Urban Development) changed how they charge the “MIP” or Mortgage Insurance Premium on FHA loans. The upfront premium due at closing has been trimmed
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