Can Sellers Cancel a Counter-Offer?

Question: “Gary, I made an offer on a home. The seller sent me a counter offer good for three days, but just two hours later they said they were cancelling it because they were taking another offer. Is that allowed? Aren’t they locked for the three days?” Answer: Sorry to tell you, the seller was
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365 Things to Do in San Diego: Jan. 1–7

Every Monday, starting now and throughout 2015, I’ll be bringing you a list of exciting activities to do throughout San Diego—one for each day of the year! January 1: Kick off the new year with a bang: do the La Jolla Cove Swim Club’s Polar Bear Plunge. January 1–4: Check out the latest models of your
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This Week’s Crazy Building: Incheon Tri-Bowl

This week’s crazy building is the Incheon Tri-Bowl near Seoul, South Korea. Finished in 2010, this highly unusual structure is quite aptly named: it’s made up of three bowl shapes that connect in the middle, arching over a large reflecting pool. The building has several levels of meaning: the three bowls represent the air/land/sea, the
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Will San Diego Home Prices Increase With Interest Rates?

Question: “Interest rates can’t stay this low forever. When they do start to go up, do you think home values will increase? I think it will shake people off the fence and there will be a mini-surge in home sales.” Answer: That brings to mind the old economist’s joke: Why are there no one-armed economists?
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Are Open Houses Really Important?

Question: “Last time I sold my home, the agent did a lot of open houses, but the buyer came through another agent who did not go to an open house. It was a hassle leaving on the weekends all the time. Is it important to have open houses?” Answer: No. Agents typically do open houses
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Do Buyers Now Pay for Termite Clearance?

Question: “A friend of mine told me that there are new home sale contracts and that now the buyer is responsible for paying for the termites instead of the seller…?” Answer: Not exactly. Before I answer your question, let me give you some context… When I became a Realtor in 1984, it had long been
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A New Change in Buying a Fix-and-Flip Property

Question: “I heard you can’t get a loan any more if you buy a flip property. Is that true?” Answer: No, but there was one change involving buying a flip, or renovated resale property. FHA announced that starting January 1st, if you want to get an FHA loan, you can’t even WRITE your offer until
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How to Know if Your San Diego Home is Your Principal Residence

Question: “Hi Gary, My wife and I want to sell our home in La Jolla. We live part of the year in Phoenix and part in San Diego. We want to get the $500,000 principal residence exclusion. How do we know which one is my principal residence?” Answer: According to industry journal California Real Estate
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Are 1031 Exchanges Hard to Do?

Question: “I’d like to sell my rental house here and use the money to buy to exchange into a fourplex. But I’m a little concerned about 1031 exchanges. I don’t know much about them. Are they hard to do?” Answer: Good news: 1031 tax deferred exchanges are easy! And they’re quite inexpensive to do too…usually
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Will Your Converted Garage Be a Problem When You Sell?

Question: “I converted my garage without a permit. Will this be an issue when I sell?” Answer: Assuming your conversion was of good quality, you will face a few minor to moderate challenges when selling: First, most homebuyers prefer a garage to a garage conversion. And the “nicer” the neighborhood, the more people will want
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