If You Don’t Buy the Home, Do You Lose Your Deposit?

“Hi Gary, I’ll be buying a San Diego home within the next few months. I’ve never bought a house before, so please excuse me if this is a dumb question. If I make an offer and it gets accepted, but I end up not buying the house, do I lose my deposit?” Answer: As you’ve
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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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Should You Sell Your San Diego Home “As Is”?

“My husband and I are planning to sell our large 2-story home in University City. We’re in our 70s and don’t want to do a lot of fixing to it. Our daughter’s friend who is an agent told us to just sell our home ‘As Is’ and then we won’t have to fix anything. Will
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Listing Your San Diego Home with the “Neighborhood Specialist”

“Hello… My wife and I will be selling our La Jolla home this spring and don’t know any agents. There is one who seems to work the neighborhood. She calls herself the neighborhood specialist. Do you think we should list with her?” Answer: Excellent question. Let me share a story with you… Years ago at
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Making Your Highest and Best Offer

“Hi Gary. We and a couple of other people made offers on a home at the same time. Now the seller is asking for our highest/best, which I guess means for us to offer our highest price. I don’t want to get in a bidding war and am thinking of dropping out. What do you
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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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Do Sellers Always Need to Tent for Termites?

“I have a question. Does the seller always have to tent their home for termites when they sell?” Answer: First of all, there’s no law requiring a termite clearance. So, if you want a termite clearance, you must request it in your offer. The two main categories of pest control work are “Section 1” and
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Buying a San Diego Home From an Auction Site

“I keep seeing these ads for an auction company. I went on their sites and the opening bids are very low compared to what the homes previously sold for. What do you think of buying a San Diego home from an auction site?” Answer: I’m not going to call it a scam. Let’s just say
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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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