The Importance of Title Insurance

Question: “My wife and I have never bought a home before, so there’s a lot we don’t know.  For example, I’m sure we need title insurance, but it costs a lot of money so I’d like to know why we need it.  Can you tell me?” Answer: I’d be happy to… Title insurance insures you
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Never Use a Lender Who’s Also an Agent

“I just went to your San Diego investing seminar and heard you say never to use a lender who’s also an agent. Sadly, I heard this too late. I bought my San Diego home in 2009 and my (ex) agent did my loan. It was a nightmare. It took almost three months to close and
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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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Top 3 Tips to Increase Your Credit Score

“My wife and I want to buy a home in Clairemont or TierraSanta in the next year or two, but my credit score is below 600. Do you know how to increase it?” Answer: I’m not a credit expert, but “Mr. Credit” Derrick Evens recently stated his Top 3 Credit Tips. This is from a
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Can a Seller “Knock Out” Your Short Sale Offer?

“If I make an offer on a short sale and get it accepted, can the seller keep trying to get higher offers and submit them to the bank, effectively knocking out my offer?” Answer: Great question, complex answer… First of all, once your offer is accepted, the property must be placed in “Contingent” status in
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Getting a Home Warranty When Buying a San Diego Home

“Hi Gary. I’ve never bought a home before and I’m a little nervous. Do you get some kind of warranty when you buy a home?” Answer: New homes offer some coverage by the builder against defects for the first ten years. If you buy a resale home, you can get a “Home Protection Plan” or
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What Does “Owner Will Carry” Mean?

“I’ve seen the phrase “owner will carry” in a couple of real estate ads. What does that mean?” Answer: It means that if you buy a property, the seller acts like a bank and loans you part of their proceeds for a first or second loan on the property. For example, your banker tells you
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Use Caution When Buying a San Diego Home w/ a View

“If I buy a home with a view, would my neighbor be allowed to build up or grow their trees and block the view?” Answer: To my knowledge, there’s NO universal law or statute preventing someone from blocking someone else’s view. All I know of that may protect a view are neighborhood CC&Rs (covenants, conditions,
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How Auction Pricing Fools Buyers

“Gary, I saw a home in an excellent neighborhood for $225,000 and am very interested. How soon can I see it?” Answer: I’m not sure where you saw it advertised, but that San Diego home is being auctioned and $225,000 is just the opening bid. It will end up selling for dramatically more…probably over $400,000.
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7 Things to Avoid to Improve Your Credit

“My wife and I plan to buy a La Jolla home this summer. Is there anything we should do now regarding getting a mortgage?” Answer: Yes, I suggest you call a reputable mortgage lender and get qualified now to find out if you need to do anything to improve your credit. And here are a
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