When Do “Comps” Become Too Dated for Your San Diego Home?

Question: “At what point do ‘comps’ become so dated as not to be relevant to figuring out what a home is worth?” Answer: There’s no specific time period. Especially in a rising (or falling) market, the more recent the better. I try to go back three (preferred) to six months. In rare cases, I look
Read more
No Comments

How Much to Reduce the Price on Your San Diego Home

Question: “I’m asking $799,000 for my mother’s house, but getting no action. What do you think of a reduction to $789,000? Is that enough?” Answer: As a general rule, if your home has been listed for a few weeks and getting low activity, you need to adjust 3-5% to see a noticeable increase in interest.
Read more
No Comments

Will a Bank That Turned Down a Loan Mod Approve a Short Sale?

Question: “My bank turned me down for a loan modification. Does that mean they’ll probably turn me down for a short sale too?” Answer: Good news. The answer is “no.” Short sales and loan modifications are handled by two separate departments at the bank. Their criteria for approval are different. Yes, both generally require some
Read more
No Comments

Why You Sign the Buyer’s Offer in a Counter-Offer

Question: [Question from one of my homeseller-clients who is making a counter-offer to an offer we received.] “Gary, I don’t agree to the buyer’s offer. So why am I supposed to sign it when I make a counter-offer?” Answer: Great question! In a legal sense you are rejecting the offer when you make a counter-offer.
Read more
No Comments

Can’t Do a Tax-Deferred Exchange on Your Principal Residence

Question: “I’d like to sell my Clairemont condo and buy a little house in P.B. An agent said I could do a tax-deferred exchange and buy another home without paying any taxes. Is that correct?” Answer: A little knowledge can be dangerous. The agent was trying to help, but applied rules for investment property (“tax-deferred
Read more
No Comments

That Offer You Got in the Mail Could Be a Scam

Question: “I just got a letter in the mail from someone who says he wants to buy my home. I’m a little suspicious. Do you think it’s legit?” Answer: Some are legit, others not. While it could be real, often it’s an investor looking to buy your home way under value. A client called me
Read more
No Comments

When in Doubt, Disclose on Your San Diego Home

Question: “Last year I had a plumbing leak that led to mold in my laundry room. A mold remediation company handled everything and the mold test came out 100% clear. Do I still need to disclose it when I sell my home?” Answer: Definitely. The law says you must disclose anything that could “materially affect
Read more
No Comments

Two San Diego Short Sale Questions

Question: “I have two questions about doing a short sale. First, we have a leaky roof. Is it possible to just disclose that and sell as is? Second, what’s the cost to hire you to handle everything? We definitely want your expertise, but we’re short on money.” Answer: I’ve got good news on both your
Read more
No Comments

Should You Pick the Middle of 3 Agents’ Price Opinions?

Question: “I’m going to sell my house this summer. I know how important it is to price your home right. So I plan to get 3 agents’ price opinions and then hire the agent in the middle. Is this a good idea?” Answer: I don’t recommend it. 2 reasons… Reason #1: Whether it’s a high
Read more
No Comments

Should You Rent or Sell Your San Diego Home?

Question: “My mom needs to move to an assisted living home and we’re debating whether we want to rent her home or sell it. What do you suggest?” Answer: Everyone’s situation is different. But I’ll give you some general pros and cons: Renting Pros: You may get a better return than putting the money in
Read more
No Comments