“I wrote an offer on a short sale and it was not presented to the bank. Is that legal?” Answer: While an agent owes the seller a duty to present all offers to them, they do not owe that duty to the bank on a short sale. The bank is not their client. The seller

“Hi Gary. We’ll be selling our condo in La Jolla next month. We know the comps say it’s around 700K, but we’d like to shoot for 725-750K. We’re not in a rush and are willing to hold out even if it takes several months to sell. How long should we expect it to be on

“How does the homebuyer tax credit work?” Answer: Here are the basics: – $8000 to first time homebuyers (haven’t owned for 3 years) – $6500 to homebuyers who aren’t first-timers – Must buy a primary residence – Must sign contract to buy home by 4/30/10 – Must close by 6/30/10 – Must stay in the

“It’s so hard to know what the market is going to do. Do you think this is a good time to invest [in real estate] in San Diego?” Answer: Of course, many agents will answer “yes” to that whatever the market so they can make a sale. So rather than just answering your question, let

“Is it legal for agents to represent both the buyer and seller? How can they possibly do that?” Answer: Great question. This “dual agency” is legal in California and most other states as long as it’s disclosed. The downside is that some agents abuse the situation. For example, the buyer or seller may tell the

“How do you find out the property lines. Ask the seller or the agent?” Answer: They may be happy to offer you their opinion, but who knows if they’ll be right or wrong. Unless they’ve seen a survey, they heard from someone else…who may or may not be correct. To know for sure, you can

“I don’t agree with this whole value range pricing idea. It just doesn’t make any sense. No one’s ever going to pay any more than the bottom. I’d never sell my home with it.” Answer: I’m with you. And while we’re at it, I don’t agree with this whole electricity thing either. It doesn’t make

“I’m selling my home and will also be receiving money from a settlement and would love to roll it over into a house. I’m not sure if I can though, so if I were to hold the money for awhile, am I charged with capital gains taxes or penalized for not rolling it over into

“It seems that interest rates and ability to get a home loan are more credit-driven than ever. Everyone talks about credit and I know it’s about paying your bills. But what exactly makes up a credit score?” Answer: There are 5 “Components of Credit”. Here they are, along with their %’s as they make up