Are probate appraisals accurate?

Question: “Hi Gary, my father died without a living trust, so his home is going through probate. The probate appraiser said it’s worth $850,000. That seems a little high. Are probate appraisals accurate?” Answer: Rarely. In my experience, probate appraisals are about the most inaccurate appraisal you could possibly get and tend to be high.
Read more
No Comments

How much should I offer so I can get a home you have listed?

Question: “I see you have a home listed on XXXXX Street and heard you have a couple of offers. I’d like to make an offer and get the house. What price do I need to beat?” Answer: Great question! And I’m sure many agents would give you a very specific and useful answer. However, as
Read more
No Comments

Is solar a good idea if I’m planning to sell my San Diego home?

Question: (This question isn’t exactly about “investing”, but…) “A guy from a solar company just came by saying they work together with California. He wanted to find out if our home would qualify for SOLAR. At no cost to the owner. What do you know about this, given that we’ll be selling the home? Should
Read more
No Comments

How often should an agent hold open houses?

Question: “I have my home for sale in University City and my agent is hardly holding any open houses, maybe every other week. How often do you think an agent should be holding open houses?” Answer: Great question! There’s a big myth about open houses: so many people believe open houses are THE way homes
Read more
No Comments

Can anyone afford a home in San Diego?

Question: “Prices in San Diego are much too high. We’ve got to do something since it’s gotten to the point where no one can afford a home here.” Answer: I appreciate your frustration. San Diego home prices are amongst the highest in the nation. So while I don’t disagree with you, I feel compelled to
Read more
No Comments

Does the amount of a buyer’s down payment matter?

Question: “Why should I care what a buyer puts down. I still get the same amount at closing, right?” Answer: Great question! Indeed, the buyer’s down payment doesn’t impact the amount of your check at closing. (Unless you act as bank and “carry” a first or second loan against the house, but that’s another story.)
Read more
No Comments

What is the cost to sell a San Diego home?

Question: “Hi Gary, besides the Realtor fee, what is the cost to sell a home here? What’s deducted at closing, etc.?” Answer: There are several categories of items that you should be aware of: 1. Standard Seller CLOSING COSTSa) These are title insurance, escrow fee, county transfer tax, and other fees. They typically total .75%
Read more
No Comments

Can I ask for new carpet from my home inspection?

Question: “Can I ask for new carpet from my home inspection?” Answer: You can, but that’s not what home inspections are for. Home inspections are for you to find significant defects that you weren’t aware of when you made your offer. Based on what you find, you can decide if you still want the home
Read more
No Comments

What are the most expensive repairs from a buyer’s home inspection?

Question: “What type of expensive repairs may come up from a buyer’s home inspection?” Answer: Great question, that I hear a lot. In my experience, the most expensive costs that come up, in roughly declining order are: Settlement/structural problems Sewer line that’s broken or corroded Mold remediation Unpermitted room additions Roof replacement Major plumbing (other
Read more
No Comments

Can I do a 1031 exchange when I co-own?

Question: “I co-own a rental property with my brother. Can I sell another rental I own and use the money to do a 1031 exchange to buy him out?” Answer: My 1031 rep said you cannot do an exchange on a property where you already own a partial interest: “Unfortunately, because of the vesting and
Read more
No Comments