Is Now a Good Time to Fix and Flip?

Question: “Hi Gary! We just sold our apartment building in L.A. It’s in escrow for $900,000 and we’re debating doing a 1031 exchange and buying a property here in San Diego to fix up and flip. Do you think it’s a good time right now? We’re going to net about $600,000.” Answer: A few things…
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Should I Do Termite Work Now or During Escrow?

Question: “Should I do the termite work now or do it during escrow?” Answer: If you have a lot of wood repair that is visible and looks bad, you may want to do it now. Otherwise I would say to wait and see if your buyer asks you to do it. But the odds are
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What Costs Do I Pay When I Buy a San Diego Home?

Question: “What costs should I expect to pay when I buy a home?” Answer: Division of costs vary by geographic region. In San Diego, the buyer usually pays: Home inspection + any other inspections (except termite) Half the escrow fee Lender’s policy of title insurance Notary & recording fees for loan documents All new loan
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Does It Matter How Much the Buyer Puts Down on Your Home?

Question: “Since I am not carrying the loan on my house, should I care how much the buyer puts down?” Answer: Yes! All other things being equal, the higher the down payment, the stronger the borrower’s qualifications and looser the lending requirements. And a side benefit is that if the appraisal comes in low the
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How Long It Takes to Sell a San Diego Home Right Now

Question: “I plan to sell my home and would like to know how long you think it takes to sell a home right now.” Answer: Great question. Right now, we’re in a “normal” market with a rough balance of buyers and sellers. So on the one hand, it can be SLOW… Price your home too
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Are There Still San Diego Short Sales & Foreclosures?

Question: “Are there still any short sales and foreclosures? I don’t see them anymore.” Answer: Remember 2008-2011 when it was so rare to see a home offered that was NOT a short sale or foreclosure that we referred to them as “traditional sales”? In many neighborhoods (Eastlake, Spring Valley, etc.), if your life depended on
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Can Sellers Add a “Cancel if I Get a Better Offer” Clause?

Question: “Since a buyer can inspect a home and cancel for any reason, it’s like having an option to buy the home. As the seller, can I get an option like that so that I can cancel if I get a better offer? If not, how is that fair?” Answer: Literally, yes, you could have
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Can Sellers Cancel a Counter-Offer?

Question: “Gary, I made an offer on a home. The seller sent me a counter offer good for three days, but just two hours later they said they were cancelling it because they were taking another offer. Is that allowed? Aren’t they locked for the three days?” Answer: Sorry to tell you, the seller was
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Will San Diego Home Prices Increase With Interest Rates?

Question: “Interest rates can’t stay this low forever. When they do start to go up, do you think home values will increase? I think it will shake people off the fence and there will be a mini-surge in home sales.” Answer: That brings to mind the old economist’s joke: Why are there no one-armed economists?
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Are Open Houses Really Important?

Question: “Last time I sold my home, the agent did a lot of open houses, but the buyer came through another agent who did not go to an open house. It was a hassle leaving on the weekends all the time. Is it important to have open houses?” Answer: No. Agents typically do open houses
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