Will the Fence Always Be on the Property Line?

Question: “I was looking at a house with a large yard that goes down a hill. I assume the fences would be on the property line, correct? That’s what the owner said.” Answer: While fences are usually on the property line, never assume that’s true for any given house. And it helps that the owner
Read more
No Comments

Having a Broker Caravan When Selling Your San Diego Home

Question: “How important is it to have a broker caravan when selling a home?” Answer: (A broker caravan, aka “broker open house” or “broker tour”, is typically a 2-3 hour period where a home is open for Realtors to come through and see it.) If you asked me this question 15 or more years ago,
Read more
No Comments

How Much Should Your Deposit Be?

Question: “We’re going to make an offer on a home for $875,000. How much do you think our deposit be? Is $2500 too low?” Answer: Yes! The seller won’t take your offer seriously with a low deposit like that. Deposits are typically 1 to 2% of the price. When I represent a homeseller, I insist
Read more
No Comments

Can the Seller Cancel if They Didn’t Sign Escrow Instructions?

Question: “I got a good deal on a little condo that would make a great rental. Now the seller is trying to cancel saying he never signed escrow instructions so we don’t have a deal. I’ve asked my agent if that’s correct and he thinks the seller is wrong but isn’t sure. The seller can’t
Read more
No Comments

Should You Get an Appraisal Before Selling?

Question: “We plan to sell our home and get it on the market in the next few weeks. What’s the first step, getting an appraisal?” Answer: You certainly can get an appraisal, but you’ll be shelling out $500 for what your agent will do for free. Basically, your steps are: Find a good agent Determine
Read more
No Comments

How Long Do Buyers Have to Inspect a San Diego Home?

Question: “How long does a homebuyer have to inspect a home?” Answer: That’s a good question, but a more complete question to ask is: “How long does a buyer have to inspect and investigate a home and, depending on what they find, either cancel or request from the seller a credit or repair?” That’s because
Read more
No Comments

Does it Hurt Credit More to Shop Several Lenders?

Question: “Two questions. I’ve heard that every time a banker runs my credit for a mortgage, it actually hurts my credit. Is that true? And does it hurt my credit more to shop several lenders?” Answer: First of all, your credit is only impacted if a mortgage lender actually runs your credit. A conversation won’t
Read more
No Comments

Should You Credit Buyers Money Instead of Doing Repairs?

Question: “When I sold my house a few years ago, the buyer requested some repairs. I took care of them, but it was a big hassle. What do you think of crediting the buyer money instead?” Answer: That’s a great idea. While your homebuyer may not like the quality of work done on a repair,
Read more
No Comments

Must Sellers Bring the Home Up to Code?

Question: “When you buy a home, does the seller have to bring the home up to current building code?” Answer: No*, thank goodness! Can you imagine the burden if the owner of a home built in 1950 were forced to bring their home to current code? So many people would hang onto their homes rather
Read more
No Comments

Can You Fix and Flip with a 1031 Exchange?

Question: “Hi Gary. I have a question about real estate investing. Can you buy and flip fixer uppers doing a 1031 exchange?” Answer: No. If you buy a property and sell it a short time later without “holding it for investment” a sufficient time (probably 1-2 years), the IRS will likely consider it “dealer property”
Read more
No Comments