Should You Invest in Cheap Detroit Real Estate?

Question: “I’ve heard that a lot of the real estate in Detroit can be bought for just a couple hundred dollars. So why don’t people buy it up and wait for the market to improve? What’s the catch?” Answer: That may well be a good idea. After all, often the best time to buy any
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How Long to Wait for Price Reduction After No Offers

Question: “Our home has been for sale for over a month and we’ve received no offers and very few showings.  How long should we wait before dropping the price?” Answer: You’ve already waited too long! In this still fairly hot market, if your home is on the Multiple Listing Service for two weeks with little
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How to Find Out if the Seller Will Come Down in Price

Question: “Are there any good ways to figure out if a seller is likely to come down in price?” Answer: Here’s the simplest way: Ask (or have your agent ask) the seller’s agent how much the seller will come down! Unless the seller’s agent has specific permission from the seller (almost never happens), it’s a
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Can You Require Your Tenants to Pay in Cash?

Question: “With the tough economy, a lot of my tenants’ checks have been bouncing. Obviously that makes my life pretty stressful. So I want to tell my tenants that they can only pay in cash. However, a friend of mine said I can’t legally do that…?” Answer: Since January 1, 2005, it’s been illegal for
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Can Seniors Sell & Keep Their Low Property Tax Base?

Question: “Dear Gary, I’ve been told that the San Diego Tax Assessor will allow a senior citizen to sell their existing house in another county (ie. Orange County), allow you to retain your existing property tax base, purchase a home in San Diego county and forward your original property tax base to the new home
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Should People Start Considering Adjustable Mortgages?

Question: “I read in the paper Sunday that with rates having gone up, people are starting to consider adjustable mortgages.  What do you think?” Answer: With our still historically low interest rates, getting an adjustable mortgage would be bad advice for most people. No one can predict the future, let alone the direction of interest
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Should You Hire a Team to Sell Your San Diego Home?

Question: “I’m planning to sell my home and am deciding if I want to list with a solo agent or a successful team.  I think the team idea is a good one and I’d get more action.  But I’m concerned that a team may be impersonal and I may be forgotten.  Your opinion?” Answer: Before
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What Repairs You Should Ask a Seller to Make

Question: “I’ve never bought a home before.  I know it’s a good idea to have a home inspected.  But what repairs are normal to ask a seller to take care of?” Answer: Good question. First, be sure to make your repair request during your (typically) 7- to 17-day “investigations” period. Second, there’s no true “normal,”
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Can You Borrow Money for a Down Payment?

Question: “Is there any rule against borrowing money for a down payment?” Answer: Yes.  In fact, I don’t know of any lenders that will make you a home loan if you borrow your down payment, unless you’re borrowing against your own 401K or real estate. As a side note, with certain restrictions, many loans allow
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Should an Agent Be Paid Less If They Sell Fast?

Question: “I listed my home with an agent and it sold in three days over list price.  I asked her to take a lower commission because she didn’t have to work very hard.  I know you’re an agent, but don’t you think that’s a little greedy?” Answer: I’ll answer your question with a few questions
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