Contingencies to Get Back Your Lost Deposit

Question: “I tried to buy a condo about a week ago, but it fell out of escrow because my mortgage broker couldn’t find a loan for me when my credit score fell mysteriously.  My realtor’s broker has informed me that the seller is entitled to my $3000 good faith deposit. My realtor never informed me
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Should You Sell Your San Diego Home—or Fix Up First?

Question: “We’re planning to sell our home.  Truth be told, our home is far from perfect.  The kitchen is old, the inside needs a new coat of paint, the yard’s a mess, to name a few.  Do you think we should fix up our home first or just sell it?” Answer: Great question—another one that
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Pest Control Clearance: Section 1 vs. Section 2

Question: “My husband and I made an offer on a home a couple of weeks ago and asked for a termite clearance. The agent said we should ask for all repairs for Section 1, but not Section 2. When we asked the agent what the difference was, she didn’t know. Can you tell explain the
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Can Your Bank Sell Your Mortgage & Change Its Terms?

Question: “I just got a notice that my home loan has been sold to some bank I’ve never heard of.  Can they do this?  And can they change any terms of my loan?” Answer: Yes, and no. Yes, banks have the legal right to sell your mortgage.  And no, they cannot change any terms of
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How to Sell & Avoid Paying Taxes on Your Gain

Question: “Hi Gary.  My wife and I plan to sell our home and we’re pretty sure we’re exempt from paying taxes on our gain.  How does that work?” Answer: In 1997, Congress gave you and me a particularly generous tax break.  IRS Code Section 121 lets you sell your principal residence and exclude all your
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Does Every Bedroom Need a Smoke Detector?

Question: “I’m buying a home and there was only one smoke detector in the hallway.  My contractor says that’s fine, but my agent says they have to be in the bedrooms.  Which is correct?” Answer: Per California law, the smoke detectors must be centrally located outside each “sleeping area” (sounds like a bedroom to me).
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How Much Sooner Can You Pay Off Your Mortgage By Paying Extra?

Question: “I’d like to pay an extra $500/mo on my mortgage to pay it off sooner. How much sooner will that pay it off?” Answer: Congratulations. That’s a great idea and I’m glad to hear you can afford to do so. To answer your question, I’d have to know your loan balance, interest rate, when
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Choosing Between Offers on Your San Diego Home

Question: “Hi Gary. I know you have a lot of experience. Suppose you have multiple offers on a home you’re selling. Other than price, what do you look for to decide which offer to accept?” Answer: Excellent question, because there is much more to an offer than price. I also look at: Any costs the
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How to Know the Seller Will Make Adequate Repairs

Question: “We’re negotiating to buy a home and the seller is supposed to do a list of repairs before we close. How do I know they’ll do the work or if it will be done well?” Answer: Assuming you have it in writing that the seller will do the work, if they don’t, then they’d
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The One Loan Document You MUST Read

Question: “Hi Gary.  The last time I got a loan, I didn’t read the papers because there was just too much to read.  Are there certain documents in the big stack of papers you recommend I be sure to read?” Answer: You should read every single loan document you sign.  But who really reads a
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