When Should I get The Home Inspection
Tuesday, July 31st, 2007“Hi Gary. When I buy a home, I╤В╨Р╨йll take your advice and definitely have it inspected. A few questions: When should I do it? How much does one cost? How long does it take?”
***ANSWER:
You should do your home inspection asap after your offer is accepted. You typically have 7 to 17 days to inspect and object to your findings. This varies by contract.
Prices commonly run $250-$450 for condos and $300-$600 for houses. Prices vary based on inspector, size, and whether a house has a crawl space.
Inspections typically run 2-4 hours, again depending on the size and type of home.
Selling San Diego Home
Tuesday, July 31st, 2007“What should I fix before I sell my home?╤В╨Р╨н
***ANSWER:
Great question.
My advice is to fix the obvious, disclose the rest, and expect to fix or credit funds for a few items as part of negotiations.
FIX
Expanding on that, if you╤В╨Р╨йve go the time and desire, fix the visible things that will help your home sell. Fix cracked windows, peeling paint, hanging electrical wires, dry-rotted wood, ugly landscape, etc. And give the house a good cleaning too.
DISCLOSE
You╤В╨Р╨йre legally required to disclose EVERYTHING that could ╤В╨Р╨мmaterially affect the value or desirability of the home╤В╨Р╨н. If you have to debate it, disclose it.
The Black Swan :: The Highly Improbable and Real Estate Investors
Monday, July 30th, 2007Real estate books are a mixed batch. There are those that I recommend, such as Eldred and McLean’s excellent Investing in Real Estate, now in it’s fifth edition. On the other end of the spectrum is Robert Kiyosaki’s bestselling fable Rich Dad Poor Dad, a dangerous and misleading book if ever there was one.
YouTube Makes Virtual Tours Easy for Realtors
Sunday, July 29th, 2007Times are a changing.тФм╨░ Virtual Tours use to be a luxury marketing item that where too sophisticated for agents to do on their own.тФм╨░ Now tech savy realtors can present VT’s as showcasedтФм╨░with the aboved link by simply taking a 1 min VT on their digital camera and then feed it into their website with an embed URL hosted by YouTube.тФм╨░ Technology is completely changing the way realtors can market a home and those not willing to learn or change are going to be left in the dust.
REI Exchange Conference - Grand Prize Giveaway - A HOUSE
Sunday, July 29th, 2007Foreclosure.com, the national real estate investment leader with more than 1.2 million accurate distressed property listings throughout the United States announced they are embarking into the Real Estate Education business.
The Foreclosure.com Exchange тХитЦУтХи╨ТтХд╨кReal Estate Investing Training 2007тХитЦУтХи╨ТтХд╨м is a comprehensive two-day conference loaded with dynamic general education sessions, inspiring keynotes, informative panel discussions with Q & A, a networking reception, exhibitor raffles and a one-of-a-kind giveaway.
All attendees to the conference are eligible to win our Grand Prize тХитЦУтХи╨Т╤В╨Р╨м A HOUSE. Not a Dollhouse, Doghouse or Outhouse. The winner will receive an actual investment property and retain 100% ownership, with no strings attached to live in, resell, flip тХитЦУтХи╨Т╤В╨Р╨м whatever he or she decides to do with it.
The Black Swan :: The Highly Improbable and Real Estate Investors
Sunday, July 29th, 2007Real estate books are a mixed batch. There are those that I recommend, such as Eldred and McLean’s excellent Investing in Real Estate, now in it’s fifth edition. On the other end of the spectrum is Robert Kiyosaki’s bestselling fable Rich Dad Poor Dad, a dangerous and misleading book if ever there was one.
Can You Trust Discount Brokers?
Sunday, July 29th, 2007╤В╨Р╨мHi Gary. I need every dollar I can get when I sell my condo next month. I interviewed a discount broker and he says he does just what a regular broker does. But I didn╤В╨Р╨йt get a good feeling talking with him. Something made me uneasy and I don╤В╨Р╨йt totally believe him. Do you think he╤В╨Р╨йs being truthful about what he does?╤В╨Р╨н
***ANSWER:
No.
In MY experience, discount brokers don╤В╨Р╨йt do what a good, experienced, full-service broker does. Of course, I╤В╨Р╨йm sure there are exceptions. I just haven╤В╨Р╨йt seen any.
Running a real estate business is just way too expensive when done right and doesn’t allow for proper service at cut rates. Heck, just my advertising bill is over $10,000 per MONTH! You can╤В╨Р╨йt lose money selling each home and make it up on volume.
Making An Offer On San Diego Homes
Sunday, July 29th, 2007“My wife and I rent and there╤В╨Р╨йs been a house for sale down the street. After driving by it for 4 months, we decided to make an offer. When we did, suddenly the seller╤В╨Р╨йs agent said he had another offer. It seems all too coincidental. How often do agents lie and say there╤В╨Р╨йs a second offer just to make someone pay more?”
***ANSWER:
Not often, though I know it happens occasionally.
Recently, I was showing homes to some great clients. We made an offer on a stunning home that had literally been for sale for most of 2 years. The next day the seller╤В╨Р╨йs agent said she had a second offer.
First Time Home Buyers
Sunday, July 29th, 2007“Hi Gary. We see your signs and your face everywhere. My wife and I have never bought a home before. I heard that legally the home has to be of a certain condition to sell. Specifically that the plumbing, heating, electrical, and appliances must work, and that the roof is watertight. Is this correct?”
***ANSWER:
No. There is no such law. The old California purchase contract required all systems of a home to be in working order and roof to be free of known leaks. But that contract changed years ago.
All the law or the standard California contract require today is that the water heater is strapped and working smoke detectors are up in the “sleeping areas.”
Different FICO Scores
Sunday, July 29th, 2007“I just talked to a lender about refinancing my condo and he told me my FICO scores. They╤В╨Р╨йre 719, 729, and 744. How come there╤В╨Р╨йs 3 different scores?”
***ANSWER:
There are three nationwide credit bureaus, each with their very own FICO score name:
- Experian has ╤В╨Р╨м╤В╨Р╨нExperian, Fair Isaac Risk Model╤В╨Р╨н
- TransUnion has ╤В╨Р╨мFICO Risk Score, Classic╤В╨Р╨н
- Equifax has ╤В╨Р╨мBeacon╤В╨Р╨н
And, as you noticed, each comes up with their own score, different from the others. As I understand it, your scores will vary for four reasons:
1. Not all lenders and businesses report your credit activity to all three bureaus
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