Issue #198
In This Issue
Welcome / This Week's Special Offer
FREE MLS Online Search For A San Diego or Riverside Home
Interest Rate Update
Another Real Estate Myth Exposed
WARNING: Don’t File Your Taxes Yet… FREE Consultation
With A Professional Home-Stager / Decorator For Homesellers
About The Free Stuff Interested In Positive Cashflow Apartments With No Management Hassles?
Send This Free Newsletter To A Friend Remember to email your questions, comments, compliments, corrections, critiques, & rebuttals to Questions
Welcome To The Latest Issue
Our “Condo-Buying For
Smart People” seminar Wednesday night was a smashing success with over 50
attendees. We have two more free seminars coming up on 2/16 and 3/1. See the
Seminar section
below for details…
To search for a home right now, click here: Free MLS Homesearch
Yes, rates have
crept to just over 6% for 30-year fixed. Think that’s high? Back in the early
90’s, we thought local radio host Bill Holland was smoking something when he was
crazy enough to predict “single-digit” interest rates. And would you rather have
today’s rates or those of October 1981: 18.45% with 2.3 points!
“Homes sell better
with people living there.” OR
"Homes sell better vacant."
Reality:
It depends on the furniture and occupants. A well-kept home with beautiful
furniture is a real plus. But a messy home with dated or ugly furniture (or, if
rented, with an uncooperative tenant) is better off vacant.
…If you’re in
the middle of a 1031 exchange. If you closed your “downleg” (the property
you’re selling in a 1031 exchange) in 2005, but haven’t closed your “upleg” (the
one you’re buying) yet, be sure NOT to file your taxes until it closes. If you
hit April 15th and still haven’t closed, file an extension.
You’ll
be amazed how our Home-Staging Expert can put the finishing touches on or even
dramatically transform your home. She’ll show you easy, profitable, often
inexpensive and surprisingly simple changes & improvements to help sell
your home faster & for top dollar. Often just packing a few items and
rearranging your furniture is all it takes.
After your consultation, you have 3 choices:
1. Do nothing
2. Do the staging yourself
3. Hire our home-stager to use her imagination, time, effort, & do all the work
for you to maximize your home’s appeal & value.
For your free
home staging, call me at (858)457-KENT.
I get many
requests for our free guides, DVDs, and other items from real estate agents or
people outside our service area. Due to cost and copyright concerns, I only
send items to residents of San Diego, owners of San Diego real estate, or those
planning a move here. I also do not send to active real estate agents (except
licensees who plan to use our services). I hope you understand…
Want a hands-off real estate investment with consistent positive cashflow? Sound too good to be true? I've found a great investment opportunity that I'm personally investing in, as have several of my clients. If you have $100,000 to $3,000,000 to invest and want to find out more... Call me at (858)457-KENT or
CLICK HERE for info on the Positive Cash-Flow Apartments
Subscribe them with a quick email to Tell A Friend with their email address in the subject line.
Gary's Real Estate Seminars
FREE SEMINAR February 1 / Wednesday 6-8PM
"Discover Exactly Where I'm Investing MY Money In 2006"
. . . Positive Cash Flow Apartments With Appreciation & ZERO Management
At "Forum Hall" at the UTC Mall in University City
CLICK HERE for flyer, more info, & free signup
Looking to build your wealth through real estate? Want a hands-off
investment with appreciation and consistent positive cashflow? Sound too
good to be true? I've found a great investment opportunity that I'm
personally investing in, as have several of my clients. If you have
$100,000 to $5,000,000 to invest and want to find out more. . .
To RESERVE YOUR SEAT at this free seminar now,
click here or
call (858)457-KENT!
FREE SEMINAR March 1 / Wednesday 6-8PM
"Sell Your Home (Or Rental Property) In Today’s Slower Market"
At "Forum Hall" at the UTC Mall in University City
CLICK HERE for flyer, more info, & free sign-up
The San Diego market has morphed from a sizzling seller’s market into a cooler buyer’s market. If you’re thinking of selling your home or investment property in 2006, you need to attend this free seminar.
To RESERVE YOUR SEAT at this free seminar now, click here or call (858)457-KENT!
HomeBUYING Question
"My mortgage broker offered
to write my offer for me. Unfortunately, he totally forgot to ask for a termite
clearance or mention that I had to sell a home first. We're in escrow and I
don’t know if I should cancel. I don’t even know if I CAN cancel. Help! What
should I do?"
***ANSWER:
Sounds like you’ve got
a lender who's also “playing” real estate agent. And you’re paying the price
while he’s trying to collect two commissions.
This is a disturbing schizophrenic trend in real estate. Be it due to greed or ignorance, many lenders are dabbling at being agents, while many agents are also dabbling as lenders. And all this dabbling is causing serious problems for everyone involved.
When I represent a homeseller and we get an offer from one of these lender/agents, I tell my client the good and bad news:
BAD NEWS: Their escrow will be bumpy—if it closes at all.
GOOD NEWS: Due to the lender/agent's lack of experience in my arena, when all is said & done, many extra dollars from his client’s wallet will end up in my client's pocket. (A perfect example is the termite clearance you’re not going to get.)
For your situation, you need a real estate attorney. If you don't know one, call me at (858)457-KENT and I'll refer one to you.“Hello… My wife and I will be selling our home this spring and don’t know any agents. There is one who seems to work the neighborhood. She calls herself the neighborhood specialist. Do you think we should list with her?”
***ANSWER:
Excellent question. Let me share a story with you…
Years ago at another office I worked, there was a very nice agent. He “farmed” a certain large condo complex, meaning he focused his efforts there and several homeowners hired him to sell their homes. He was their “neighborhood specialist”.
Unfortunately, he had no clue what he was doing!
Despite his efforts and best intentions, he was just awful as an agent. And his clients consistently suffered: selling below-market, long delays, failed escrows…the list goes on.
My point is that being the “neighborhood specialist” is a plus, but by no means it the reason to hire the agent.
I suggest you interview 3 agents and choose the one with best track record.Investing or Financing Question
Hi Gary, I'd love to see you address this question in your newsletter. As you may recall, I'm considering doing a 1031 exchange on income property I own. However, I've found that sellers are reluctant to accept an offer contingent on my selling the property. But a 1031 exchange is the only way I can afford to buy something else. I didn't expect the contingency clause to be such an obstacle. Any suggestions?
***ANSWER:
Once again, you (J.B.) have another excellent question…and I have a rather long
answer:
You’re right, sellers are rarely excited with offers contingent on selling another property. Here are four possible scenarios for you in your situation:
1. Contingent on Selling & Closing
To get a contingent offer considered, I recommend you list your property,
present the comps to show it’s priced right, and include a 72-hour clause in
your offer. A 72-hour clause says the seller may keep looking for another buyer.
If they find one, they can give you 72 hours to remove your sale contingency. If
you don’t, the seller can cancel your escrow and sell to the new buyer. NOTE:
Most sellers will expect you to pay a premium price in this situation.
2. In Escrow, Contingent on Closing
Once your property is in escrow, make your offer contingent just on the closing.
Many sellers will be more open if your property is at least in escrow.
3. Not Contingent
1031 exchanges give you 45 days after closing your old property to “identify”
the “replacement” property. So if you can’t get a contingent offer accepted in
scenarios #1 or #2, after closing your old property, you obviously won’t need to
that contingency. This makes your offer as attractive as any. Of course, the
clock is ticking on your 45 days, so you’ve got to move fast to lock up a
property.
4. Reverse exchange
If you’re financially able to close on the new property before selling your old
one, you can do a “Reverse Exchange”. This allows you to make your offer
non-contingent. Reverse exchanges cost about $5,000 extra to do.
Now let me take all those options and tell you what I’d do, step-by-step:
1. Check out what’s for sale to be sure I even want to do an exchange. If that’s a go, then…
2. List my property
3. While my property is on the market, “window-shop” properties for sale.
a) If the perfect one comes, make a contingent offer.
b) If that doesn’t work and I “must” have that property, I’d
do a reverse
exchange if able. Then I’d proceed with selling my property
and be sure it sells
within 180 days of closing the new property.
(Assuming I didn’t do 3a and 3b)
4. When I got an offer, I’d TRY to negotiate an option to extend the escrow 2-8
weeks to give me more time to find a property.
5. With my property in escrow, I’d seriously shop and make an offer on what I
liked. 6. If I didn’t secure a property in that time, I’d close my escrow on my
old property and find that new property within 45 days.
After reading the 6-step process I above, I know it may not be crystal clear. So feel free to call me with questions. You can call me at (858)457-KENT.
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Call me at (858)457-KENT to find out more or arrange a private showing . . .
Thank You For Your Referrals
Thank you Ed O., for
referring your cousin to us to buy a home!
Have a great week . . .
GARY KENT
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
21 Years Experience -- 3,000+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.
