• Welcome / This Week's Special Offer
• Gary's Real Estate Seminars
• Homebuying Question
• Homeselling Question
• Investing or Financing Question
• Hot Properties: New Listings BEFORE They Hit The Market
• Thank You For Your Referrals

Welcome To The Latest Issue
Hello again! If you’re buying a foreclosure and using VA or FHA financing, be prepared to lose out on a few homes before landing your dream home. When banks receive multiple offers on a foreclosure they’re selling, they prefer to sell to buyers with 20% down or more. On of my foreclosure listings, we had 7 offers and our bank-client accepted the LOWEST offer because it was 20% down. Of course, it helped that the offer was still over list price.

…Call them a predatory lender or an unfair scapegoat and victim of the times, Countrywide Home Loans is now officially gone. Bank of America, who bought Countrywide last year, quietly retired their name over the weekend.

…Would someone you know enjoy this free enewsletter? They can subscribe with a quick email to TellAFriend@GaryKent.com with their email address in the subject line.

…According to the "IAS 360" housing price index, San Diego’s home prices ON AVERAGE are where they were in June, 2003. I emphasize ON AVERAGE because you cannot apply that directly to any one home or neighborhood.

…Term of the Week: "Repo Yard"- Long-time client and friend Russ says this to describe the brown lawns you see at so many foreclosed homes. With the water shortage, we may be seeing a lot more “repo yards” on non-repo homes.

…HELP WANTED: Full time job opening for someone to work in my REO/foreclosure department. For more info, Click Here.

True Story: Must Have Been A Nice Place
One of my agents submitted an offer on a home that had a whopping 81 offers! His client "only" offered 10% over list price and didn’t get the home.

Top 10 U.S. Cities Where It’s Hardest To Get By
These struggling metros have a combination of high unemployment, steep cost of living and low median income:

Find Out The Value Of Your Home Or Rental Property FREE — Right Over The Phone
Considering selling? Now you can quickly, easily find out today's value of your home or other San Diego County real estate, right over the phone. Call me and tell me about your home or other real estate. I’ll research recent sales, compare them to yours, and arrive at an honest, realistic price you can expect to get in today’s changing market. For a more accurate figure, just ask me to come by. To receive your free over-the-phone (or in person) evaluation, just call me at (858)457-KENT. Please tell a friend about this offer. Thank you…

Join Our Preferred Client Group For The Best Values
I find great real estate deals every week. But too often we cant match a client in time and someone else scoops it up. (My bank-clients wont let me buy their properties, or I'd be my best client!)

So I developed my Private Client Group, a select group of people serious, qualified, and ready to grab a great deal on a home or investment when -- or before -- it hits the market.

If you'd like to be in the Preferred Client Group, you need to:

1. Pre-approve with our approved lender
2. Come in for a short sit-down counseling session
3. Commit to work with us

To join and get the jump on the best real estate values in town, call us at (858)457-KENT or email us at PCG@GaryKent.com.

Check Out Our Foreclosure Hot-List
Looking for a deal? 25+ of my REO (foreclosure) properties have discounts of 10% to a whopping 49% from their previous values. Click on www.Foreclosure-Hotlist.com to check  out my brand-new Foreclosure Hot-List website. We'll update the site regularly, so be sure to bookmark it and return frequently. And forward this link to a friend!

FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch.

This Week’s Free Offer:
Free Over-The-Phone Short Sale Consultation
Do you owe too much on your home to sell? Does this describe a friend or family member? A common solution many people are doing right now is a "short sale", where the bank agrees to receive less than the amount owed. And it’s all done typically at zero cost to you. To find out more and if you qualify, call me at (858)457-KENT.

Remember to email your questions, comments, compliments, corrections, critiques, &
rebuttals to Questions@GaryKent.com.

FREE Seminar @ UTC Mall – May 30th, 2009:
"How To Buy A Foreclosure In San Diego"
Fantasy vs. Reality: Discover the truth about foreclosures/REOs
-- Saturday, May 30th, 10AM-Noon --
Click for Seminar Flyer / Click to Reserve Your Free Seat

Dreamers Need Not Apply.
Sorry This isn't a phony get-rich-quick seminar on buying foreclosures (also called REOs) 50 on the dollar or buying zero down with bad credit and no job. That's NOT reality.

When you attend, you'll discover the truth about:

• NEW: I’ll be just back from the two biggest industry foreclosure conferences w/ the latest insider info!
• NEW: Bailouts, loan “mods”, foreclosure moratoriums...what’s REALLY going on right now w/ REOs?
• How homebuyers can put just 3% down & investors put 10% down on some REOs w/ no PMI or appraisal costs
• Top 10 San Diego neighborhoods with the best REO deals today
• How much banks negotiate off their price
• 5-step plan to getting a great value on a foreclosure in 90 days
• Wise, timely words millionaire Baron Rothschild said in the 1800s
• Traps in the small-print that banks make you sign
• The #1 mistake people make when offering on an REO
• How to get banks to pay EVERY PENNY of your closing costs
• Auction tricks, traps, and pitfalls that I swear will shock you
• Free email access to undervalued & foreclosure properties
• The ugly truth about short salesand it IS ugly
• What to watch out for in an REO
• Much more

"Hello Gary, I really enjoy reading your newsletter. I have a home buying question: My daughter lives out of state and would love to live in SD, however, it is difficult to get hired in her profession anywhere in CA. Consequently, she may have to wait a few more years till things turn-around. I hear that the government is offering incentives for 1st time buyers and giving them up to 10K to get into a home. Would it be a good idea for her to jump in "on the band wagon", and get a place of her own? Or wait till she's able to settle back into CA? Perhaps, by the time she waits, the program won't be there any longer, and she would have lost a great opportunity. What are the government rules? Do they require a down payment? How long does escrow take on something like this? Thanks."

Answer:
Great question.

Both of the programs available are for owner-occupant buyers, so she can’t use them now if she doesn’t move here. If she wants to move here later, here are the deadlines and restrictions:

1. Federal $8,000 Tax Credit
- Must close by 12/1/09
- Must be a first-time homebuyer (defined as not owning a residence during the last 3 years)
- Misc other restrictions that probably won’t apply

2. CA State $10,000 New Home Tax Credit
- Must purchase new construction
- Must close by 2/28/10
- Max is the lesser of $10,000 or 5% of the purchase price
- Credit is applied in equal amounts over 3 years. For a 10K credit, that’s $3,333/year for 3 years
- Once the $100M funding is allocated, the credit will no longer be available
- Misc other restrictions that probably won’t apply

So your daughter will have to hurry to take advantage of the 2 credits. Another reason to hurry is, given the tremendous amount prices have dropped, most experts predict San Diego’s market to bottom this year, if it hasn’t already.

Let me know if she decides to buy a home here. We’ll be happy to help her…

"I’m upside down on my home and need to do a short sale. How does you work with people in my situation?"

Answer:
First, we'll set up a free phone consultation to determine if you are likely to qualify, and to answer your questions. If that goes well, we'll give the list of required documents (tax returns, etc.) that we'll need to submit to your lender. Then we'll make contact with them to determine if they are willing to look at your "short sale package" before we have a buyer. Some lenders are starting to do this.

Our next step will be listing your property for sale.

After that, we'll package your documents so they are complete and organized (banks put poor or incomplete packages aside). Then, with or without a contract from a buyer, we'll submit your package and follow up with them regularly to push them along.

There will likely be several negotiation points in the process: home price, cash contribution requested from you, etc. The process and negotiations must be managed professionally to speed it up and increase the odds of an approval.

That’s the basics of it. Call me at (858)457-KENT if you’d like to do the phone consultation. Thanks…

"Can you borrow the money for the down payment on a home?"

Answer:
It depends how you borrow the money.

You can only borrow from a secured asset: HELOC, car loan, savings account loan, 401-k loan, etc. You can’t take a personal loan that is not secured by an asset of some kind.

THIS WEEK'S FEATURED PROPERTY!
	3 Unit Property! In San Diego Unit 1: 2BR Unit 2: 3BR Unit 3: Studio
– San Diego – Foreclosure! Great opportunity! 3 unit property! Front unit- 2BR/1BA, rear unit- studio, lower unit- 3BR/1BA, parking spaces for each & separate entrances. View Info

Coming Soon
(Click Contact Me to be contacted BEFORE these properties hit the market!)

New– Chula Vista – Foreclosure! Great starter home w/ spectacular ocean views & winning curb appeal. Quick 805 access. Contact Me 3BR/2.5BA, 1654 sqft
Last sold @ 509K >>> To be 300K?
– Chula Vista – Foreclosure! Spacious home on large 9300sqft lot, 4BR/2BA, 1600 sqft, plus detached room/granny flat! Contact Me
Last sold @ 507K >>> Now 300s?
New– Clairemont – Friendly home on quiet street offers family room, gas/wood FPL, newer carpet and exterior paint, more. Contact Me
3BR/2BA, 1566 sqft
Value range $360,000 to $400,000!
– Clairemont – Foreclosure! Cute 3BR house in rapidly upgrading neighborhood near Bay Park. Large 7000 sqft lot. Contact Me
3BR/1BA, 1168 sqft
Recently appraised @ 500K? >>> To be 300s?
– Clairemont – Foreclosure! Great starter home or investment on large lot w/ garage. Near 805 & 52 freeways. Contact Me
3BR/1BA, 940 sqft
Recently appraised @ 465K? >>> To be 300K?
– Clairemont – Foreclosure! Fixer-upper 4BR/2BA house needs lots of help. No garage, large lot. Contact Me
4BR/2BA, 1635 sqft
Last appraised @ 489K+ >>> Now low 300s?
– Del Mar – Enjoy panoramic views from this cared-for 1-story home. Upscale neighborhood of high end custom homes. Contact Me
2BR/2.5BA, 1783 sqft
Value Range $999,000 to $1,299,000
– Eastlake Area – Foreclosure! Stunning 3-year new single family home 2 blocks to new Otay Ranch Town Center. Contact Me
4BR/3BA, 2342 sqft
Last sold @ 625K >>> To be 300s?
– Encanto – Foreclosure! Remodeled home w/ city views, 2-car garage, more. Contact Me
3BR/2BA, 1247sqft
Last sold @ 358K >>> To be 200s?
– Encanto – Foreclosure! Four units w/ lots of parking. Near trolley, shopping, schools. Contact Me
Last sold @ 510K >>> Now low 300s?
– Lakeside – Foreclosure! Dirt-cheap condo ideal for investor or first-time homeowner. Contact Me
2BR/1BA, 728 sqft
Appraised @ 131K+ >>> To be in the 80s?
– Logan Heights – Foreclosure! Cute little house w/ 2-car garage, nice yard, newer windows, large patio. Contact Me
3BR/2BA, 1050 sqft
Last sold @ 369K >>> To be in the high 100s?
– Mission Valley – Foreclosure! Affordable 1BR condo in west Mission Valley, 5 minutes to Fashion & Mission Valley malls. Contact Me
1BR/1BA, 700 sqft
Recently appraised @ 175K? >>> To be low 100s?
– Mission Valley – Foreclosure! Great starter condo or investment in "Mission Heights" near Qualcomm & 24 Hr Fitness. Contact Me
1BR/1BA, 667 sqft
Recently appraised @ 174K? >>> To be low 100s?
– Mission Valley – Foreclosure! Cute "Mission Heights" starter condo or investment near Qualcomm & 24 Hr Fitness. Contact Me
1BR/1BA, 667 sqft
Recently appraised @ 174K? >>> To be low 100s?
– Oceanside – Foreclosure! Remodeled 1987-built home w/ granite counters, FPL, spacious bkyd. Nice neighborhood. Contact Me
3BR/2BA, 1205 sqft
Last sold @ 505K >>> To be low 200s?
– Pacific Beach – Foreclosure! Updated home w/ detached art studio/office, FPL, spa oversize dbl garage, RV parking. Contact Me
5BR/3BA, 2218 sqft
Last sold @ 1.075M >>> To be 800K?
– Rancho Bernardo – Foreclosure! "Provencal" townhome in Carmel Mountain Ranch. 2-car garage, hardwood, granite, more. Contact Me
3BR/2BA, 1322 sqft
Last sold @ $450,000 >>> To be low 300s?
– Rancho Bernardo – Foreclosure! 1989-built single family house w/ dbl garage. South of Camino Del Norte & West of I-15. Contact Me
4BR/2BA, 1760 sqft
Recently appraised @ $602K+ >>> Now 300s?
– Santee – Foreclosure! Nice home on quiet street w/ pool, 2-car garage. No neighbor behind. Walk to Mission Trails Park. Contact Me
3BR/2BA, 1196 sqft
Recently appraised @ 493K+ >>> Now low 300s?
– Tierrasanta – Foreclosure! Sharp townhome in great neighborhood. Offers 2-car garage, balcony. Walk to canyons. Contact Me
2BR/2.5BA, 1068 sqft
Last sold @ 430K >>> To be mid $200s?
– University City – Foreclosure! Cute condo in “Verano” in the La Jolla Colony area. Quick access to I-5, La Jolla, UCSD, etc. Contact Me
1BR/1BA, 704 sqft
Recently appraised @ 310K >>> To be very low 200s?
New – Vista – Foreclosure! Affordable house that needs some TLC. 3BR/1BA w/ garage converted to additional 1BR/1BA. Contact Me
4BR/2BA, 1022 sqft
Recently appraised @ 334K+ >>> To be mid/high $100s

NEWLY LISTED (Your Property Here!)

Enjoy desert peace and quiet from this cute house. Ideal home or weekend retreat

3 Bed, 2 Bath 1,380 Sqft Price: $127,200! Last sold @ 269K

Gorgeous “Hard Rock” condo-hotel suite in the Gaslamp Quarter. “Rock Royalty” service & full hotel amenities.

1 Bed, 1 Bath 459 Sqft Price: $489,000! Last sold @ 589K

Stunning 10-year-new townhome w/ 2-car garage near Southwestern College.

3 Bed, 2.5 Bath 1,369 Sqft Price: $229,900 Last sold @ 356K

Affordable home on quiet culdesac w/ 2-car garage.

3 Bed, 2 Bath 1,258 Sqft Price: $275,000 Last sold @ 450K

Three cashflow units: 3BR, 2BR, + unpermitted studio. Projected rent = $2400/mo.

3 Units Price: $162,500! Last sold @ 400K

Affordable 4BR home, ideal for 1st time buyer or investor. 2-car garage, large yard.

4 Bed, 2 Bath 1,180 Sqft Price: $142,000 Last sold @ $280,000

Pleasing home on quiet street w/ view deck and bonus 600 sqft of patio & exercise rooms.

3 Bed, 2 Bath 1,824 Sqft Price: $309,900 Last sold @ 465K

Spacious condo w/ 2-car garage near pool. Great neighborhood & schools.

2 Bed, 2.5 Bath 1,216 Sqft Price: $275,000 Recently appraised @ 363K+

MORE GREAT HOMES & INVESTMENTS (Your Home Here!)

Huge home on 1.31 acres w/ barn, + 2 additional buildings. 2 kitchens, ideal for 2 families.

4 Bed, 2 Bath 3,601 Sqft Price: $274,900 Last Sold @ 456K

Luxurious 4612 sqft "Tuscan Masterpiece" built on 2006 on .42 acres overlooking Tecolote Canyon. Immense bkyd. Address: 5371 Via Aquario, 92111

5 Bed, 5.5 Bath 4,612 Sqft Price: Value Range $895,000 to $995,000!

Sunny & bright "Blossom Walk" condo w/ large balcony, granite, upgrades. Near parking.

1 Bed, 1 Bath 581 Sqft Price: $126,900 Last sold @ 273K

Affordable N. Clairemont home w/ 2-car garage. Quick access to 52 freeway.

4 Bed, 2 Bath 1,176 Sqft Price: $295,900 Previously appraised @ 441K+

Features 2-car garage, quiet neighborhood. Walk to Clairemont Square shops, dining, movies.

3 Bed, 2 Bath 1,258 Sqft Price: $370,000! Last sold @ 520K

Corner 3-year-new “Park Blvd East” condo near Petco Park w/ no common walls, views, granite.

2 Bed, 2 Bath 980 Sqft Price: $340,000 Recently appraised @ 486K+

Newer model-like house w/ designer décor, granite, rich dark wood cabinets, more. Short sale.

3 Bed, 2.5 Bath 1,651 Sqft Price: $275,000 to $285,000 Last Sold @ $408,500

Sharp 3-year-new townhome w/ 2-car garage, many extras.

3 Bed, 2.5 Bath 1,586 Sqft Price: $250,000! Last sold @ ???

Nice home w/ garage, quick freeway access, more info to follow.

4 Bed, 2.5 Bath 1,632 Sqft Price: $249,900 Appraised @ 595K+

2 Detached homes on .58 acres w/ 2 double garages. Ideal for extended family or ???

Home1: 4BR/4BA Home2: 2BR/1BA Price: $319,900 Last Sold @ $600,000

Spacious house on large 6800 sqft lot. Quick freeway access.

4 Bed, 3 Bath 1,749 Sqft Price: $219,900 Last sold @ 325K

Upgraded home on 5.9 acres in gated, private, peaceful De Luz community.

3 Bed, 2.5 Bath 1,970 sqft Price: $260,000 appraised @ apx 655K

Charming older house on .24 acre lot. Needs some TLC.

3 Bed, 2 Bath apx 1,500 sqft Price: $149,900 Last sold @ 230K

9-year-new condo near I-5, UCSD, and Sharp Hospital. Quick freeway access. Great complex.

2 Bed, 2 Bath 1,102 Sqft Price: $379,900 Last sold @ $528,500

Newer condo near UCSD & Sharp Hospital. Beautiful complex. Must be cash only.

2 Bed, 2 Bath 1,102 Sqft Price: $386,800 Last sold @ 583K

Spacious single family home on .28 acre lot with 2-car garage.

3 Bed, 1 Bath 1,719 sqft Price: $315,900! Appraised at ???

Cozy 4BR house ideal as starter or investment. Offers brick FPL, large lot, spacious yard.

4 Bed, 1 Bath 968 sqft Price: $148,900 Last sold for 352K

Three bedroom house on huge 17,100 sqft lot. East of 805, south of E. Plaza.

3 Bed, 1 Bath 1,170sqft Price: $154,900! Appraised @ 378K+

CHEAP 3BR/2BA, 2-story condo. Ideal for first-time buyer or investor. Only $150/mo HOA fee.

3 Bed, 2 Bath 1,222 Sqft Price: $110K Last sold @ $220,000

Enormous house on 9200 sqft lot. Ideal for very large family.

6 Bed, 3 Bath 2,203 Sqft Price: $472,500 Prev appraised @ 504K+

Eclectic "Flamingo House" in Pacifica: bonus room w/ bay view, big private bkyd, pool, spa, 3 FPL, more. Address: 2559 SanAnselmo, 92109

3 Bed, 2.5 Bath 2,290 sqft Price: $900,000!

Vintage 3BR/2BA house on large 6969 sqft lot. More info to follow.

3 Bed, 2 Bath 1,544 sqft Price: $199,900 Appraised @ 425K+

Sharp 1-story, ground floor end unit w/ in-unit laundry, FPL, and dual MBR. Quiet complex.

2 Bed, 2 Bath 1,086 Sqft Price: $219,000

Stunning 12-year-old home w/ 3-car garage, large yard, 1BR/1BA downstairs. Address: 10726 Ocean Heights Way, 92121

4 Bed, 3 Bath 2,432 Sqft Price: $589,000! Recently appraised at ???

Cute condo, fully renovated 5 years ago. Quiet complex near UTC mall.

1 Bed, 1 Bath 597 Sqft Price: $179,900 Recently appraised @ 334K

Private ranch home on 20,000 sqft lot w/ panoramic mountain/hill views, fruit trees, eat-in kitchen.

3 Bed, 2 Bath 1,464 Sqft Price: $259,900 Last sold @ 425K

Newer high-quality view home on 2.09 acres. Offers pool, 3-car garage, huge yard, orange groves.

4 Bed, 3 Bath 2,602 sqft Price: $529,000!

Giant .7 acre lot w/ cute house built in 1940. Incredible potential. Needs lots of TLC.

2 Bed, 1 Bath 898 sqft Price: $187,300! Last sold @ $472,500

Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.

This free e-newsletter tells you how to be more successful with your real estate transactions. You receive it because you subscribed, entered your email address at my site(s), or were referred. By reading it, you agree you: 1) understand this is opinion & not advice; 2) will seek professional tax, legal, and real estate advice; 3) are solely responsible for use of content, 4) hold Gary Kent, Gary Kent Homes & Estates, Kent & Associates Inc., and RE/MAX Associates harmless. Questions may be paraphrased for clarity/brevity. Disregard this email if you have a listing or buyer-broker agreement.

Copyright 2009 Gary Kent, All Rights Reserved.