• 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. As you read this newsletter (if you’re reading it Friday or Saturday), I’m in Denver at another HUGE industry foreclosure conference. Next week I should have some hot-off-the-press updates for you on foreclosures and the state of the real estate market.

…Here’s how to follow me on Twitter or become a Facebook fan.

…Have you reserved your seat yet for my free seminar Saturday, May 30, 10AM to noon at UTC? "It’s How To Buy A Foreclosure in San Diego." Invite a friend. Seats are going fast, so hurry!

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

6 Reasons foreclosures have slowed…TEMPORARILY
…and should surge soon, plus a wildcard:

1. California SB1137- Delays foreclosure process by forcing lenders to contact delinquent borrowers, putting a "kink" in the foreclosure pipeline. However, timelines have now adjusted.

2. Fannie Mae & Freddie Mac have just ended their approximate 5-month foreclosure and eviction moratorium.

3. Various banks doing voluntary foreclosure moratoria &/or experimenting with loan modifications to see if they work to decrease loss. Mixed result.

4. U.S. government strong-arming lenders to work with borrowers on loan modifications. Again, mixed result.

5. Obama administration’s foreclosure assistance proposals will do little for San Diego because they focus on people with equity or no more than 5% under water. Too many in San Diego exceed the 5%...

6. On June 1, the “California Foreclosure Prevention Act” adds 90 days to the foreclosure process for banks that don’t have a viable loan modification process in place. Since ALL banks do, this law has ZERO impact unless the state politicians grandstand and refuse to okay these programs and declare the lenders in non-compliance.

7. BIG wildcard that won’t go away: Six months of rumors and proposals about the U.S. government buying bad mortgages from banks. Will they or won’t they? And if so, does that mean they (we!) give away even more $$$ so people can keep their homes? Or will the government foreclose and sell the homes just like the banks would???

True Story: At Least They’re Diversified
The book "Skinny On The Housing Crisis" tells of how former mortgage broker Richard Bitner knew the mortgage business was headed for problems when he saw a sign near his home in Dallas that said:

Top 10 Most Popular Big U.S. Cities
You may remember hearing about this survey by the Pew Research Center. It’s the one with Denver #1 and San Diego #2. They’re ranked by the % of people who say they’d want to live in this city or it’s surrounding metropolitan area:

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 and tell me about your property. I’ll research the market and arrive at an honest, realistic price you can expect to get in today’s market. Need a more accurate figure? Ask me to come by. For your free over-the-phone or in person evaluation, just call me at (858)457-KENT. Please tell a friend…

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 Live Seminar CD: How To Buy A Home In San Diego
Hear three experts share the inside scoop to buying a home today. You’ll learn from yours truly, plus our home loan expert and a professional home inspector.

You'll Discover:
- What home inspectors do & don’t inspect. You may be surprised!
- Why media reports about real estate are so often DEAD WRONG
- Step-by-step plan to buy your dream home in the next 90 days
- How our software got my computer guy a home under market
- 9 ways to make your offer more attractive & beat other offers
- How to avoid buying a home that's a MONEY PIT of problems
- The 3 best loan programs + dangerous mortgages to avoid
- Free email access to under-valued & foreclosure properties
- 7 smart insider tips, whether this is your 1st or 10th home
- Exactly what I would do if I was buying a home today
- Get sellers to pay EVERY PENNY of your closing costs
- 6 ways to profit and plunder in today’s market
- Avoid these 5 homebuying blunders!
- The 80/20 rule for buying a home

Call (800)748-1340 to have this sent to you FREE via mail. Call 24 hours / 7 days a week; free recorded message. It should arrive at your home within 72 hours.

Send This Free Newsletter To A Friend
Subscribe them with a quick email to TellAFriend@GaryKent.com with their email address in the subject line.

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

"I’m a vet and want to buy using VA financing. I’ve had offers rejected because they won’t sell VA or they take another offer because they don’t want to sell VA. Is that even legal?"

Answer:
THANK YOU for your service to our country.

To answer your question, it is not illegal or discriminatory because banks are not refusing to sell to veterans—they are refusing to sell with VA financing.

Ever notice that sometimes when the government gets too involved there are unintended consequences…? This is a perfect example.

VA rules require that homes purchased with VA financing are in good condition, a laudable goal. However, the rules are very specific and require many minor, even trivial, repairs be done in order to allow a sale.

For example, many vets are fine buying a home with torn carpet or a broken window or peeling paint, etc. Are these really that big of a deal?

But VA financing requires those repairs be made or the sale can’t happen. Consequently many banks are hesitant about selling with VA financing as they don’t want to pay these costs, especially because they often pop up a few days before closing.

I appreciate your service and wish it were easier for you to get a VA loan.

"We talked with an agent about selling our home. She told us she never does open houses because they don't sell the home, they're just a chance for the agent to meet new clients. We always thought open houses were a good idea. What do you think?"

Answer:
Like many things in real estate, open houses are widely misunderstood.

Myth #1: Homes for sale are held open regularly.
People think this because open houses are so visible--you see all those open house signs every weekend. Truth is, the average home is held open once, or not at all. For every home you see held open this Sunday, ten won't be.

Myth #2: Open houses never work.
This is the one the agent told you. My team and I have sold many homes from holding them open. Attractive, well-priced homes near (but not on) one or two main roads can make a good open house, especially in a hot market.

Myth #3: Open houses are the #1 way to sell a home.
The flipside of #2. Open houses are just one tool in an agent's toolbox. Some homes make good open houses, others don't. Most homes sell without ever being held open. Depending on the market, the home, and the pricing, an open house may work or be a total waste of time.

Bottom line: It's usually smart to try one open house. If it goes well, do more.

"We’re looking at buying a home and our mortgage broker suggested an adjustable loan. But with all that’s happened, I’m hesitant. Aren’t adjustable loans too risky?"

Answer:
Right after I got this question, the UT ran an excellent article by Lew Sichelman on the exact same topic. Here are some excerpts:

"Adjustable-rate mortgages are getting a bad rap. ARMs have been lumped in with such ‘toxic’ mortgage products as interest-only loans, pay-option ARMs and loans with negative amortization. Those loans, along with 2/28 and 3/27 ARMs, are part of the reason for the mortgage-market meltdown.

But we're not talking about those loans. We're talking about more conventional products known as hybrid ARMs. These are loans that carry fixed rates for the first five or seven years, after which the rate is adjusted up or down annually based on market conditions at the time."

One wildcard you’re facing is that you can’t get a decent fixed-rate on a jumbo loan (over $697,500).

So my advice is, for loans up to $697,500, you probably should get a fixed rate. Over $697,500, get the hybrid adjustable.

If you need the name of a good mortgage lender, I know a great one. Just call me 858-457-KENT and I’ll give you his contact info.

THIS WEEK'S FEATURED PROPERTY!
	Affordable Family Home In Clairemont BR/BA: 3/1 Sqft: 940 Price: $302,900
– Clairemont – Foreclosure Affordable family home on large corner lot! Offers 3BR/1BA w/ spacious living room, enclosed patio w/ freestanding FPL, good size backyard w/spa and shed, great for entertaining. Close to convenient shopping and dining. Needs your TLC. View Info

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

– 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?
– 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! 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?
New – Encanto – Foreclosure! Light & bright 1-story w/ FPL, bay window, 2-car garage, large 1/4-acre lot. Built 1980. Contact Me
4BR/2BA, 1438 sqft
Recently appraised @ 325K? >>> To be 200K?
– 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?
– 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?
– 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?
New – San Marcos / San Elijo – Foreclosure! 3-yr-new “Old Creek Ranch” home w/ spacious floorplan, view, great family area! Contact Me
4BR/3.5BA, 3090 sqft
Last sold @ $740,500 >>> To be mid-500s?
New – San Marcos – Foreclosure! Affordable "Lake Park Villas" townhome. Near Restaurant Row & multiplex. Contact Me
2BR/1.5BA, 957 sqft
Last sold @ $221,500 >>> To be very low 100s?
– 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?

NEWLY LISTED (Your Property Here!)

Great starter home or investment on large lot w/ garage. Near 805 & 52 freeways.

3 Bed, 1 Bath 940 Sqft Price: $302,900 Recently appraised @ 465K?

"Palisades" home near Bay Ho. Offers new carpet & paint, nice yard, sunny bonus California room, dbl garage.

3 Bed, 2.5 Bath 1,876 Sqft Price: $490,000 to $540,000

Cute "Mission Heights" starter condo or investment near Qualcomm & 24 Hr Fitness.

1 Bed, 1 Bath 667 Sqft Price: $114,900 Recently appraised @ 174K

1989-built single family house w/ dbl garage. South of Camino Del Norte & West of I-15.

4 Bed, 2 Bath 1,760 Sqft Price: $439,900 Recently appraised @ 602K+

Nice home on quiet street w/ pool, 2-car garage. No neighbor behind. Walk to Mission Trails Park.

3 Bed, 2 Bath 1,196 Sqft Price: $275,000 Recently appraised @ 493K+

MORE GREAT HOMES & INVESTMENTS (Your Home 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

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: $239,900 Last Sold @ 456K

Great starter home w/ spectacular ocean views & winning curb appeal. Quick 805 access.

3 Bed, 2.5 Bath 1,654 Sqft Price: $329,900 Last sold @ 509K

Mint, just-remodeled canyon view townhome in quiet “FoxRun”. 2-car garage, high-ceilings, FPL, backyard.

3 Bed, 2.5 Bath 1,562 Sqft Price: $490,000-$530,000

Luxurious 4612 sqft "Tuscan Masterpiece" built on 2006 on .42 acres overlooking Tecolote Canyon. Immense bkyd.

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

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

reat 4-yr-nu townhome w/ 2-car garage, ocean vu, balcony, in-unit laundry.

3 Bed, 3 Bath 1,336 Sqft Price: $187,900! Last sold @ 395K

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

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: $360,900 Last sold @ $528,500

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: $149,500! Last sold @ 400K

Great starter condo or investment in “Mission Heights” near Qualcomm & 24 Hr Fitness.

1 Bed, 1 Bath 667 Sqft Price: $114,900 Recently appraised @ 174K

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: $450,000 Prev appraised @ 504K+

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

3 Bed, 2.5 Bath 2,290 sqft Price: $850,000 to $900,000!

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

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

Sharp townhome in great neighborhood. Offers 2-car garage, balcony. Walk to canyons.

2 Bed, 2.5 Bath 1,068 Sqft Price: $259,900 Last sold @ 430K

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

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

Affordable house that needs some TLC. 3BR/1BA w/ garage converted to additional 1BR/1BA.

4 Bed, 2 Bath 1,022 Sqft Price: $199,900 Recently appraised @ 334K+

Spacious manufactured home in Warner Springs Estates.

3 Bed, 2 Bath 2,037 Sqft Price: $148,400 Last sold @ 430K

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.