• 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
Heard of “Shadow Inventory”? With the ever increasing defaults and foreclosures, why are there so few homes coming to market? Shadow inventory describes this mysterious conspiracy-theory-inspiring pool of homes in limbo somewhere in the foreclosure process. Sources say banks are dragging out the process, hoping to work something out so the homeowner can stay or has time to sell. Many say in too many cases banks are just delaying the inevitable, all to postpone showing losses on their books…

…Be sure to sign up for my upcoming free seminars:

• - “How To Short Sale Your Home Or Rental”
  Saturday 9/26 10am-Noon
• - “How To Buy A Foreclosure In San Diego”
  Saturday 10/24 10am-Noon

… Congrats to Chula Vista’s Park View World Champion little league.

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

…Free short sale consultation: If you owe too much to sell, call me for a free, no obligation short sale consultation. I’ll explain how it works, the pros and cons, and whether you’re like to be approved. Call me at 858-457-KENT.

…Follow me on Twitter or become a Facebook Fan.

Forget This Dirty Trick
When selling their foreclosures, banks want the most solid and least problematic financing so the sale won’t blow up weeks into escrow. They prefer, in order: all cash, conventional loans, FHA, and VA. To get their offer accepted in a competitive, some sneaky homebuyers and agents are now offering all cash or conventional loan, only to change the financing to a less preferred method during escrow. One problem: most banks won’t fall for it and they cancel the transaction.

Quick Real Estate Tip #6
Be warned: Right now, scared appraisers are coming in low and loan underwriters are demanding unneeded repairs. Result: Delays, unnecessary expenses, and cancelled escrows!

Top 10 Most Expensive U.S. Zip Codes
So far in 2009, median prices have slid in even the glitziest neighborhoods. ZIP codes on Forbes.com’s list saw a 7% average drop in asking price. Last year, California boasted 96% of America's 50 most expensive ZIP codes. Here are the ZIPs ranked according to the median home price:

1.--- $4,139,041 ---Alpine, NJ, 07260
2.--- $3,849,133 --- Atherton, CA, 94027
3.--- $3,521,514 --- New York, NY, 10014
4.--- $3,444,773 --- Duarte, CA, 91008
5.--- $3,367,167 --- Beverly Hills, CA, 90210
6.--- $3,362,493 --- Rancho Santa Fe, CA, 92067
7. ---$3,284,652 --- Santa Barbara, CA, 93108
8.--- $3,231,349 --- Los Altos Hills, CA, 94024
9.--- $3,176,534 --- New York, NY, 10065
10. --$3,121,115 -- Brookside, NJ, 07926

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? Many of my REO (foreclosure) properties have discounts of 10% to a whopping 49% from their previous values. Click on 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 DVD: How To Sell Your Home & Buy Another
There's 5 ways to coordinate buying a home while selling your old one. One is best. Another's a recipe for disaster. Discover the pro's and con's of each + smart buying & selling tips. This DVD is a must if you're making a move in the next 12 months.

You'll learn:
- Which of the 5 strategies works best for YOUR needs
- Don't be forced to give your home away for a quick sale
- The $5,000-$50,000 trap in the small print most people overlook
- Pricing to get top $$ for your home (it’s not what you think!)
- The HUGE MISTAKE agents make when juggling 2 closings
- Find out what your home will REALLY sell for in today's market
- How NOT to get stuck paying mortgages on 2 homes
- When is the very best time to list your home?
- Avoid being the "contingent buyer" sellers hate to sell to
- How do bridge loans work? Should you get a "HELOC" instead?
(Note: this seminar was filmed in a different market, but most of the information still applies.)

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
“How To Short Sale Your Home Or Rental”
UTC Mall – Saturday, Sept 26th, 10AM-Noon
Click for Seminar Flyer / Click to Reserve Your Free Seat

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

• Short sales, clearly & simply explained!
• Are YOU likely to qualify for a short sale?
• Can you really do short sale with -0- out of YOUR pocket?
• How long short sales take...& how to cut the time in HALF**
• Tax impacts of short sale vs. foreclosure (verify w/ your CPA!)
• The document your attorney must read closely to avoid problems
• Your 7 options if you owe too much. Most agents only tell you 3.
• Which “hardships” qualify you for a short sale? Which don’t?
• The specific clause you need in your contract with the buyer
• Do you need to be CURRENT on HOA dues? Property taxes?
• Do you need to be BEHIND on your mortgage payments?
• If an agent does THIS, they likely don’t know short sales
• 5 reasons a short sale is usually better than foreclosure
• THE most important thing to have to do a short sale
• Impact & how long is a short sale be on your credit?
• How soon can you buy a home after a short sale?
• Will a short sale delay or prevent foreclosure?
• Can your lender go after you for their loss?
• Should you spend $ to fix up your home?

-----------------------------------------------------------------------------------------------------------------

FREE Seminar
"How To Buy A Foreclosure In San Diego"
UTC Mall – Saturday, October 24th, 10AM-Noon
Click for Seminar Flyer / Click to Reserve Your Free Seat

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

• - With 12% of U.S. mortgages are behind, is there a new wave of Alt-A, Option ARM, & Prime foreclosures coming?
• - Should you buy before home prices climb out of your reach?
• - Bailouts, loan “mods”, moratoriums...what’s REALLY going on?
• - Top 10 San Diego neighborhoods with the best REO deals today
• - Wise, timely words millionaire Baron Rothschild said in the 1800s
• - 5-step plan to getting a great value on a foreclosure in 90 days
• - When Homebuyers can put 3% down and investors 10% down
• - 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 #1 mistake people make when offering on an REO
• - Traps in the small-print that banks make you sign
• - The truth about a home that’s a “short sale”
• - How much banks negotiate off their price
• - What to watch out for in an REO
• - Much more

"My husband and I have been talking to an agent about buying another house. She told me a quick way to figure value is 'price per square foot'. I've never heard of this. How accurate is it?"

Answer:
Here’s how 'price per square-foot works:

Take the sales price of a home--say $500,000. Then divide by the square footage--say 1,000. That means the house sold for $500,000/1,000= $500 per square foot.

Average that for several homes in a neighborhood and you can say something intelligent-sounding like "area homes are selling at $480 per square foot". Simple...fast...easy. One problem though:

IT DOESN'T WORK!

By definition, it ONLY includes square footage. That means it leaves out everything else..."unimportant" things like location, lot size, condition, upgrades, age, view, curb appeal, yard, garage, pool, etc., etc., etc.

It amazes me how many intelligent appraisers and agents use such a grossly inaccurate approach to figure out a home's value. Recently a veteran agent brought me an offer on a home I was selling for a client and INSISTED it should sell for "$400 per square foot."

It's like determining how good a football player is by his weight, and leaving out things like height, running speed, age, skill, experience, etc.

I'd steer clear of "price per square foot"!

"Don’t you feel 6% is a lot of money for an agent to make when they sell a home?"

Answer:
Not much.

I understand how you feel. And the truth is, I agree that many agents don't deserve what they charge. But consider the following:

1. If your home doesn't sell, your agent doesn't make a nickel. But they'll have spent hundreds or thousands on marketing, servicing, overhead, & more. And that adds up to a lot more than you may guess.

2. Agents don't make keep the entire fee as profit. From the 6% fee you mentioned, that may be split 3%/3% between the seller’s and buyer’s agents. From that, they split with their broker and pay expenses. The typical agent takes home 1% to 2%. (After expenses, I usually make below 1%...definitely not 6%)

3. Homes sold with good agents sell for 5% more on average. So the true net cost to you as a seller is only 1% to use an agent.

4. There's WAY more to selling a home than a sign and an ad, such as: how to prepare the home for sale, correct pricing, marketing, selling, negotiating, contracts, disclosures, managing the transaction, and protection from legal liability.

5. A 2001 survey said only 35% of "by owner" sellers would do it again.

Note: Fees and fee “splits” above are examples. Real estate fees are not set by law.

"I’ve heard if I sell my rental house I have to give the tenant 60-day notice. Is that right?"

Answer:
Cal. Civ. Code § 1946.1(a) and (b) says that landlords must provide 60 days written notice to terminate a tenancy if all tenants and residents have been in the property for at least one year.

But if any tenant or resident has been residing in the property for less than one year, 30 days written notice is sufficient (Cal. Civ. Code § 1946.1(c)).

Additionally, the landlord can give just thirty (30) days written notice to terminate a periodic tenancy when ALL these conditions are met:

(1) the home is a separately alienable unit (e.g. condo, single family residence, townhouse; but not a duplex, triplex or other multi-unit property);

(2) the owner is in contract to sell the unit to a bona fide purchaser

(3) escrow has been established with a licensed escrow agent or licensed real estate broker

(4) the buyer is a natural person

(5) notice is given within 120 days after escrow is opened

(6) notice was not previously given to the tenant; AND

(7) the buyer intends to live in the property for at least one full year.

Please verify all of the above with your attorney.

THIS WEEK'S FEATURED PROPERTY!
	Spacious Oceanside Home BR/BA: 3/2 Sqft: 1,460 Price: $229,900
– Oceanside – Foreclosure! Large family home w/ great floorplan! New carpet, new paint, new vinyl flooring, new range/oven, new fixtures, new mirrored closets! Plus RV parking, alley access, 2-car garage, beautiful eat-in kitchen w/ granite counters & wood cabinets, tile flooring, living room w/ fireplace! Take A Look

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

– Carmel Valley – Foreclosure! Upper end “East Bluff” condo overlooking greenbelt. 2-car garage, interior laundry, FPL. Contact Me
2BR/2BA, 942 sqft
Loaned to 390K >>> To be 200s?
– Chula Vista – Foreclosure! Cute house w/ hardwood floors, 2-car garage, nice yard, in great Hilltop neighborhood. Contact Me
3BR/2BA, 1444 sqft
Last sold @ 516K >>> To be low/mid 200s?
– Chula Vista – Foreclosure! Cute single-level home with pool. Great starter home. Contact Me
3BR/1BA, 1536 sqft
Recently appraised @ 510K >>> Price TBD
– Chula Vista – Foreclosure! Enjoy southerly views, designer pool/spa, & more from this spacious 2-story home. Contact Me
4BR/2.5BA, 2394 sqft
Last sold @ 665K >>> To be 400s?
– Downtown – Foreclosure! Beautiful & spacious 1BR “Treo” condo built in 2003. Gas FPL, washer/dryer in unit, more. Contact Me
1BR/1BA, 707 sqft
Recently appraised apx 423K+ >>> To be low 200s.
– Downtown – Foreclosure! "Palermo" studio/1BR loft w/ private patio. Complex has pool/spa, fitness, business ctr. Contact Me
1BR/1BA, 860 sqft
Last sold @ 354K >>> Very low 200s?
– East San Diego– Foreclosure! Charming craftsman home w/ addition, huge master suite, updated kitchen, private backyard. Contact Me
3BR/2BA, 1568 sqft
Last sold @ 500K >>> Price TBD
– Encanto – Foreclosure! Spacious 2-story 1984-built home on quiet street. 2-car garage, nice yard. Contact Me
4BR/3BA, 2088 sqft
Recently loaned to 510K >>> To be high 200s?
– 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?
– Escondido – Foreclosure! Fantastic custom home w/ front courtyard, private & secluded area, pool + covered patio, views! Contact Me
3BR/3.5BA, 2317 sqft
Last sold @ 663K >>> To be 400s?
– La Jolla – Foreclosure! Breathtaking ocean views from this one-level oceanfront condo @ 333 Coast Bl. Contact Me
2BR/2BA, 1342 sqft
Last sold @ 915K >>> To be 700s/800s?
– La Jolla – Foreclosure! Delightful single-level home, sweeping ocean views from most rooms, large lot. Contact Me
3BR/2BA, 2107 sqft
Previously appraised @ 1.44M >>> Price TBD
– 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?
– Mission Hills – Foreclosure! Modern yet quaint 1923-built home on a quiet lush canyon. Many upgrades, hdwd floors, FPL. Contact Me
2BR/2BA, 1848 sqft
Loaned to over $1M >>> To be in 800s?
– Nestor – Foreclosure! Ranch-style home w/ 2-car garage, fireplace, good-size backyard. Contact Me
3BR/2BA, 1152 sqft
Last sold @ 395K >>> Price TBD
– Nestor – Foreclosure! Gorgeous 2-story “Ocean Hills” home w/ views, 3-car garage, vaulted ceilings. Contact Me
5BR/2.5BA, 2353 sqft
Last sold @ 585K >>> Price TBD
– Oceanside – Foreclosure! Single-level family home w/ 2-car garage, open floorplan, remodeled kitchen, A/C. Contact Me
3BR/2BA, 1460 sqft
Previously appraised @ 285K >>> To be low 200s?
– Pacific Beach – Foreclosure! Mission Beach view condo w/ 2-car garage, walk to beach/bay, quaint 4-unit complex. Contact Me
2BR/2BA, 955 sqft
Last sold @ 420,862 >>> Price TBD
– Pacific Beach – Foreclosure! Beach house w/ private backyard, California room, 2-car garage. Contact Me
2BR/2BA, 1400 sqft
Last sold @ 700K >>> To be high 500s?
– Paradise Hills – Foreclosure! Cute townhome in “Bay Terraces”. Open floorplan, 1-car garage, laundry. Contact Me
2BR/1BA, 840 sqft
Previously valued @ 281K >>> To be high 100s?
– Rancho Bernardo – Foreclosure! Sharp house on culdesac w/ red tile roof, 8494 sqft lot, big yard, views, a/c. Contact Me
3BR/2BA, 1727 sqft
Last sold @ $575,000>>> To be low 400s?
– Rancho Bernardo – Foreclosure! Handsome 2-story home in Chateau Bernardo. Breathtaking panoramic views, 3-car garage. Contact Me
5BR/3BA, 3179 sqft
Last sold @ $789,000 >>> Price TBD
– Rancho Penasquitos – Foreclosure! 1983-built 1-level home in Trailwood w/ tile roof, a/c, covered patio. Near park. Contact Me
3BR/2BA, 1571 sqft
Appraised @ 525K+ >>> To be mid 400s?
– 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?
– San Marcos – Foreclosure! 6-year-new home near Cal State San Marcos. More info to follow. Contact Me
4BR/3BA, 2358 sqft
Last sold @ 615K >>> To be low 400s?
– Spring Valley – Foreclosure! Great 1st-time home or rental w/ garage, a/c, mountain view from backyard. Contact Me
3BR/1BA, 1020 sqft
Last sold @ 312K >>> To be 200K?
– Spring Valley – Foreclosure! Large home on private culdesac w/ open view, oversize backyard, 2-car garage. Contact Me
5BR/3BA, 2115 sqft
Recently appraised apx 650K >>> To be 300s.
New– University City – Foreclosure! Lovely “Villa Vicenza” complex. Walk to UTC, Whole Foods, Aventine restaurants. Contact Me
2BR/2BA, 1001 sqft
Last sold @ 444K >>> To be high 200s?
– Vista – Foreclosure! 2-story mountain view home on large lot. pool. Sparkling pool, 2-car garage. Contact Me
3BR/1.5BA, 2424 sqft
Last sold @ $600,000 >>> Price TBD

NEWLY LISTED (Your Property Here!)

Cute 3BR house in rapidly upgrading neighborhood near Bay Park. Large 7000 sqft lot.

3 Bed, 1 Bath 1,168 Sqft Price: $332,000 Recently appraised @ 500K?

Enjoy downtown living at “Symphony Terrace”. Complex has pool/spa, fitness, sauna.

1 Bed, 1 Bath 673 Sqft Price: $174,900 Last sold @ 292K

Beautiful, open & bright condo w/ many new upgrades. Walk to shopping, bus, banks, etc.

1 Bed, 1 Bath 692 Sqft Price: $164,900 Last sold @ 293K

MORE GREAT HOMES & INVESTMENTS (Your Home Here!)

Panoramic, unobstructable views of bay, ocean, sunset, fireworks, nightlights. 2-story w/ RV garage.

3 Bed, 2 Bath 2,223 Sqft Price: $785,000!

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

3 Bed, 2 Bath 1,380 Sqft Price: $105,000! Last sold @ 269K

Gorgeous newer home with mountain views. Entertainer’s backyard, stunning kitchen.

4 Bed, 3 Bath 2,462 Sqft Price: $394,900 Last sold @ 593K

Gorgeous 2-story home next to Bay Ho w/ curb appeal, palms galore, breezy MBR w/ vaulted ceilings.

3 Bed, 3 Bath 2,294 Sqft Price: $599,000 - $640,000

Enjoy panoramic views from this cared-for 1-story home. Upscale neighborhood of high end custom homes.

2 Bed, 2.5 Bath 1,983 Sqft Price: $999,000 to $1,299,000

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

Spectacular home on .98 acres w/ FPL, travertine, hardwood, granite. Panoramic mountain views.

4-5 Bed, 2 Bath 3,046 Sqft Price: $419,900 Last sold @ $690,000

Lovely home w/ upgraded kitchen & baths, new paint, a/c, large yard, near community pool. Short Sale.

3 Bed, 2 Bath 1179 Sqft Price: $375,000

Mint, upgraded 2005-built top-floor “Lido” condo in security building, inside laundry, more.

3 Bed, 2 Bath 1,538 Sqft Price: $475,000 Last sold @ 707K

Upgraded “River Colony” condo: Community pool/spa, fitness center, patio balcony, cozy FPL.

2 Bed, 2 Bath 977 Sqft Price: $237,900 Last sold @ 395K

Beach cottage w/ 2-car garage, partial ocean view, small yard, quiet street.

2 Bed, 1 Bath 758 Sqft Price: $399,900 Recent appraisal 644K+

Mid-century 1-level home w/ back-country views, 10 minutes to I-5, 3 acres, great street.

5 Bed, 4.5 Bath 3,375 Sqft Price: 1.55M-1.75M

Upstairs condo w/ shared garage, patio balcony, end-unit, great starter home.

2 Bed, 1 Bath 882 Sqft Price: $84,900! Last sold @ $140,000

Immaculate, sunny canyon-view home—shows like a model! 3-yr-nu kitchen w/ granite & maple. FPL, a/c.

3 Bed, 2.5 Bath 2,038 Sqft Price: $599,000 - $640,000!

hort sale! Mint 1-level “Lucera” condo w/ garage, many upgrades. Great community near UTC, 805.

2 Bed, 2 Bath 848 Sqft Price: $270,000 Last sold $482,500

Spacious manufactured home in Warner Springs Estates.

3 Bed, 2 Bath 2,037 Sqft Price: $89,900 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.