“Do you recommend I go to where I bank to get a mortgage? Will they give me some kind of preferential treatment?”

Answer:

The answer would have been “yes” 50 years ago. However, today it’s very rare for a bank to give any significant benefit to one of their customers who gets a mortgage.

Call me at (858) 457-KENT, and I’ll be happy to put you in touch with a great lender that I’ve been using for 25 years.

“We need to sell our home and my husband wants way too much for it. There have been several homes sold in our neighborhood that show what our home is worth. But my husband keeps pointing to two high sales to justify his price. One sold 10 months ago and is almost a mile away. The other is much nicer and larger. I know he reads your newsletter, so can you address this? Thanks…”

Answer:

I’d be happy to help you.

A good question is, “What is a home’s market value?” Market value can be defined as:

“The price a willing, knowledgeable, and prudent buyer and seller would agree to without duress in an arm’s length transaction.”

It is not:

“The highest price the seller can attempt to justify by subjectively selecting and manipulating the most favorable data.”

Nor is it:

“It’s worth more because it’s mine.”

Relying on the latter two definitions will only result in delusion and disappointment.

It’s hard to be objective about the value of your own home. After all, you bought it because it was the best San Diego home available in your price range, and you’ve improved it with your impeccable taste!

So get an objective (and knowledgeable and skilled) Realtor to help you determine the value.

“Hi Gary. Thanks for your emails. You did a great job when you sold our condo in San Diego. Now that I’ve moved to Los Angeles, I’ve decided to go ahead and buy a home here. Can you help me buy a home in L.A.?”

Answer:

I’m honored that you want me to help you.

And while I’m indeed licensed to represent you anywhere in California, I couldn’t represent you well as I just don’t know the L.A. market. Nor could I give you good service since I’m over 100 miles away.

But I can still help you…

Being in San Diego real estate for 26 years, I’ve developed networks and met many wonderful, skilled agents in different cities. So I’m happy to refer you to a good, reputable agent to find you that perfect home. If you’d like me to refer a good agent for you, give me a call or email me.

“We have a home we’ll be selling soon and want to be sure we hire the best agent. So here’s my question: which is better, hiring an agent with lots of homes for sale, or an agent with few or none?”

Answer:

Which is the better restaurant, the one with the vacant parking lot or the packed one?

Did you say the packed one? Thought so. And that applies to real estate too.

Here’s why:

1. More listings means the agent is more successful.
2. More listings means the agent has more buyers.
3. More listings means the agent has a finger on the pulse of the market, prices, and what it takes to sell your property today.

…On the other hand…

Were you one of those contrarians who thought, “if the parking lot is so full, maybe they’re too busy to give good service?”

If so, you have an excellent point.

There are indeed agents so busy that they give clients dismal, pathetic service. They serve a lot of clients…once. The clients don’t come back a second time or refer their friends.

But an organized agent with a professional support team can give you superb service and help your sale be smooth and profitable.

So, just like the old adage says, if you want something done, ask a busy person. Just be sure he’s got good help.

“My wife and are planning to buy a La Jolla home. We know to hire a home inspector to find any major defects in the home. If such defects are found, do you suggest asking for the item to be fixed or for a dollar credit?”

Answer:

I usually recommend to all my clients, be they buying or selling, to do a credit.

It’s cleaner and simpler. There’s no delay waiting for the repair to be completed. And no room for disagreement about whether the repair was done right. Believe me, I’ve had that happen.

Two caveats:

1. Be sure the estimate is realistic and from someone who will perform the work for you.

2. Because lenders won’t allow credits for repairs, the credit must be for “closing costs.” So be sure you have sufficient closing costs AND that you don’t exceed the maximum credit your lender will allow.