“Gary, with all the homes you sell, are you too busy to give me good service?”

Answer:
There’s an old saying:

“When you want something done, ask a busy person.”

My success selling homes show that I’ll probably be successful when you hire me to sell your home. Further, it gives me the resources to effectively market your home. And it means I can afford an expert staff to help me take care of you and give you the personal service you deserve.

Consider this. If you were due in for heart surgery tomorrow at 8am…

…Would you want a doctor who had plenty of time for you because he did surgery occasionally and had few patients?

…Or would you feel more comfortable trusting your future to a respected doctor with a high success rate who knows how to handle any complications?

I’m guessing you chose the latter.

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“I have a million-dollar rental house that’s leased through next May. If I sell, it would have to be ‘show with offer’. What do you think?”

Answer:
Selling subject to a lease and “show with offer” will limit the market dramatically. So you’d either want to work with the tenant to change that situation (if possible) or wait and roll the dice and hope prices are holding or higher come May 2010.

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“We’ll be selling our home this summer and we’d like to have you handle it. One question: with all the turmoil with banks and the mortgage market, how will we know for sure when we have a buyer who can get a loan?”

Answer:
When escrow closes. Sorry to say, but that’s really the only way to know 100%.

Two main reasons:

1. As you alluded to, there has been turmoil in the lending markets. And this is causing lenders to regularly change their rules and guidelines. So a person can qualify for a loan one day, then no longer qualify the next. I’m seeing it happen on at least 1 in 10 loans during escrow.

2. There are just too many unskilled, sloppy, dishonest and/or fly-by-night mortgage lenders out there. It’s been that way since I started 25 years ago. A “loan rep” tells me a buyer is qualified, but they haven’t asked all the right questions or don’t know the rules and guidelines of the loan program they’re intending to use

I try to eliminate these risks by insisting that anyone buying a home I have listed with less than 25% down must provide a pre-approval letter from a large, reputable lender. This has made a vast difference, but still is not 100% successful.

So, like I said, you’ll know for SURE that your buyer is qualified when I call and let you know your escrow just closed.

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“How important are FICO scores when you get a loan?”

Answer:
Vital.

They can be the difference between getting a loan or not, how much you need to put down, and the rate and points you pay.

My longtime lender recently priced an owner-occupied conventional loan for someone with 20% down. Based on the FICO score the person stated, the rate was a spectacular 4.5% with 1 point.

But when he ran his credit, it was below 680. That jacked up the rate to 5.875% and 2.5 points. Ouch.

Bottom line, pay your bills on time and keep your credit up or you’ll really pay when you get a mortgage.

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“Hi Gary, I guess I am what you might call…‘a fan?’ I’m about to retire out of the military, and move on. I am destined for the Detroit suburb area. While the housing market is already, and forecasted to be low, I do intend on buying once in the area. Do you handle Eastern United States real estate, or could you refer me to someone in the business whom I can trust as much as you? Also, are the laws really different for home buying? If so where can I go for clarity? Thanks Gary & Team”

Answer:
Thank you for your kind email. I only handle San Diego County, but my assistant will find you someone who should be a good agent in Detroit.

As you may know, the Detroit real estate market has been devastated, which of course is the best time if you want to buy a home.

Regarding laws, they do vary state by state. So while most of the strategies and concepts I discuss should apply, the laws and some practices may vary. Your best source will be a good agent. And of course, for legal questions, you should also check with an attorney.

Good luck my friend, and THANK YOU for your service to our country. Much appreciated!

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