Issue #214
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Hello again. Since the best singer (Chris) didn’t win American Idol, I’m glad Taylor did. Quick story… I was out for dinner Saturday night with my family at Café Japengo at UC’s Aventine after playing two hours of tennis with my son, Tim. The cute little kids at a nearby table were playing with the little black stones from Japengo’s décor. Two bounced against our booth, startling my daughter Emily. Later, as that family was leaving, the father walked over and graciously apologized. He was none other than tennis great Andre Agassi along with his wife, retired tennis champion Steffi Graf!
Now onto real estate…
More On Zillow.com
After my comments last week on how grossly inaccurate
Zillow’s on-line home valuations are, agent Craig Beck of Atlanta wrote: “I've got to agree with you. Here south and east of Atlanta their valuations are showing homes that are selling for $250,000-300,000 as having valuations of 50K or less!!...”
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Remember to email your questions, comments, compliments, corrections, critiques, & rebuttals to Questions.
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Homebuying Question
"My dad and I are looking for a
house in Escondido. We found the perfect one after a couple of weeks. The list
price was $515,000, and we told the Realtor to offer $450,000. She said we had
nothing to lose and made the offer. But the seller rejected it and now their
agent told us the seller said to go buy another house.”
***ANSWER:
There’s no question there, but here are my comments, assuming the value was
close to the 515K list price…
You and your dad got some bad advice from the agent. Sellers are people too, so
if you make a ridiculously low offer, you may offend them and poison future
negotiations.
It is a bit extreme that the seller said to go buy another house. That could be
because the seller is honestly ticked off or it may just be a negotiating ploy.
If you and your dad really want that house, make another offer, but make it a
REASONABLE one. In this case, it would be good advice to say, “What do you have
to lose?”
Good luck…
"I talked with one of those discount brokers and he said he does the same things that regular brokers do and charges less. He said he puts a house in the MLS system, puts up a sign, and that's most of the work. Why should I pay more and use you?"
***ANSWER:
Just his statement demonstrates a frightening lack of understanding of how real estate works. It's like a butcher saying "I do the same thing surgeons do." (My apologies to the squeamish.)
And I find this same naiveté in virtually all discount brokers I've dealt with, even the ones who pretend that they’re "full service."
It takes a lot of work, time, money, skills, and resources to properly prepare, price, position, market, negotiate, handle contracts, manage your sale AFTER you accept an offer, and protect you from legal liability.
Selling your home is much too important to entrust to someone who doesn't even understand the process!
(Hope I didn’t come on too strong, but it always pushes my buttons when a so-called “professional” who does such an incomplete job has the chutzpah to say they do the same job as a full-service professional.)
Investing or Financing Question
"I have two questions about prepayment penalties. How do they work? And how can I be sure I don't get one?"
***ANSWER:
Good questions.
On a single-family home and 2-4 unit properties, the prepayment penalty typically applies the first one to three years after you get your loan.
The penalty is typically 80% of 6 months interest.
To avoid having a prepayment, it's not enough to just tell your lender you don't want one. I actually know a mortgage broker who was buying a property to fix up and quickly resell. He got a bank loan and told them he didn't want a penalty. But when he went to resell a few months later, he had a $6,000 penalty.
How to avoid a prepayment penalty:
1. When you pre-qualify with a lender, tell them you don't want a loan with a penalty.
2. Remind them a couple of times during the process!
3. To be 100% sure, when you sign your loan documents before closing, read the "NOTE" (aka "Trust Deed Note", but NOT “Trust Deed”). Look for the paragraph that says "Prepayment Privilege" and be sure there's no penalty.
If you’re interested, I know a great lender who will be up-front with you so you don’t have a penalty. Call me for his name & ph#...
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Thank you Frank G. for referring
a friend to sell a rental house…
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
22 Years Experience -- 3,000+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.
