Issue #253
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Hope you enjoyed the short week (remember President’s Day back on Monday?).
…Check out the 7 new REOs we have hitting the market this week! …I recently
happened into San Diego Hardware. Lots of cool unique/upscale plumbing,
doorknobs, lighting, mailboxes, etc. Jason was very helpful (858-576-1892).
…Good luck to new Chargers coach Norv Turner. With this team, he shouldn’t need
any luck! …Remember to sign up for our 3/31 free
homebuyer seminar!
Valentine’s Day Shocker -
Response
Last week you read the edgy but true R-rated story of my assistant being
propositioned on Valentine’s by a negligee-clad woman hoping to delay moving
from the home she’d just lost to foreclosure. I posted the story on a forum for
agents who handle foreclosures. One in a rough area replied, “I am moving to CA.
In Chicago…if they excuse themselves and we are not wearing a bullet-proof vest,
we run out of the house!”
Stats Show Homes Taking
Longer To Sell
Bet you weren’t surprised. For five years the “days on market” (how long homes
take to sell) averaged in the 30s, an unusually low figure. Recent San Diego MLS
stats show an increase in 2005 and 2006, especially the last 2 months of ‘06.
36 days - 2000
39 days - 2001
38 days - 2002
40 days - 2003
32 days - 2004
52 days - 2005
69 days - 2006
74 days - November 2006
77 days - December 2006
Note that these #’s have an approximate two-month time lag, and all the market
times are understated as they only include the last time a home was listed and
not previous listings.
U.S. Cities Ranked: Top
5 Hardest Drinking
As measured by state laws, # of drinkers, # of heavy drinkers, # of binge
drinkers, rate of alcoholism
1. Milwaukee, WI (America’s brewing capital!)
2. Minneapolis-St. Paul, MN
3. Columbus, OH
4. Boston, MA
5. Austin, TX
(Source: forbes.com)
Next Week: Top 10 biggest price gainers…
True Story: Fungus Among
Us – Part II
Remember the house two weeks ago with the whopping $266,275 pest control
bill? Like some horror movie creature, a rare wood-eating fungus “wrapped”
itself around the posts and subfloor. A second inspector bid just $6,000! To
avoid later problems, the reports had to be sorted out. So I told inspector #2
the findings of #1 (whom I’ve used for years and trust implicitly). When #2
still insisted he was right, I gave him the lab results showing the rare fungus.
He responded that he’d been wrong and was bowing out because the house needed too
much work. But isn’t that how these guys make their living? (Reminds of my
childhood barber, “Ski”. When I was 14, he refused to cut my hair because it was
“too long”! Is that really a smart move for a barber?)
Get On Our San Diego
“Foreclosure Hot-List”
Five major lenders have asked me to handle their foreclosures, and I’m
looking for a short list of investors or people wanting to buy a home or
investment up to 5-10% below market. If you’d like to be the first to find out
about them,
click here.
Help Wanted: Two Real
Estate “Buyer Agents”
Energetic, hard-working person wanted to help clients find their dream home! We
provide great training, coaching, pay most expenses. Bilingual/Spanish a plus,
but not required. Call (858)535-7435, fax resume to Kevin @ (858)550-3410, or
email
Jobs@GaryKent.com.
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 $450 Home Appraisal & FREE $300 Home Inspection!
For a limited time, you’ll receive $750 in free services when using us as your
Realtor to buy a home or investment property and our preferred Countrywide
lender for your home loan. For more details or to take advantage of this offer,
call us @ (858)457-KENT.
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 March 31 / Saturday 10AM-Noon
At "Forum Hall" at the UTC Mall in University City
How To Buy A Home In San Diego – 2007!
…Never bought a home, or just a little rusty?
…Curious to learn so you can confidently make your own choices and look out for
yourself?
…Excited about all the opportunity and great values in today’s buyer’s market?
Then come 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 home professional
home inspector.
You'll Discover:
- San Diego real estate forecast—2007 & Beyond:
"Soft Landing" or "Bursting Bubble"?
- What home inspectors Do & don’t inspect. You may be surprised!
- Get pre-qualified FREE, on the spot + get your credit report free
- 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
- Find out your price range, payments, & needed down payment
- 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
"What if I buy a home and find a
problem after I move in? Does the seller have to fix the problem?"
***ANSWER:
Unless you have proof that the seller knew about the problem and didn’t disclose
it, it’s your home and your problem.
That’s why most people get home inspections and home warranties and read the
seller’s disclosures.
Your home inspector points out issues that you may ask the seller to repair or
decide to take care of yourself after you own the home. Remember, home
inspectors aren’t perfect and they do miss some things. Home inspectors MAY have
some liability if they do a poor job and miss obvious defects.
Home warranties, also called home protections plans, cover certain things that
can go awry with the home’s systems (plumbing, heating, electrical) during the
first year. The plans can also cover appliances, roof, pool, spa, etc.
"Hi Gary. We’re trying to choose an agent to
sell our home in UTC. One of them suggested a higher price, but I’ve never heard
of his company. The other is with XXXX [a large firm], so he’s probably pretty
good. Who do you think we should go with?”
***ANSWER (Part 2 of 3):
Last week you read that an agent’s PERSONAL track record of success is the best
way to choose an agent to sell your home.
I went on to say there are five secondary things to look for. Here they are:
1. Easy Exit Guarantee
2. Full-Time
3. Team vs. Lone Ranger
4. Comfort level
5. Questions…
#1 Guarantee - If they’re telling you that you should hire them, they should be
willing to be back it up by guaranteeing you’ll be happy with their services
and, if not, giving you the right to exit the listing contract without penalty.
#2 Full-Time - You want a full-time agent selling your home. No part-timers.
That’s a no-brainer.
#3 Team - Real estate has changed. The days of the jack-of-all-trades is coming
to an end. Real estate is more complicated and there’s just way too much for one
person to know and do. So you’re better off with a skilled team than a lone
ranger.
#4 Comfort- You’re going to work with your agent for several months. Who wants
to work with someone they’re uncomfortable with? Just don’t make comfort-level
your main criteria (i.e. avoid the “He seems like such a nice person, so let’s
hire him” syndrome.)
#5 Questions- Tune in next week for the key questions to ask any agent before
you hire him or her to sell your real estate
Investing or Financing Question
"I’m a small-time
real estate investor. I have a couple of rental condos in Mira Mesa and North
Park, but I’d like to trade into an apartment building. I’ve been talking with
people and asking a lot of questions. There’s a term I’ve heard called debt
coverage ratio. What is that?"
***ANSWER:
You’re getting into some moderately complex stuff.
When you buy a house, the bank looks at YOUR ability to pay the mortgage.
When you buy a commercial rental property, the bank looks at the PROPERTY’s
ability to pay the mortgage, based on rents and expenses.
A debt coverage ratio is the property’s net operating income or NOI (annual
income minus expenses, not including mortgage) divided by the debt service
(total annual mortgage payments):
NOI/Debt Service = debt coverage ratio.
A property with rents of $200,000 per year and expenses of $70,000 per year has
an NOI of $130,000. If it has a debt service of $100,000, then:
$130,000/$100,000 = 1.3 debt coverage ratio
Banks are commonly looking for about a 1.3 debt coverage ratio, meaning they
want your net income to exceed the loan payment by 30%. To do that in San Diego,
you need to put a whopping amount down!
I know that’s complex stuff for many people. If you have more questions, contact
me…
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
 |
Clairemont Cutie
OPEN HOUSE 1-4 Sat & Sun BR/BA: 3/2 Sqft:1,202 Price:$454,900 |
|
For more information on this Delightful Home and Open House Click Here | |
"COMING SOON"
(Click
Contact Me to be contacted BEFORE these properties hit the market!)
- Bay Park – Gorgeously fully remodeled 5BR/3BA view home on quiet street in
great neighborhood. Dbl garage. $800s.
Contact Me
- Chula Vista – Bank Owned Foreclosure! Cute
remodeled 3BR house w/ white picket fence. $300s?
Contact Me
- Chula Vista – Bank Owned Foreclosure! Newer 3BR, 2.5BA, 1452sqft townhome w/ garage. $300s? Contact Me
- Clairemont – Bank-Owned Foreclosure! 4BR/3BA 1614 sqft home in quiet neighborhood. Lo $400s? Contact Me
- Clairemont – Bank Owned
Foreclosure! 3BR house w/ garage. Quiet street. More info to follow.
Lo $400s.
Contact Me
- Downtown –
Bank Owned Foreclosure! 1BR/1.5BA ground-floor condo with direct street entrance.Price
TBD
Contact Me
- Downtown – Bank Owned Foreclosure! 2-year-new 2BR/1BA high-rise condo in Acqua Vista. Price TBD Contact Me
- El Cajon – Bank-Owned Foreclosure! 4BR/2BA house on large 11,300sqft lot w/ pool & garage. Price TBD. Contact Me
- La Jolla – Stunning remodeled home w/ spectacular canyon views, family room, pool, more. Price TBD. Contact Me
- La Jolla – Highly upgraded ocean vu home w/ granite, hardwood, marble, new roof, new windows, new MBA. 2M+? Contact Me
- La Mesa – Adorable 2BR home w/ detached room & garage. Huge yard, hardwood flrs, more. Around 400K? Contact Me
- La Mesa – Bank Owned Foreclosure! Remodeled 5BR/3BA 2537sqft view home on .41 acres. $500s? Contact Me
- Mira Mesa – Bank Owned Foreclosure! 4BR/2.5BA 1804sqft house w/ spa. Should be low $500’s. Contact Me
- National City – Bank-Owned Foreclosure! Vintage Victorian home built 1864! 4BR/3BA, 1852sqft: $400s? Contact Me
- Nestor – Bank Owned Foreclosure!
Stunning 4-yr-new 4BR/3BA 2422sqft house near park. Price TBD.
Contact Me
- Nestor – Bank Owned Foreclosure! 3BR/2BA
house: family room, dbl garage, tile throughout. Mid-$400s?
Contact Me
- North Park – Upgraded 2BR/2BA townhome w/ garage, hardwood floors, large bedrooms. Very high $300’s? Contact Me
- North Park – Bank Owned Foreclosure! Charming 2BR Spanish house, hardwood floors, garage. Low $300’s? Contact Me
- Oak Park – Bank Owned Foreclosure! Cute, upgraded 2BR cottage w/ garage & large yard $300’s? Contact Me
- Oceanside – Bank-Owned Foreclosure! Cheap 1BR condo in “Arbor Hill”. Recent conv w/ granite, etc. Hi $100’s!? Contact Me
- Oceanside – Bank Owned
Foreclosure! 4BR/2BA home w/ 2-car garage. Very low $400’s?
Contact Me
- Oceanside – Bank Owned Foreclosure!
Stunning 9-yr-new 4BR home w/ sweeping views. Low $500’s?
Contact Me
- Oceanside – Bank Owned Foreclosure!
Handsome 3BR/2.5BA detached home w/ dbl garage. Low $400’s?
Contact Me
- Pt Loma- Bank Owned Foreclosure! Very affordable 2BR house on quiet street. Should be in the $500’s. Contact Me
- Pt Loma – Bank Owned Foreclosure! Cute 2BR, 1227sqft house w/ garage, 6500sqft lot. High $600’s? Contact Me
- Ramona – Bank-Owned Foreclosure! 2181sqft 3BR house on 6 full acres of horse property. $700s? Contact Me
- Rancho Penasquitos – Bank Owned
Foreclosure! 4BR/2.5BA house. More details to follow. $600ish?
Contact Me
- Scripps Ranch – Bank Owned Foreclosure!
Stunning newer 4BR 2536sf home, many upgrades. $700?
Contact Me
- Scripps Ranch – Bank-Owned
Foreclosure! Sharp 4-yr-new 3BR/2.5BA condo w/ yard, patio, dbl
garage. Hi $400s.
Contact Me
NEWLY LISTED (Your Property Here!)
 |
- Chula Vista – Bank Owned Foreclosure! 8yr-new Rancho Del Rey townhome w/ dbl garage, gated community. $416,900! See For Your Self |
 |
- Clairemont – Bank Owned Foreclosure! Updated & upgraded 3BR/2BA house w/ garage. Priced for quick sale @ $454,900! Take A Look |
 |
- Downtown – Bank Owned Foreclosure! 2BR 2nd-floor condo in historical & famous CORTEZ HILL. $519,900. See The View |
 |
- La Jolla – Bank Owned Foreclosure! Upgraded, spacious 3BR/2BA 1-story house on culdesac in “Windemere.” $959,900! More Information |
 |
- Mira Mesa – Bank Owned Foreclosure! 2BR/2BA condo, 913 sqft, lovely complex near I-15. Priced attractively @ $249,900. Property Features |
 |
- Oceanside – Bank-Owned Foreclosure! Newer 4BR/2.5BA house w/ huge yard, panoramic views, great area. $579,900 Pictures |
 |
- Pacific Beach / Crown Pt– Bank Owned Foreclosure! Remodeled 2BR/2BA w/ bay/city views. Walk to bay! $434.900. Free Info On the Home |
MORE GREAT HOMES & INVESTMENTS (Your Home Here!)
 |
- Allied Gardens – Bank Owned Foreclosure! BR house w/ remod kitchen, dbl garage, quiet street near Kaiser. $425,900 Free MLS Search |
 |
- SOLD/Chula Vista – Bank Owned Foreclosure! 3BR/2BA 1186sqft “Woodland Hills” condo. $2500 costs paid. $306,900! More Foreclosures Here |
 |
- Clairemont – Bank Owned Foreclosure! West Clairemont 2BR townhome w/ garage, large living room, patio. Reduced: $265,900 Pictures |
 |
- Encanto – Upgraded 3BR/1.5BA home with oversize grassy backyard & double garage. Priced for quick sale at 369-400K View Details |
 |
- La Costa – Just-remodeled luxury Mediterranean-style 4,800 sqft estate on huge lot, right on La Costa Golf Course. 1.695-1.795M Look For Yourself |
 |
- La Jolla – Bank Owned Foreclosure! Remod 3BR/2BA penthouse ocean vu condo 2 blks to beach. Hdwd flrs. $569,900! Contact Me |
 |
- La Mesa – Bank Owned Foreclosure! 3BR house on quiet street with big yard. $2500 closing cost credit. $376,900. More Information |
|
|
- SOLD/La Mesa – Bank-Owned Foreclosure! 2BR house w/ dbl garage, RV parking & big yard. $2500 closing cost credit. $386,900 Other Listings |
 |
- Logan Heights – Bank-Owned Foreclosure! 2800sqft HEAVY fixer-upper house w/ garage, curb appeal, big lot. $510,000 View Pictures and Features |
 |
- Mission Valley – Short Sale! Oversize 2BR/2BA condo near USD, YMCA. Security parking for 2 cars. $333,550. Find Out More |
 |
- Mission Valley – CHEAP 1BR end-unit condo w/ golf course vu in gated community! Ideal starter investment or 1st home. 185K! See For Yourself |
 |
- Mission Valley – Bank Owned Foreclosure! 11BR condo, 604 sqft, tennis, pools, near Qualcomm. $216,900! Contact Me |
 |
- Nestor – Bank Owned Foreclosure! 3BR/2BA, 1224 sqft condo w/ large patio, near pool & playground. Just 305K! More Info |
 |
- Oceanside – Bank-Owned Foreclosure! Affordable 2BR/1.5BA 1280 sqft condo w/ garage (rare @ this price!). $249,900 Property Information |
 |
- Oceanside – Newer 3BR/2BA home in Williams Ranch w/ private yard. Near new middle school and community park. 420-450K! Contact Me |
 |
- Paradise Hills – Bank Owned Foreclosure! 3BR/2BA 1183sqft condo w/ large covered patio. $314,900. Check It Out |
 |
- Rancho Bernardo – Bank Owned Foreclosure! 4BR/2BA 1913 sqft house on culdesac. New paint/carpet/granite. $579,900! See What Its Like |
 |
- San Marcos / San Elijo Hills – Stunning, sunny & open 4/2.5 home w/ bonus room. Built 2004 w/ all the upgrades. 612K. See For Yourself |
 |
- San Marcos – Bank Owned Foreclosure! Stunning near-new 3BR/3BA, 2259sqft view house, gated community. $564,900. Contact Me |
 |
- Tierrasanta – Bank Owned Foreclosure! 4BR/2.5BA 2592 sqft fixer house on quiet street. Bargain at $634,900! Free Info About the Home |
Call me at (858)457-KENT to find out more or for a private showing. To find other homes, go to Free MLS Homesearch.
Clicked on a property, but there’s no info? It may be sold. Call me to double-check or discover other similar properties we have for you.
Referring a
friend or someone you care about is the highest compliment you can give me.
Thank you for all of your generous referrals!
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
22 Years Experience -- 3,100+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
If a friend would enjoy this enewsletter, forward it to them. To subscribe, email Subscribe@GaryKent.com with "subscribe" in the subject line.
