Issue #256

In This Issue

Welcome / This Week's Special Offer

Welcome To The Latest Issue
Happy Friday to you. …Hoping to see you and a friend at our upcoming free homebuyer seminar on Saturday, March 31. …Check out our newest properties, including 2 foreclosures in Poway and San Carlos. …Sub-prime lenders across America are suddenly self-destructing. To learn how it impacts you, see the financing question below. …And thanks to all of you who referred people to me this week. I appreciate it!

Before You Look At New Construction Homes…
We can help you buy a brand-new home. Of course, you can look on your own, but you may miss out on the right one. And be sure to call us BEFORE you visit any tracts, otherwise the builder will NOT allow you to be represented by an agent. To talk with us about new homes, call 858-457-KENT.

U.S. Cities Ranked: Top 10 Most Literate
1. Minneapolis, MN …Last week’s #2 in heavy drinking!
2. Seattle, WA
3. Pittsburgh, PA
4. Madison, WI
5. Cincinnati, OH
6. Washington, DC
7. Denver, CO
8. Boston, MA
9. Portland, OR
10. San Francisco, CA
(Source: University of Wisconsin study)
Next Week: Top 10 U.S. cities to buy in now…

You Know You’re In San Diego When…
…You have family or friends who’ve moved to Arizona and Nevada~
(Got one of your own? Email it to me.)

True Story: Bigger Is Better
I was a rookie, licensed all of three months, when the woman called about selling her house in Clairemont. We talked a few minutes and I started measuring the rooms. She kindly held one end of the tape. “Ten foot three,” I announced. “Put eleven!” she said. “But it’s ten-three,” I explained. “Put eleven,” she barked back. Then I measured lengthwise, “Twelve feet exactly.” “Put thirteen,” she ordered. Sensing a pattern, I told her I’d only write accurate figures, not her inflated ones. She was not happy. When I left, I decided not to call her back. She didn’t call me either.

Foreclosure Assistant Needed…ASAP!
- Fast-paced job w/ lots of variety.
- No selling / no license needed
- Driving the county checking on properties & taking photos
- Detailed data entry
- Determining approx value of properties (will train)
You must be dependable, team player, able to meet deadlines, multi-tasker. $10-$12/hr + bonus. Kevin@GaryKent.com.

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: One Real Estate “Buyer Agent”
Energetic, positive, hard-working person wanted to help people find their dream home! We provide great training, coaching, and pay most expenses. Bilingual/Spanish a plus, but not required. Call (858)535-7435 or fax info/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 you agree to use us as your Realtor to buy a San Diego home (or investment) and use our preferred Countrywide Financial lender. For more details or to take advantage of this offer, call me @ (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.

Gary's Real Estate Seminars

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

To RESERVE YOUR SEAT NOW for this free presentation, click here or call (858)457-KENT!

HomeBUYING Question

"I was in escrow buying a home in January and had the home inspected. The inspector found several items that he told me the seller should fix. But the seller refused to fix them all, including a broken pool heater and replacing the roof, which was old but didn’t leak. I wasn’t too happy when they refused to take care of them, but backed out. But now I think I made a mistake. Do you think I should have bought the home?"

***ANSWER:
The first thing I’ll tell you is that your inspector was totally out of line saying “the seller should fix” anything.

His job is to tell you WHAT needs to be fixed, not WHO should fix it. That’s a matter of negotiation.

So, who should fix things the inspector finds?

Depending on what’s needed, if you’re getting a good deal and/or love the home, you should probably buy it whether the seller fixes anything or not.

On the other hand, if you’re paying top dollar and aren’t overly fond of the home, then perhaps you should insist on some repairs for needed items.

HomeSELLING Question

"Hi Gary. I recently read that when you sell your home, you only recoup 79.4% of the cost of a kitchen remodel. But my kitchen was really busted up and I’ve got to think I’ll get more than that back. What do you think?”

***ANSWER:
You’ve hit the nail on the head with one of the big beefs I have with those “Cost vs. Value” reports on home improvements. The huge variable the never even mention is:

…How bad does your home need the improvement?

If you’ve got a pretty nice kitchen, you may only get 25% of the cost of a remodel. But if your kitchen is a disaster, you may well get 100% of the cost.

Another variable, of course, is the cost. I’ve seen some $30,000 kitchen remodels that look as good as one that costs $60,000.

So I wouldn’t go by the statistics in those reports…

Investing or Financing Question

"My name is XXX and I'm a roommate of XXXX. I emailed a lender asking his opinion on the sub prime lender collapse going on right now and if it will effect loans in about 3-6 months. He said:

There is no sub prime lender collapse, just major changes to how they do business. Lenders who did not change early enough are on their way out. There will always be subprime loans, but if you are not subprime then this has absolutely no effect on you.

100% financing is almost and will be completely unavailable soon (whatever someone's credit score or income, they will need to put down at least 5-10% plus closing costs).

The housing prices are not going to get any better then they are right now. So now is the time to take advantage of great deals and seller paid closing costs."

***ANSWER:
[Note: a subprime loan is one made to a borrower with credit issues. There’s no exact FICO score cutoff, but typically credit scores below 620 ARE subprime and above 660 are not subprime.]

You're right about what's happening right now to subprime lenders. If this isn't a "collapse", I don't know what is.

Several are closing their doors, including one client of mine who I was selling foreclosures for. Others have stopped making loans entirely. New Century Mortgage announced this week that they've stopped making loans. To my knowledge, only two lenders making 100% subprime loans right now.

And I disagree that there's "absolutely no effect" on you if you're not subprime.

Lenders are tightening up some requirements for non subprime borrowers, especially on no/low-documentation loans. Others are holding at slightly higher rates to help make up for losses on subprime loans.

A positive impact is that you'll have less competition buying a home as many subprime buyers will be shut out of the market.

On the flipside, if you're selling, there will be less buyers for your home.

That lender is wrong in that 100% loans are NOT going away. They are disappearing for subprime borrowers, but not for borrowers with good credit.

I do agree with him that it's a great time to buy, with low rates, soft prices, and most sellers willing to pay closing costs.

Hope that helps…

Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties

THIS WEEK'S FEATURED PROPERTY!

Sunny La Jolla Home

BR/BA: 3/2

Sqft:2,063

Price:$959,900

For more information on this Delightful Home 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

- El Cajon – Bank-Owned Foreclosure! 4BR/2BA house on large 11,300sqft lot w/ pool & garage. Price TBD. Contact Me

NEW – Escondido – Bank-Owned Foreclosure! Remodeled 3BR/2BA end-unit condo w/ gas FPL. 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 – 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

- North Park – Upgraded 2BR/2BA townhome w/ garage, hardwood floors, large bedrooms. Very high $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! 3-yr-new, 3BR/2BA, 2069sqft house on culdesac. Price TBD. 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

- Paradise Hills – Bank-Owned Foreclosure! 3BR/2BA 1373sqft condo w/ 2-car garage. Price TBD Contact Me

- Pt Loma – Bank Owned Foreclosure! Cute 2BR, 1227sqft house w/ garage, 6500sqft lot. High $600’s? Contact Me

NEW – Poway – Bank-Owned Foreclosure! Spectacular Green Valley home on huge lot & tree-lined street. Price TBD. Contact Me

- Ramona – Bank-Owned Foreclosure! 2181sqft 3BR house on 6 full acres of horse property. $700s? Contact Me

– Rancho Bernardo – Bank-Owned Foreclosure! Newer beautiful 3BR/2BA manufactured home. Hi $300s?. Contact Me

- Rancho Penasquitos – Bank Owned Foreclosure! 4BR/2.5BA house. More details to follow. $600ish? Contact Me

NEW – San Carlos – Bank-Owned Foreclosure! 5BR/3.5BA, 2300sqft home w/ fam room, solar pool. Hi $500s? Contact Me
- Scripps Ranch – Bank Owned Foreclosure! Stunning newer 4BR 2536sf home, many upgrades. $700? Contact Me

– Spring Valley – Bank-Owned Foreclosure! 3BR/2BA house: big yard, mtn views, dbl garage. $400s? Contact Me

NEWLY LISTED (Your Property Here!)

	- Downtown – Bank Owned Foreclosure! 2-year-new 2BR/1BA high-rise condo w/ views in the hip “Acqua Vista”. $549,900. See The View
	- Nestor – Bank Owned Foreclosure! Stunning 4-yr-new 4BR/3BA 2422sqft house near park. GREAT price @ 515K. Check It Out
	- Nestor – Bank Owned Foreclosure! 3BR/2BA house: family room, dbl garage, tile throughout. Just $474,900. Take A Look For Your Self
	- North Park – Bank Owned Foreclosure! Charming 2BR Spanish house, hardwood floors, garage. $445,000. This Could Be Your Home
	- Scripps Ranch – Bank-Owned Foreclosure! Sharp 4-yr-new 3BR/2.5BA condo w/ nice yard, patio, dbl garage. $454,900! More Info

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
	- 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! Contact Me
	- Clairemont – Bank Owned Foreclosure! West Clairemont 2BR townhome w/ garage, large living room, patio. Reduced: $265,900 Search MLS
	- Downtown – Bank Owned Foreclosure! 2BR 2nd-floor condo in historical & famous CORTEZ HILL. $519,900. See The View
	- 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! Upgraded, spacious 3BR/2BA 1-story house on culdesac in “Windemere.” $959,900! More Information
	- 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. Search The MLS
	NEW - Lakeside – Bank-Owned Foreclosure! VERY affordable 1BR condo. Starter home or great investment! Just $142,900! Take A Look
	- Logan Heights – Bank-Owned Foreclosure! 2800sqft HEAVY fixer-upper house w/ garage, curb appeal, big lot. $510,000 View Pictures and Features
	- Mira Mesa – Bank Owned Foreclosure! 2BR/1BA condo, 913 sqft, lovely complex near I-15. Priced attractively @ $249,900. Contact Me
	- 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! 1BR 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. Reduced 295K! More Info
	- Oceanside – Bank-Owned Foreclosure! Cheap 1BR condo in “Arbor Hill”. Recent conversion w/ granite, etc. $184,900! Property Information
	- 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! Find Out More
	- 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. Find Others Like It
	- Paradise Hills – Bank Owned Foreclosure! 3BR/2BA 1183sqft condo w/ large covered patio. $314,900. Check It Out
	- Pt Loma- Bank Owned Foreclosure! Very affordable 2BR house on quiet cul-de-sac street. Loads of potential. $507,900! Access More Information
	- Rancho Bernardo – Bank Owned Foreclosure! 4BR/2BA 1913 sqft house on culdesac. New paint/carpet/granite. Now $564,900! 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. Find Out More
	- Tierrasanta – Bank Owned Foreclosure! 4BR/2.5BA 2592 sqft fixer house on quiet street. Bargain at $614,900! 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.

Thank You For Your Referrals

Thank you Mary C. for referring your brother to buy a home…
Thank you Jen A. for referring someone to buy a home…
Thank you Mark B. for referring friends to buy investment property…
Thank you Margie B. for referring a coworker to buy a home…
Thank you Will C. for referring a bank coworker to sell a foreclosure…

Have a great week...

GARY KENT

"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.

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. (c) 2007 Gary Kent, All Rights Reserved.