Issue #267
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Hello and happy Friday to you. …We’ve got a
real estate auction of bank
foreclosures coming up in two weeks. For more info,
click here. …I was floored and ticked off when I first heard what you’re
about to read in the next paragraph.
Credit Firms Are Selling
Your Personal Info & Recent Activity To The Highest Bidder
When you apply for anything requiring a credit report (car, credit card,
mortgage, etc.), the big 3 major credit bureaus are using a loop-hole in privacy
laws to sell your personal info to the highest bidder. Here’s what happens:
You apply for a mortgage. Suddenly you start receiving mail and phone calls
(sometimes even if you’re on the Do Not Call list!) from cold call boiler rooms
and aggressive mortgage companies trying to steer and occasionally dupe you into
using them. How can you prevent this invasion of your privacy? Fortunately, it’s
easy. Just log onto optoutprescreen.com and you can do it in 30 seconds. In
fact, I just did it.
Loan Scam Warning
Here are two recent situations where lenders fooled people into getting a
home loan with them. In one, the scammer knocked on a homeowner’s door, falsely
saying their current lender sent them to
refi the owner out of their adjustable loan. The scammers put them into a
horrible, high-rate loan. In another, a scammer called a homeowner about
refinancing. Coincidentally the owner was starting a refinance with Countrywide.
So the caller falsely said he was from Countrywide, “hijacked” the refinance,
brokered the loan to Countrywide, but charged the owner several extra points for
profit.
True Story: …Or Are You Happy To See Me?
It was 1985. I was new in the business, sitting with a kindly older woman,
discussing selling her home. She’d had it listed with another agent and it
hadn’t sold. Everything was peachy until we heard a car pull up. She suddenly
became white as a sheet and said, “I think that’s my husband. I didn’t tell you
that he was my old agent. He’s going to blow his stack that I’m talking with
you. And he carries a GUN.” !!!! …Fortunately, that wasn’t him. I quickly
thanked her for her time, made my exit, and never called her again.
You Know You’re In San
Diego When…
…every restaurant serves either Mexican or
sushi ~
(Got one of your own?
Email it to me.)
U.S. Cities Ranked: Top 10
Cities With Lowest House Prices
Per a recent study, these cities have the lowest home prices for the same
hypothetical 4BR/2.5BA, 2200 square foot house:
1. $132,300 Minot, ND
2. $140,310 Killeen, TX
3. $140,975 Arlington, TX
4. $144,250 Grayling, MI
5. $148,050 Topeka, KS
6. $148,333 Canton, OH
7. $148,575 Tulsa, OK
8. $150,141 Billings, MT
9. $151,250 Ft. Worth, TX
10. $151,530 Cadillac, MI
Next week: 10 best cities to live in – 2007.
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.
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 Special
Offer:
ANDRE = Automated Notification of Distressed Real Estate
ANDRE is a proprietary custom software system we've developed to help our
clients find the best values. During our beta-test, our tech guy actually
purchased a home using the system.
With our custom-designed algorithm, ANDRE regularly scans the MLS and flags the
potentially distressed, undervalued, and foreclosure properties as soon as they
hit the market. It can be modified to search your preferred area and price
range.
If you're interested, call my office at (858)457-KENT or email me at
ANDRESystem@GaryKent.com .
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.
(None currently scheduled. Please check back.)
"We’re planning to buy our first
home and are wondering, do we have to use an agent?"
***ANSWER:
Why wouldn’t you?
Some first-time buyers think they have to pay their agent, so they avoid working
with one for as long as possible. But the seller pays both agents 99% of the
time. And a buyer’s agent performs so many important roles and vital tasks for
you...
1. Personal Shopper --
A good agent matches homes to fit your needs. Who wants to hassle calling ads
and For Sale signs and have every agent pump you for personal info while telling
you as little as possible. A REALLY good agent working for you may find you a
great home not even on the market. (Our "My Home Detective" program has found
dozens of our clients homes this way.)
2. Friendly Doorman --
Somebody’s got to let you in. Under half the homes for sale are ever held open,
so you shouldn’t just wait for open houses. And if you call the seller's agent
to show you a home and you like it, they'll likely end up being your agent
anyway.
3. Trusted Advisor --
Buying a home can have many pitfalls. A skilled agent will represent you and
advise you on market trends, prices, laws, contracts, inspections & repairs,
disclosures, loans & lenders, and more.
4. Bulldog Negotiator --
You also need someone negotiating for you to get you the best price and terms. A
sharp agent can save you $1,000's and/or get you the home you want when you have
competing bidders. (Yes, some homes still receive multiple offers!)
5. Event Coordinator --
As you know, real estate is complex. There's so much to be coordinated and timed
correctly. Done wrong and you can lose a home you have in escrow, lose your
deposit, &/or lose out by missing a major detail that costs you time, $$$, or
other problems.
6. Mood Therapist --
Studies have shown buying a home is one of the most stressful events in your
life! You need someone to keep you calm and level-headed as you ride the
emotional roller-coaster of buying a home.
Talk to two or three agents and decide who you're comfortable with and who seems
to know what they're doing. Feel free to call us at (858)457-KENT and we'd be
happy to talk with you and find you a home...
"Hi Gary. We sold our home last
year and were able to avoid paying any capital gains taxes. Now we’ve moved into
one of our rental houses and plan to do the same thing this year. Is there any
limit to how many times we can do this?”
***ANSWER:
Congratulations. You’re taking full advantage of IRS Code Section 121, which
allows you to sell your principal residence and avoid paying taxes on up to
$500,000 of taxable gain ($250,000 for individuals.)
In answer to your question, there’s no limit to how many times you can sell a
home. But there are two key things you must know:
#1- Once Every 24 Months
You can only fully use Section 121 once every 24 months. A partial exemption is
allowed for (a) change of employment location qualifying for the moving expense
tax deduction, (b) health reasons, or (c) “unforeseen circumstances”.
"Unforeseen circumstances" includes (i) death in immediate family; (ii) divorce
or legal separation; (iii) becoming eligible for unemployment compensation; (iv)
change in employment leaving the taxpayer unable to pay the mortgage or
reasonable basic living expenses; (v) multiple births from the same
pregnancy;(vi) damage to home from a natural or man-made disaster, act of war or
terrorism; and (vii) condemnation, seizure or other involuntary conversion.
The partial exemption means you don’t get the entire 250K or 500K exemption.
Instead, you get a % based on the # of months you owned and lived in the home in
the past 5 years as compared to the required 24 months. If you owned/lived 18
months, you get 18/24 or 75% of the exemption.
Here’s the math…
For a couple: $500,000 x 75% = $375,000 exemption.
For an individual: $250,000 x 75% = $187,500 exemption.
BTW, I have some clients in this exact situation. They don’t qualify for even a
partial exemption. Their own tax person didn’t advise them of this.
Fortunately I did, saving them a whopping tax bill.
#2- Recapture of Depreciation
If you move into a rental property and intend to use IRS 121, be aware that you
still must pay taxes on “recapture of depreciation”.
Uncle Sam remembers that big fat depreciation tax break you’ve been benefiting
from, and now wants their money back. And you’re taxed on the recaptured
depreciation at your ordinary income tax rate, NOT the lower capital gains rate.
DISCLAIMER #1: This is federal tax law. CA state tax laws tend to mimic federal
law. But please verify this. If you live in another state, I have no idea about
their tax laws.
Disclaimer #2: I just shared with you a small novel that might have sounded like
tax advice. It wasn’t. As I am not a tax professional, it was merely a friendly
discussion. Please verify all this information with your tax professional.
Investing or Financing Question
"Which makes more
sense as an investment, buying 4 houses or buying a 4plex?"
***ANSWER:
There are many factors to consider. I'd go for the fourplex because it should
give you better cashflow and is easier to manage than 4 separate houses.
(Wow…finally a short answer!)
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
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Spectacular BR/BA:
3/2.5 Sqft:
2,134 Price:
$1,295,000
|
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For more information on this Delightful Home Click Here | |
"COMING SOON"
(Click
Contact Me to be contacted BEFORE these properties hit the market!)
– Carmel Valley –
Foreclosure! Spacious 3BR/3BA “twin home” w/ large yard on quiet
street. Price TBD
Contact Me
– Chula Vista – Foreclosure! Gorgeous upgraded 3BR/2BA townhome right next to “tot park.” 300K? Contact Me
- Chula Vista – Foreclosure! Cute remodeled 3BR house w/ white picket fence. $300s? Contact Me
- Clairemont – Foreclosure! 4BR/3BA 1614 sqft home in quiet neighborhood. Lo $400s? Contact Me
- Clairemont – Foreclosure! 3BR house w/ garage. Quiet street. More info to follow. Lo $400s. Contact Me
- College Area –
Foreclosure! Top-floor 2BR condo: FPL, laundry
in unit, large balcony, low HOA fees. Lo $200s.
Contact Me
- Downtown –
Foreclosure! Tenth-floor 1BR condo
in Acqua Vista. Very low 300s..
Contact Me
- Downtown – Foreclosure! 1BR/1.5BA ground-floor condo with direct street entrance.Price TBD Contact Me
– Downtown – Foreclosure! Luxury 2BR/2BA 1684sqft vu condo in “The Grande.” Lo800s? Contact Me
– East San Diego – Foreclosure! 2BR condo w/ garage! High $100s?? Contact Me
– East San Diego – Foreclosure! 2BR condo in gated community w/ security guard, pool. Low $200s Contact Me
– East San Diego – Foreclosure! Redone 3BR/2BA condo w/ granite, some ocean vu! Hi 200s? Contact Me
– El Cajon – Foreclosure! Spacious 2297sqft 4BR home on 1/2 acre w/ pool, cov’d patio, many extras. Price TBD. Contact Me
– El Cajon – Foreclosure! 2 Units on .56 acres: 3BR house + 1BR cottage. Low 500s? Contact Me
– Encanto – Foreclosure! Stunning, just remodeled 4BR/2.5BA, 1656 sqft home on large lot: just 400K? Contact Me
- Encanto – Foreclosure! Lovely 1-year-new 3BR/2.5BA 1628sqft house, dbl garage. Lo/mid 400s? Contact Me
– Escondido – Foreclosure! Remodeled 3BR/2BA end-unit condo w/ gas FPL. Price TBD. Contact Me
– La Mesa – Foreclosure! 1572sqft 3BR/2BA home on almost 1/4 acre. Panoramic views! Mid 400s? Contact Me
- La Jolla – Foreclosure! Stunning 3BR view home 1.5 blocks to the beach. $1.3M??? Contact Me 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
- Lakeside –
Foreclosure! Cheap, cheap, cheap 1BR condo in nice
complex. Low 100s!!
Contact Me
– Lemon Grove – Foreclosure! Huge 2674 sqft home on oversize 8,900 sqft lot, spacious MBR suite. Price TBD Contact Me
– Lemon Grove – Foreclosure! Newly converted 1008sqft 3BR/2BA condo in attractive complex! Contact Me
– Linda Vista – Foreclosure! 1646sqft 3BR house. Remod kitchen: granite, cherry cabinets. 400s! Contact Me
– Mira Mesa –
Foreclosure! 3BR/2BA house w/ 2-car garage on
6,000 sqft lot. Mid-400s?
Contact Me
– Mission Valley –
Foreclosure! 2-year-new “Escala” 2BR 1611sqft townhome,
DBL garage. 600K?
Contact Me
– Normal Heights – Foreclosure! 2-yr-new 3BR/3.5BA 1765sqft condo w/ dbl garage. Hi 500s? Contact Me
- Oak Park – Foreclosure! Cute, upgraded 2BR cottage w/ garage & large yard
$300’s?
Contact Me
- Oceanside – Foreclosure!
Handsome 3BR/2.5BA detached home w/ dbl garage. Low $400’s?
Contact Me
- Oceanside – Foreclosure! Stunning 2-yr-new 3210sqft home w/ spectacular views! Price TBD. Contact Me
- Pacific Beach – Handsome, woodsy custom house 5 blks to beach. Pool, gourmet kitchen, luxurious MBA. Price TBD Contact Me
- Pt Loma – Foreclosure! Cute 2BR, 1227sqft house w/ garage, 6500sqft lot. High $600’s? Contact Me
- Ramona – Foreclosure! 2181sqft 3BR house on 6 full acres of horse property. $700s? Contact Me
– San Carlos – Foreclosure! 5BR/3.5BA, 2300sqft home w/ fam room, solar pool. Hi $500s? Contact Me
– San Ysidro –
Foreclosure! 3BR 1323 sqft townhouse w/ 2-car
garage. Low 300s?
Contact Me
- Scripps Ranch – Mint La Merida
3-4BR/2.5BA “model home” w/ travertine &
cherrywood floors! Low 700s.
Contact Me
- Scripps Ranch – Foreclosure!
Stunning newer 4BR 2536sf home, many upgrades. $700?
Contact Me
– Spring Valley – Foreclosure! 2BR, 1088 sqft townhome. Large kitchen & only 1 common wall! Low $200s? Contact Me
- Spring Valley – Foreclosure! 3BR/2BA home on large lot. 2-car garage. 300s? Contact Me
- Spring Valley – Foreclosure! Sunny 2BR top-floor condo, large deck, laundry in unit. Lo-200s? Contact Me
- Temecula –
Foreclosure!
3BR/2BA house on corner lot. More info to follow. 300s?
Contact Me
– Vista –
Foreclosure! 3 Units. Price TBD.
Contact Me
- Vista – Foreclosure! Cute 2BR cottage w/ white picket fence, 2-car garage,
big yard. 400-ish?
Contact Me
NEWLY LISTED (Your Property Here!)
 |
New – Escondido – Foreclosure! Cute 2BR house on full 6200 sqft lot w/ big eat-in kitchen and oversize backyard. $343,900. Check It Out |
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– Fallbrook – Foreclosure! Amazing 2-year-new 3704sqft view estate on 5.28 acres! 6-car garage! $1.195M See For Yourself |
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Too New For |
New – Mira Mesa – Sharp 3BR/2BA house in desirable “Mesa Ridge”. Scripps Ranch high school district. Just 445-475K! Contact Me |
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New-New Heights - Updated 2BR craftsman house w/ FPL, hdwd flors + detached studio cottage; N. of Adams Av. $549,900 Take A Look |
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Too New For Photo |
New - Rancho Bernardo – Smart 2BR/2.5BA, 1458sqft townhome w/ garage, central a/c, golf course view! 345-405K Contact Me |
MORE GREAT HOMES & INVESTMENTS (Your Home Here!)
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– Chula Vista – Foreclosure! Stunning 3-year-new 4BR/2.5BA Mediterranean home w/ mountain views: $664,900! Take A Look |
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– Chula Vista – Foreclosure! 4BR, 2019sqft house on culdesac w/ pool, many upgrades! $559,000 Check It Out |
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- Chula Vista – Foreclosure! Newer 3BR, 2.5BA, 1452sqft townhome w/ garage. Reduced to $379,900. More Info |
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- Chula Vista – Foreclosure! 3BR/2BA house in Pepper Tree area on huge .7 acre lot! Now $469,900 View Pictures and Features |
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- Chula Vista – Foreclosure! 8yr-new Rancho Del Rey townhome w/ dbl garage, gated community. $416,900! Take A Look |
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– Chula Vista – Foreclosure! 2-yr-new 4BR/3BA, 2335 sqft Eastlake Trails house, 3-car garage. $649,900 Find The Answers To Your Questions |
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– City Heights – Foreclosure! You can own this affordable 2BR condo in “Harbor Vista” for only $174,900! Property Features |
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- Downtown – Foreclosure! Newer 1BR/1.5BA ground-flr condo in TREO in Little Italy. Direct street entrance. $424,900! More Info |
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- Downtown – Foreclosure! 2BR 2nd-floor condo in historical & famous CORTEZ HILL. Reduced to $495,000 Check It Out |
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- Downtown – Foreclosure! 2-year-new 2BR/1BA high-rise condo w/ views in hip “Acqua Vista”. Reduced again: $514,900. See The View |
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– East San Diego – Foreclosure! Cute, upgraded 2BR house w/ garage and huge backyard. $359,900 View Details |
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- El Cajon – Foreclosure! 4BR/2BA house on oversize 11,300sqft lot w/ pool, garage, big yard. $479,900. See For Yourself |
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– Escondido – Foreclosure! 5BR/3BA house on large corner lot, 2-car garage, newer paint. $449,900 Take A Look |
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- La Jolla – Foreclosure! Spectacular 2yr-new never-lived-in 5541sqft 6BR custom mansion w/ sweeping views. $2,639,900! Beautiful Pictures and Open House Info |
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- La Jolla - Spectacular 400K remodel w/ hdwd flrs, granite, travertine, spectacular views, pool, more. 1.295-1.395M! Virtual Tour |
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- Logan Heights – Foreclosure! 2800sqft HEAVY fixer-upper house w/ garage, curb appeal, big lot. $510,000 View Pictures and Features |
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- Mira Mesa – Foreclosure! 4BR/2.5BA 1804sqft house w/ spa. Reduced to $529,900. Look For Yourself |
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- Mission Valley – Short Sale! Oversize 2BR/2BA condo near USD, YMCA. Security parking for 2 cars. Huge reduction: 299-335K. Find Out More |
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- National City –
Foreclosure! Vintage Victorian home
built 1864! 4BR/3BA, 1852sqft. Just $418,900!
Contact Me |
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- Nestor – Foreclosure! 3BR/2BA house: family room, dbl garage, tile throughout. Reduced to $444,900. Find Others Like It |
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- Nestor – Foreclosure! 3BR/2BA, 1224 sqft condo w/ large patio, near pool & playground. Reduced: 295K! Free MLS Search |
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- North Park – Foreclosure! Charming 2BR Spanish house, hardwood floors, garage. $439,900. This Could Be Your Home and Open House Info |
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- Oceanside – Foreclosure! 2BR/1.5BA 1280 sqft condo w/ garage (rare @ this price!). Reduced $237,900 Property Information |
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- Oceanside – Foreclosure! Immaculate 3-yr-new 3BR/2BA + xtra room, 2069sqft house on culdesac. Reduced: $507,900 Property Info |
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- Oceanside – Sunny & bright 4BR/2.5BA home w/ sweeping views & large bkyd. Reduced: $519,900 This Could Be Your Home |
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- Oceanside – Foreclosure! 3BR/2.5BA “Emerald Point” detached home on culdesac w/ 2-car garage. $429,900! Check It Out |
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- Pacific Beach – Dramatic rebuild by owner/designer. Offers turret entry, ocean views, hardwood flrs, more. 1.25-1.35M! More Information |
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– Paradise Hills – Foreclosure! 3BR/2BA on oversize 8,200 sqft lot. Large BRs & kitchen. $429,900 See For Yourslef |
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– Paradise Hills – Foreclosure! 3BR house w/ spectacular bay & city views, bonus room, 2-car garage. $428,000 Take A Look |
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– Paradise Hills – Foreclosure! 3BR/2.5BA townhome w/ nice patio. Priced under market @ $269,900! Free MLS Search |
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- Paradise Hills – Foreclosure! 3BR/2BA 1183sqft condo w/ large covered patio. Price Cut: $296,900! Check It Out |
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- Paradise Hills – Foreclosure! Sharp 3BR/2BA 1373sqft condo w/ 2-car garage. Just $364,900. See For Yourself |
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- Ramona – Foreclosure! Spacious 3077sqft home on a full acre! Vintage home, built 1938. 2-car garage. $509,900! See For Yourself |
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– Rancho Bernardo – Foreclosure! Newer beautiful 3BR/2BA manufactured home. Live in RB for $374,900! Contact Me |
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- Rancho Penasquitos – Foreclosure! 4BR/2.5BA house on corner lot in desirable
neighborhood. Reduced to575K See For Yourself |
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– Rancho Penasquitos –
Foreclosure! 4BR/2.5BA
home w/ family room, 2-car garage, quiet culdesac. $563,000 View Details |
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- Scripps Ranch – Foreclosure! Sharp 4-yr-new 3BR/2.5BA condo w/ nice yard, patio, dbl garage. Reduced to $429,900! More Info |
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- Scripps Ranch – Foreclosure! Stunning newer 4BR 2536sf home on quiet street, many upgrades. Reduced: $783,900! See What This Home Has To Offer You |
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- Tierrasanta – Foreclosure! 4BR/2.5BA 2592 sqft fixer house on quiet street. Reduced again...a bargain @ $604,900! Free Info About the Home |
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– Tierrasanta – Foreclosure! Beautiful 3-story townhome w/ large 2-car garage. 5 minutes to 52 & 15 freeways. $389,900! More Information |
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– University City – Foreclosure! Newer 1BR condo conversion in The Venetian. Granite, travertine. Two blocks to UTC. $249,900! More Information |
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– University City – Foreclosure! Sharp 2BR/2BA condo in gated security “Lucera” complex w/ garage, granite. $369,900 See For Yourself |
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- Vista – Foreclosure! 4BR culdesac home w/ gleaming hardwood flrs + oversize backyard. $470,800 Check It Out |
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 Sally L., for referring your daughter’s fiancé…
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
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