• Welcome / This Week's Special Offer
• Gary's Real Estate Seminars
• Homebuying Question
• Homeselling Question
• Investing or Financing Question
• Hot Properties: New Listings BEFORE They Hit The Market
• Thank You For Your Referrals

Welcome To The Latest Issue
Welcome back. Got lots of good info for you this week, including what you need to know about the new federal and CA state homebuyer tax credits. …Special thanks to past client Roy D. from 23 years ago for recently referring friends to sell their home.

…Have you registered yet for my free seminar "How To Buy A Foreclosure in San Diego"? There’s so much you need to know when you buy a bank-owned home or investment. Without this inside information you could lose the home, your deposit, or worse. Click here to register…and bring a friend.

…STATE Tax Credit: California’s new state budget includes a provision for a $10,000 tax credit for people closing escrow on a NEWLY-BUILT home. Some rules:

• - You must buy a home that’s never been lived in (new construction)
• - You must close between 3/1/09 and 3/1/10
• - You must live in the home 2+ years
• - The credit cannot exceed 5% of the price (no problem in San Diego)
• - The credit would be paid in equal amounts over 3 years
• - It cannot exceed the California income tax actually owed.

…FED Tax Credit: Have you heard about the revised federal “first-time” homebuyer $8,000 tax credit? Major changes from the previous plan are the credit is no longer a loan and it’s raised slightly from $7,500. Some rules:

• - You must close between 1/1/09 and 11/1/09.
• - You cannot have owned a home in the past three years to qualify as "first time" buyer.
• - You must live in the home 3+ years, or you’d have to pay back the credit.
• - You must make less than 75K/yr (150K/yr for couples). Higher-income buyers may receive a partial credit.

Top 10 U.S. Most "Vacant" Cities…?
Forbes combined of rental and non-rental vacancy rates for the 75 largest metropolitan statistical areas in the country, based on fourth-quarter data released Feb. 3 by the Census Bureau. Each was ranked on rental vacancies and housing vacancies. Here are your top 10 most vacant cities:

Join Our Preferred Client Group For The Best Values
I find great real estate deals every week. But too often we cant match a client in time and someone else scoops it up. (My bank-clients wont let me buy their properties, or I'd be my best client!)

So I developed my Private Client Group, a select group of people serious, qualified, and ready to grab a great deal on a home or investment when -- or before -- it hits the market.

If you'd like to be in the Preferred Client Group, you need to:

1. Pre-approve with our approved lender
2. Come in for a short sit-down counseling session
3. Commit to work with us

To join and get the jump on the best real estate values in town, call us at (858)457-KENT or email us at PCG@GaryKent.com.

Check Out Our Foreclosure Hot-List
Looking for a deal? 25+ of my REO (foreclosure) properties have discounts of 10% to a whopping 49% from their previous values. Click on www.Foreclosure-Hotlist.com to check  out my brand-new Foreclosure Hot-List website. We'll update the site regularly, so be sure to bookmark it and return frequently. And forward this link to a friend!

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 Guide: "How To Buy A Home In San Diego"
Updated for 2009: Discover how to get the best price, beat competing bidders, & make a homeseller happy to sell you their home for thousands less! Plus insider info on buying foreclosures, 12 home loan traps, and 5 questions you MUST ask your lender before you sign anything. These little-known tips may surprise you...even shock you.

Call (800)748-1340 to have this sent to you FREE via mail. Call 24 hours / 7 days a week; free recorded message. It should arrive at your home within 72 hours.

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 @ UTC Mall – March 28th, 2009:
"How To Buy A Foreclosure In San Diego"
Fantasy vs. Reality: Discover the truth about foreclosures/REOs
-- Saturday, March 28th, 10AM-Noon --
Click for Seminar Flyer / Click to Reserve Your Free Seat

Dreamers Need Not Apply.
Sorry This isn't a phony get-rich-quick seminar on buying foreclosures (also called REOs) 50 on the dollar or buying zero down with bad credit and no job. That's NOT reality.

When you attend, you'll discover the truth about:

• NEW: How homebuyers can put just 3% down & investors put 10% down on some REOs w/ no PMI or appraisal costs
• Top 10 San Diego neighborhoods with the best REO deals today
• How much banks negotiate off their price
• 5-step plan to getting a great value on a foreclosure in 90 days
• Wise, timely words millionaire Baron Rothschild said in the 1800s
• Traps in the small-print that banks make you sign
• The #1 mistake people make when offering on an REO
• How to get banks to pay EVERY PENNY of your closing costs
• Auction tricks, traps, and pitfalls that I swear will shock you
• Free email access to undervalued & foreclosure properties
• The ugly truth about short salesand it IS ugly
• What to watch out for in an REO
• Much more

"Gary, My wife and I attended one of your recent, excellent seminars, but had to leave early. I never got the answer to how you get the banks to pay ALL the closing costs. Can you tell me how this is done? Thanks."

Answer:
Nice to hear from you and thank you for the kind words.

The answer to your question is simple:

Ask.

Some people don't think banks will pay any closing costs when they sell their foreclosures. But they will, provided you just ask them and they don't go below their bottom line net from the sale.

"Since a buyer has 17 days to inspect a home and cancel, a friend told me when you sell you can accept two offers on your home and you have 17 days to cancel either one. That way it’s fair. So if one buyer cancels or asks for a lot of repairs, you still have the other buyer…"

Answer:
Sorry, but practically speaking, your friend is wrong.

You theoretically could draw up a contract giving you such a right. But even a semi-competent agent would advise their client against it, and no intelligent homebuyer would sign it.

It’s generally accepted that homebuyers should have a 7-17 day contingency period to inspect because they should be able to find out the condition of a home they’re potentially buying.

But your friend’s proposal is not generally accepted and would have an ice cube’s chance on a sunny San Diego day of being accepted.

"Hey Gary, I've got an Interest Only loan at 5.5% that is still good for 3 more years. When he changes it will go to an adjustable. My loan paperwork says it is 2.25 over the 1 Year LIBOR. What is LIBOR? How high will my rate go? --Confused in Carlsbad"

Answer:
Hello "Confused in Carlsbad". (I feel like Dear Abby)

Per BankRate.com, LIBOR RATES look to be around 2.08, so if your loan adjusted today, your rate would be 4.33%! Not sure what it will be in 3 years.

By the way, do you know what LIBOR stands for?

LIBOR is the "London Interbank Offered Rate". It's the rate of interest at which banks offer to lend money to one another in the wholesale money markets in London. Kind of a weird benchmark for us Yanks to be using, but it is a standard financial index used in U.S. capital markets and can be found in the Wall Street Journal. It tends to fluctuate less than the prime rate.

THIS WEEK'S FEATURED PROPERTY!
	Luxurious Clairemont Home BR/BA: 5/6 Sqft: 4,612 Price: $997,500
– Clairemont – Luxurious "Tuscan Masterpiece" rebuilt in 2006 on .42 acres overlooking Tecolote Canyon! Rare to find such a quality home outside La Jolla or Rancho Santa Fe, where you'd expect to pay $3M+. Offers dramatic entryway w/ grand wrought-iron staircase & 3-sided fireplace, amazing gourmet kitchen w/ restaurant-style stainless steel appliances, game room w/ kitchette, relax in the "outdoor living room", huge California-lifestyle veranda w/ views, TV hookup & fireplace, MBR suite w/ jacuzzi-tub & private patio, tremendous canyon lot offers immense backyard w/ room for tennis court &/or swimming pool! Plus 1000sqft workshop/hobby room! Truly an entertainer's dream house! View Details

Coming Soon
(Click Contact Me to be contacted BEFORE these properties hit the market!)

– Chula Vista – Foreclosure! Spacious home on large 9300sqft lot, 4BR/2BA, 1600 sqft, plus detached room/granny flat! Contact Me
Last sold @ 507K >>> Now 300s?
– Clairemont – Foreclosure! Sunny & bright “Blossom Walk” condo w/ large balcony, granite, upgrades. Near parking. Contact Me
1BR/1BA, 581 sqf
Last sold @ 273K >>> To be low 100s?
– Clairemont – Foreclosure! Features 2-car garage, quiet neighborhood. Walk to Clairemont Square shops, dining, movies. Contact Me
3BR/2BA, 1258 sqft
Last sold @ 520K >>> To be in the 300s?
– Clairemont – Foreclosure! Affordable N. Clairemont home w/ 2-car garage. Quick access to 52 freeway. Contact Me
4BR/2BA, 1176 sqft
Previously appraised @ 441K+ >>> Now $209,900!
– Clairemont – Foreclosure! Fixer-upper 4BR/2BA house needs lots of help. No garage, large lot. Contact Me
4BR/2BA, 1635 sqft
Last appraised @ 489K+ >>> Now low 300s?
– Downtown – Foreclosure! 5-year-new condo in hip “Acqua Vista” w/ spectacular views, pool, spa, sauna, more. Contact Me
2BR/2BA, 938 sqft
Last sold @ 604K >>> To be low/mid 300s?
– Downtown – Foreclosure! Corner 3-year-new “Park Blvd East” condo near Petco Park w/ no common walls, views, granite. Contact Me
2BR/2BA, 980 sqft
Recently appraised @ 486K+ >>> 300s?
– Eastlake Area – Foreclosure! 7-year-new attached home w/ garage, patio, sunset views, and backs to open space. Contact Me
3BR/2.5BA, 1525 sqft
Recently appraised @ 617K >>> To be 200K?
– Eastlake Area – Foreclosure! Sharp 3-year-new townhome w/ 2-car garage, many extras. Contact Me
3BR/2.5BA, 1586 sqft
Last sold @ ? >>> To be low/mid-200s?
– El Cajon – Foreclosure! Handsome 1990-built 1-level detached condo w/ 2-car garage. Feels just like a house. Contact Me
3BR/2BA, 1298sqft
Last sold @ 387K >>> To be high 100s?
– Encanto – Foreclosure! Attractive 80’s built home w/ pool, spa, tri-level patio, granite kitchen, 2-car garage, more. Contact Me
4BR/3BA, 1907sqft
Last sold @ 560K >>> To be 200s?
– Encanto – Foreclosure! Remodeled home w/ city views, 2-car garage, more. Contact Me
3BR/2BA, 1247sqft
Last sold @ 358K >>> To be 200s?
– Encanto – Foreclosure! Four units w/ lots of parking. Near trolley, shopping, schools. Contact Me
Last sold @ 510K >>> Now low 300s?
– Encanto – Foreclosure! Handsome, 70’s built 4BR/2BA, 1582 sqft house on huge 9500 sqft lot. Nice street. Contact Me
Last sold @ $467,500 >>> Now 300s?
– Escondido – Foreclosure! Very roomy end-unit “Villa Espanas” condo w/ FPL and quick access to 15 and 78 freeways. Contact Me
2BR/1.5BA, 1152sqft
Last sold @ 325K >>> To be 100s?
– La Jolla – Foreclosure! 9-year-new condo near I-5, UCSD, and Sharp Hospital. More info to follow. Contact Me
2BR/2BA, 1102 sqft
Last sold @ $528,500 >>> To be 300s?
– La Jolla – Foreclosure! Newer condo near UCSD & Sharp Hopsital.
Contact Me
2BR/2BA, 1102 sqft
Last sold @ 583K >>> To be 300s?
– Lakeside – Foreclosure! Cute condo conversion @ bargain price for first time buyer or investor. Contact Me
2BR/1BA, 749sqft
Last sold @ $260,000 >>> To be 60K?
– Lakeside – Foreclosure! Dirt-cheap condo ideal for investor or first-time homeowner. Contact Me
2BR/1BA, 728 sqft
Appraised @ 131K+ >>> To be in the 80s?
– Linda Vista – Foreclosure! Affordable home on quiet culdesac w/ 2-car garage. Contact Me
3BR/2BA, 1258 sqft
Last sold @ 450K >>> To be in the 200s
– Logan Heights – Foreclosure! Cute little house w/ 2-car garage, nice yard, newer windows, large patio. Contact Me
3BR/2BA, 1050 sqft
Last sold @ 369K >>> To be in the high 100s?
New – Mission Valley – Foreclosure! Affordable 1BR condo in west Mission Valley, 5 minutes to Fashion & Mission Valley malls. Contact Me
1BR/1BA, 700 sqft
Recently appraised @ 175K? >>> To be low 100s?
New – Mission Valley – Foreclosure! Great starter condo or investment in "Mission Heights" near Qualcomm & 24 Hr Fitness. Contact Me
1BR/1BA, 667 sqft
Recently appraised @ 174K? >>> To be low 100s?
New – Mission Valley – Foreclosure! Cute "Mission Heights" starter condo or investment near Qualcomm & 24 Hr Fitness. Contact Me
1BR/1BA, 667 sqft
Recently appraised @ 174K? >>> To be low 100s?
– Nestor – Foreclosure! Sharp 6-year-new home w/ open views in quiet neighborhood. Large backyard. Contact Me
4BR/3BA, 2190 sqft
Last sold @ 489K >>> To be low 300s?
– Oceanside – Foreclosure! Affordable 4BR home, ideal for 1st time buyer or investor. 2-car garage, large yard. Contact Me
4BR/2BA, 1180 sqft
Last sold @ $280,000 >>> To be high 100s?
– Oceanside – Foreclosure! Enormous 6-7BR/3BA, 2203 sqft house on 9200 sqft lot. Ideal for very large family. Contact Me
Recently appraised @ 504K+ >>> Now 400s?
– Poway – Foreclosure! Affordable lower-unit condo in quiet complex w/ pool. Great Poway school district. Contact Me
2BR/2BA, 737 sqft
Last sold @ 310K >>> Now mid 100s?
– Rancho Bernardo – Foreclosure! "Provencal" townhome in Carmel Mountain Ranch. 2-car garage, hardwood, granite, more. Contact Me
3BR/2BA, 1322 sqft
Last sold @ $450,000 >>> To be low 300s?
– Rancho Bernardo – Foreclosure! 1989-built single family house w/ dbl garage. South of Camino Del Norte & West of I-15. Contact Me
4BR/2BA, 1760 sqft
Recently appraised @ $602K+ >>> Now 300s?
– San Marcos – Foreclosure! Newer luxury home on .59 acres. Has granite counters, plantation shutters, 3-car garage. Contact Me
4BR/3.5BA, 3310
Last sold @ ??? >>> Now high 400s?
– San Marcos – Foreclosure! Upgraded “Santa Fe Hills” home, kitchen w/ breakfast bar, fireplace, community pool/spa! Contact Me
3BR/2BA, 1315sqft
Last sold @ 384K >>> Price to be determined.
– Sorrento Mesa – Foreclosure! Stunning 12-year-old home w/ 3-car garage, large yard, 1BR/1BA downstairs. Contact Me
4BR/3BA, 2432 sqft
Recently appraised at ??? >>> To be low $600s?
– Tierrasanta – Foreclosure! Sharp townhome in great neighborhood. Offers 2-car garage, balcony. Walk to canyons. Contact Me
2BR/2.5BA, 1068 sqft
Last sold @ 430K >>> To be mid $200s?
– University City – Foreclosure! Cute condo, fully renovated 5 years ago. Quiet complex near UTC mall. Contact Me
1BR/1BA, 597 sqft
Recently appraised @ 334K >>> To be high 100s?
– University City – Foreclosure! Cute condo in “Verano” in the La Jolla Colony area. Quick access to I-5, La Jolla, UCSD, etc. Contact Me
1BR/1BA, 704 sqft
Recently appraised @ 310K >>> To be very low 200s?

NEWLY LISTED (Your Property Here!)

Luxurious 4612 sqft "Tuscan Masterpiece" built on 2006 on .42 acres overlooking Tecolote Canyon. Immense bkyd.

5 Bed, 5.5 Bath 4,612 Sqft Price: $997,500!

MORE GREAT HOMES & INVESTMENTS (Your Home Here!)

Huge home on 1.31 acres w/ barn, + 2 additional buildings. 2 kitchens, ideal for 2 families.

4 Bed, 2 Bath 3,601 Sqft Price: $349,000 Last Sold @ 456K

5-year-new home w/ 2-car garage. More info to follow.

4 Bed, 2.5 Bath 1,756 Sqft Price: $320,000 Prev Appraised @ 617K

Newer model-like house w/ designer décor, granite, rich dark wood cabinets, more. Short sale.

3 Bed, 2.5 Bath 1,651 Sqft Price: $275,000 to $285,000 Last Sold @ $408,500

Lovely house w/ 2-car garage. 6100 sqft lot.

3 Bed, 2 Bath 1,144 sqft Price: $195,500! Prev appraised @ 561K+

2 Detached homes on .58 acres w/ 2 double garages. Ideal for extended family or ???

Home1: 4BR/4BA Home2: 2BR/1BA Price: $359,900 Last Sold @ $600,000

Spacious, upgraded condo in “Vermont Villas” w/ basketball & tennis. Quick freeway access.

2 Bed, 2 Bath 1,204 sqft Price: $119,900! Last Sold @ 295K

Remodeled 3BR/2BA house w/ hardwood floors, pool, 2-car garage, more.

3 Bed, 2 Bath 1,593 sqft Price: $180,000 Last Sold @ 400K

Spacious house on large 6800 sqft lot. Quick freeway access.

4 Bed, 3 Bath 1,749 sqft Price: $219,900 Last Sold @ 468K

Upgraded home on 5.9 acres in gated, private, peaceful De Luz community.

3 Bed, 2.5 Bath 1,970 sqft Price: $308,000 appraised @ apx 655K

Charming older house on .24 acre lot. Needs some TLC.

3 Bed, 2 Bath apx 1,500 sqft Price: $169,900 Last sold @ 230K

Mid-century home w/ hdwd floors 8000 sqft lot. Needs new kitchen, baths, windows.

3 Bed, 2 Bath 1,272 sqft Price: $184,900 Last sold @ 427K

End unit condo w/ mountain views, open floorplan, only 1 common wall. Needs some TLC.

2 Bed, 2 Bath 1,200 sqft Price: $144,900 Last sold @ 315K

Spacious single family home on .28 acre lot with 2-car garage.

3 Bed, 1 Bath 1,719 sqft Price: $315,900! Appraised at ???

Large cosmetic fixer house w/ huge yard, lots of potential.

4 Bed, 2.5 Bath 1,987 Sqft Price: $349,900 Prev Appraised @ 612k+

Cozy 4BR house ideal as starter or investment. Offers brick FPL, large lot, spacious yard.

4 Bed, 1 Bath 968 sqft Price: $148,900 Last sold for 352K

Three bedroom house on huge 17,100 sqft lot. East of 805, south of E. Plaza.

3 Bed, 1 Bath 1,170sqft Price: $160,000! Appraised @ 378K+

2-year-new townhome w/ 2-car garage, greenbelt view. Borders Bonita, near Plaza Bonita.

3 Bed, 2.5 Bath 1,734 Sqft Price: $287,900 Last sold @ $609,000

Affordable upper 1-level unit. Ideal for investor or first-time homebuyer.

2 Bed, 1 Bath 800 sqft Price: $70,000! Appraised @ 265K+

Elegant Spanish 1936-built home: archways, hdwd flrs, FPL, crown molding, coved ceilings.

3 Bed, 1 Bath 1,071 sqft Price: $269,900 Last sold @ 550K

Eclectic "Flamingo House" in Pacifica: bonus room w/ bay view, big private bkyd, pool, spa, 3 FPL, more.

3 Bed, 2.5 Bath 2,290 sqft Price: $900,000!

Affordable large 3BR townhome. Perfect for first-time buyer or investor.

3 Bed, 2 Bath 1,373 Sqft Price: $185,000 Last sold @ $390,000

Great central location. Units are 4 3BR, 4 2BR, and 4 1BR. For More Info: Call Terry Kass @ (602) 703-5277

Price: $550,000

All 2BR units w/ pool, very large parcel, great rental history. For More Info: Call Terry Kass @ (602) 703-5277

Price: $2,000,000

Vintage 3BR/2BA house on large 6969 sqft lot. More info to follow.

3 Bed, 2 Bath 1,544 sqft Price: $249,900 Appraised @ 425K+

Affordable, updated “Riderwood Gardens” condo w/ garage.

3 Bed, 2 Bath 1,144 sqft Price: $159,900 Appraised @ ???

Convenient bottom-floor unit near I-8 and La Mesa. Granite countertops.

3 Bed, 2 Bath 1,112 sqft Price: $127,900 Appraised @ 325K+

3.3 acres! Gorgeous house w/ 2-car garage & panoramic views.

3 Bed, 2 Bath 1,761 sqft Price: $304,000 Last sold @ $595,000

Private ranch home on 20,000 sqft lot w/ panoramic mountain/hill views, fruit trees, eat-in kitchen.

3 Bed, 2 Bath 1,464 Sqft Price: $286,000 Last sold @ 425K

Newer high-quality view home on 2.09 acres. Offers pool, 3-car garage, huge yard, orange groves.

4 Bed, 3 Bath 2,602 sqft Price: $529,000!

Giant .7 acre lot w/ cute house built in 1940. Incredible potential. Needs lots of TLC.

2 Bed, 1 Bath 898 sqft Price: $219,900! Last sold @ $472,500

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.

Copyright 2009 Gary Kent, All Rights Reserved.