• 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
I’ve got a lot for you today. But more important than anything I have to say is to honor Memorial Day and all who’ve sacrificed for our country, as well as their family and loved ones. Thank you for your selflessness.

…Just back from the huge annual "NRBA" foreclosure conference in Denver. Here are some things I learned:

• - The government (Fannie Mae, Freddie Mac) and banks have been slowing the foreclosure process to stabilize national real estate markets and attempt to "solve" our foreclosure problems (with taxpayer dollars). The markets are stabilizing a bit, but the "solutions" haven’t worked as well as they’d hoped.



• - Given the above, expect more foreclosures hitting the market starting around July. No consensus if it will be a trickle, flood, or a trickle leading to flood. Whatever water metaphor applies, it should increase.



• - The Obama administration is trying to make short sales more common and standardized. On May 14th they announced $$$ incentives (courtesy of you and me) to mortgage servicers, homeowners, and 2nd trust deed holders to do short sales.



• - Bankers can be some of the funniest people, with some pretty "edgy" humor when they let their hair down. I told one VP from a major lender (to remain nameless, but you’ve heard of them) that he should quit banking and do stand up.

…Last week HUD announced exciting news: they’d allow zero down for many FHA homebuyers by allowing the new $8,000 homebuyer tax credit to be used as a down payment. But THIS week without explanation they completely removed the info from their website, leading to speculation that the program is on hold. It appears HUD and the IRS are researching details of the program, leaving its status uncertain. I’ll let you know what I hear.

…My new seminar in the planning stages: “Owe Too Much To Sell?...How To Short Sale Your Home.” If you need to sell, but owe to much to do so, call me immediately at 858-457-KENT and I’ll tell you if you’ll qualify for a short sale.

…Have you reserved your seat yet for my free seminar Saturday, May 30, 10AM to noon at UTC? "It’s How To Buy A Foreclosure in San Diego." Invite a friend. Seats are going fast, so hurry!

…HELP WANTED: Full time job opening for someone to work in my REO/foreclosure department. For more info, Click Here.

…Follow me on Twitter or become a Facebook fan. I now have 31 Twitter followers and 20 Facebook fans. I promise you only relevant real estate info…no status updates only my mother wants like "Gary is eating a ham sandwich".

True Story: That’s Not What I Signed Up For
Awhile back I hired an young lady to be an agent to work for me. That week, the topic of our training was "lawsuit avoidance", how to comply with the laws and protect both our clients and ourselves from being sued. We go over all the ways to get into legal trouble, including how to lose your license, be fined, or even go to jail. Apparently that was a bit intimidating, because the agent quit real estate right after the training.

Top 10 Most Expensive U.S. Rental Markets
If you want to live in the top cities in the country, expect to pay and then pay some more as rents keep soaring. Here are the latest stats according to a Bloomberg survey:

Who Needs A Down Payment Anyway?
Proposed House bill HR 600 seeks to bring back SFDPA or Seller Funded Down Payment Assistance. That’s when the seller credits funds to a third party, which is then “gifted” to you towards your down payment. Sound illegal. And it is, unless they make it legal by passing HR 600.

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.

Find Out The Value Of Your Home Or Rental Property FREE — Right Over The Phone
Considering selling? Now you can quickly, easily find out today's value of your home or other San Diego County real estate, right over the phone. Call and tell me about your property. I’ll research the market and arrive at an honest, realistic price you can expect to get in today’s market. Need a more accurate figure? Ask me to come by. For your free over-the-phone or in person evaluation, just call me at (858)457-KENT. Please tell a friend…

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 Over-The-Phone Short Sale Consultation
Do you owe too much on your home to sell? Does this describe a friend or family member? A common solution many people are doing right now is a "short sale", where the bank agrees to receive less than the amount owed. And it’s all done typically at zero cost to you. To find out more and if you qualify, call me at (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 @ UTC Mall – May 30th, 2009:
"How To Buy A Foreclosure In San Diego"
Fantasy vs. Reality: Discover the truth about foreclosures/REOs
-- Saturday, May 30th, 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: I’ll be just back from the two biggest industry foreclosure conferences w/ the latest insider info!
• NEW: Bailouts, loan “mods”, foreclosure moratoriums...what’s REALLY going on right now w/ REOs?
• 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

"Hi Gary, I guess I am what you might call…‘a fan?’ I’m about to retire out of the military, and move on. I am destined for the Detroit suburb area. While the housing market is already, and forecasted to be low, I do intend on buying once in the area. I was just pondering whether or not you handle home sales that far away from your neck of the woods. Due to my weekly newsletters that I receive from your site, I am already convinced that RE/Max is a very professional and reliable way to go, and for that I applaud you for shining a very well lit light on your company. So there you go Gary, if you want to paraphrase this at all, I suppose my question is: Do you handle Eastern United States real estate, or could you refer me to someone in the business whom I can trust as much as you? Also, are the laws really different for home buying? If so where can I go for clarity? Thanks Gary & Team"

Answer:
Thank you for your kind email. I only handle San Diego County, but my assistant will find you someone who should be a good agent in Detroit.

As you may know, the Detroit real estate market has been devastated, which of course is the best time if you want to buy a home.

Regarding laws, they do vary state by state. So while most of the strategies and concepts I discuss should apply, the laws and some practices may vary. Your best source will be a good agent. And of course, for legal questions, you should also check with an attorney.

Good luck my friend, and THANK YOU for your service to our country. Much appreciated!

"We’ll be selling our home this summer and we’d like to have you handle it. Call us at 858-XXX-XXXX. One question, and you can put it in your newsletter. With all the turmoil with banks and the mortgage market, how will we know for sure when we have a buyer who can get a loan?"

Answer:
When escrow closes. Sorry to say, but that’s really the only way to know 100%

Two main reasons:

1. As you alluded to, there has been turmoil in the lending markets. And this is causing lenders to regularly change their rules and guidelines. So a person can qualify for a loan one day, then no longer qualify the next. I’m seeing it happen on at least 1 in 10 loans during escrow.

2. There are just too many unskilled, sloppy, dishonest and/or fly-by-night mortgage lenders out there. It’s been that way since I started 25 years ago. A "loan rep" tells me a buyer is qualified, but they haven’t asked all the right questions or don’t know the rules and guidelines of the loan program they’re intending to use

I try to eliminate these risks by insisting that anyone buying a home I have listed with less than 25% down must provide a pre-approval letter from a large, reputable lender. This has made a vast difference, but still is not 100% successful.

So, like I said, you’ll know for SURE that your buyer is qualified when I call and let you know your escrow just closed.

"Gary-- Looking to buy a home. Going to get my credit run shortly. Can you tell me what’s a good FICO score?"

Answer:
A FICO score is a numerical rating of your credit. My sources tell me FICO's range from 300-850. Here's how the break down from something I read a couple of years ago:

THIS WEEK'S FEATURED PROPERTY!
	Beautiful Home In Talmadge BR/BA: 3/2 Sqft: 2,007 Price: $625,000
– Talmadge – Beautiful Craftsman style home with refinished hardwood floors, new paint, crown moulding. Large liv rm plus office/den. Nice Bay windows in master and in office. Huge fam rm w/ FPL and pool table. Large Master bdrm w bay window. Large lot w/ fruit trees. 2 car detached garage. View Info

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

New – Chula Vista – Foreclosure! Enjoy southerly views, designer pool/spa, & more from this spacious 2-story home. Contact Me
4BR/2.5BA, 2394 sqft
Last sold @ 665K >>> To be 400s?
– 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 – Friendly home on quiet street offers family room, gas/wood FPL, newer carpet and exterior paint, more. Contact Me
3BR/2BA, 1566 sqft
Value range $360,000 to $400,000!
– 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?
– Eastlake Area – Foreclosure! Stunning 3-year new single family home 2 blocks to new Otay Ranch Town Center. Contact Me
4BR/3BA, 2342 sqft
Last sold @ 625K >>> To be 300s?
– Encanto – Foreclosure! Light & bright 1-story w/ FPL, bay window, 2-car garage, large 1/4-acre lot. Built 1980. Contact Me
4BR/2BA, 1438 sqft
Recently appraised @ 325K? >>> To be 200K?
– 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?
– 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?
New – Logan Heights – Foreclosure! 2003-built home on full lot. Offers bright & open kitchen, large bkyd, RV parking. Contact Me
3BR/1BA, 902 sqft
Last sold @ 307K >>> To be mid 100s?
– 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?
– Oceanside – Foreclosure! Remodeled 1987-built home w/ granite counters, FPL, spacious bkyd. Nice neighborhood. Contact Me
3BR/2BA, 1205 sqft
Last sold @ 505K >>> To be low 200s?
– 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?
New – San Marcos – Foreclosure! 5-year-new townhome w/ 2-car garage in “Rancho Coronado” gated community near CSUSM. Contact Me
3BR/2.5BA, 1458 sqft
Last sold @ $441,500 >>> To be mid 200s?
– San Marcos / San Elijo – Foreclosure! 3-yr-new “Old Creek Ranch” home w/ spacious floorplan, view, great family area! Contact Me
4BR/3.5BA, 3090 sqft
Last sold @ $740,500 >>> To be mid-500s?
– San Marcos – Foreclosure! Affordable "Lake Park Villas" townhome. Near Restaurant Row & multiplex. Contact Me
2BR/1.5BA, 957 sqft
Last sold @ $221,500 >>> To be very low 100s?

NEWLY LISTED (Your Property Here!)

"Palisades" home near Bay Ho. Offers new carpet & paint, nice yard, sunny bonus California room, dbl garage.

3 Bed, 2.5 Bath 1,876 Sqft Price: $490,000 to $540,000

Light/bright culdesac home offers FPL, hardwood floors, new appliances, beautiful bkyd, more.

3 Bed, 2.5 Bath 1,577 Sqft Price: $380,000

Short Sale: Fantastic newer "Paloma Del Sol" home on a quiet culdesac. Beautifully landscaped backyard.

3 Bed, 2.5 Bath 1,508 Sqft Price: $225,000

Cute condo in “Verano” in the La Jolla Colony area. Quick access to I-5, La Jolla, UCSD, etc.

1 Bed, 1 Bath 704 Sqft Price: $177,800 Recently appraised @ 310K

MORE GREAT HOMES & INVESTMENTS (Your Home Here!)

Enjoy desert peace and quiet from this cute house. Ideal home or weekend retreat

3 Bed, 2 Bath 1,380 Sqft Price: $127,200! Last sold @ 269K

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: $239,900 Last Sold @ 456K

Great starter home w/ spectacular ocean views & winning curb appeal. Quick 805 access.

3 Bed, 2.5 Bath 1,654 Sqft Price: $329,900 Last sold @ 509K

Mint, just-remodeled canyon view townhome in quiet “FoxRun”. 2-car garage, high-ceilings, FPL, backyard.

3 Bed, 2.5 Bath 1,562 Sqft Price: $490,000-$530,000

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: Value Range $895,000 to $995,000!

Sunny & bright "Blossom Walk" condo w/ large balcony, granite, upgrades. Near parking.

1 Bed, 1 Bath 581 Sqft Price: $126,900 Last sold @ 273K

Great starter home or investment on large lot w/ garage. Near 805 & 52 freeways.

3 Bed, 1 Bath 940 Sqft Price: $302,900 Recently appraised @ 465K?

Gorgeous “Hard Rock” condo-hotel suite in the Gaslamp Quarter. “Rock Royalty” service & full hotel amenities.

1 Bed, 1 Bath 459 Sqft Price: $489,000! Last sold @ 589K

Great 4-yr-nu townhome w/ 2-car garage, ocean vu, balcony, in-unit laundry.

3 Bed, 3 Bath 1,336 Sqft Price: $187,900! Last sold @ 395K

Sharp 3-year-new townhome w/ 2-car garage, many extras.

3 Bed, 2.5 Bath 1,586 Sqft Price: $250,000! Last sold @ ???

Nice home w/ garage, quick freeway access, more info to follow.

4 Bed, 2.5 Bath 1,632 Sqft Price: $249,900 Appraised @ 595K+

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

Home1: 4BR/4BA Home2: 2BR/1BA Price: $309,500 Last Sold @ $600,000

9-year-new condo near I-5, UCSD, and Sharp Hospital. Quick freeway access. Great complex.

2 Bed, 2 Bath 1,102 Sqft Price: $360,900 Last sold @ $528,500

Affordable home on quiet culdesac w/ 2-car garage.

3 Bed, 2 Bath 1,258 Sqft Price: $275,000 Last sold @ 450K

Three cashflow units: 3BR, 2BR, + unpermitted studio. Projected rent = $2400/mo.

3 Units Price: $149,500! Last sold @ 400K

Great starter condo or investment in “Mission Heights” near Qualcomm & 24 Hr Fitness.

1 Bed, 1 Bath 667 Sqft Price: $114,900 Recently appraised @ 174K

Cute "Mission Heights" starter condo or investment near Qualcomm & 24 Hr Fitness.

1 Bed, 1 Bath 667 Sqft Price: $114,900 Recently appraised @ 174K

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: $154,900! Appraised @ 378K+

Enormous house on 9200 sqft lot. Ideal for very large family.

6 Bed, 3 Bath 2,203 Sqft Price: $450,000 Prev appraised @ 504K+

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: $850,000 to $900,000!

Pleasing home on quiet street w/ view deck and bonus 600 sqft of patio & exercise rooms.

3 Bed, 2 Bath 1,824 Sqft Price: $309,900 Last sold @ 465K

1989-built single family house w/ dbl garage. South of Camino Del Norte & West of I-15.

4 Bed, 2 Bath 1,760 Sqft Price: $439,900 Recently appraised @ 602K+

Nice home on quiet street w/ pool, 2-car garage. No neighbor behind. Walk to Mission Trails Park.

3 Bed, 2 Bath 1,196 Sqft Price: $275,000 Recently appraised @ 493K+

Sharp 1-story, ground floor end unit w/ in-unit laundry, FPL, and dual MBR. Quiet complex.

2 Bed, 2 Bath 1,086 Sqft Price: $219,000

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: $259,900 Last sold @ 425K

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

2 Bed, 1 Bath 898 sqft Price: $187,300! Last sold @ $472,500

Spacious manufactured home in Warner Springs Estates.

3 Bed, 2 Bath 2,037 Sqft Price: $148,400 Last sold @ 430K

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.