• 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
How times have changed. Five years ago, if you called my office and said you wanted to buy a foreclosure, we’d have told you, “Sorry, San Diego doesn’t have any foreclosures.” Yes, there’s a bit of a “foreclosure shortage” at the moment, but there are still hundreds for sale. Five years ago there were probably three.

… Just got a "personal" email from Federal Reserve chairman Ben Bernanke saying he has $10.5M for me. One odd thing...he used an MSN.com email account. Do the Feds own MSN now too?

…Remember to sign up for my upcoming free seminar, “How To Buy A Home In San Diego.” It’s Saturday August 1st, 10AM-noon at UTC. See the Flyer.

…Good to see mortgage rates trending back down after going up last week. Fixed conforming rates are apx 5.25% if you have excellent credit.

…Follow me on Twitter or become a Facebook fan.

True Story: Maybe They Ought To Give This One A Chance
An agent showed a couple two homes on one street, both listed with the same agent at another firm. They loved one, made an offer, and it was accepted. All went smoothly, final papers were signed, and the deed recorded. When moving day came, the proud new owners pulled up the long driveway of their new home and were surprised to find the old owner still there. Turns out there was a small error: They'd gotten the addresses mixed up and bought the other home down the street! I don’t know the final outcome, but it did involve several attorneys.

Top 10 Most Overvalued U.S. Real Estate Markets
According to Global Insight, the average U.S. home is now 12.2% undervalued. Here are the most overvalued U.S. home markets:

See the Money.com article for more info.

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!

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…

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: MarketWatch
FREE daily "MARKETWATCH™ email of the best homes in your area & price as soon as they’re listed. Tired of calling ads just to find out the home is already sold?! Our free MARKETWATCH™ program alerts you to the hottest new listings as soon as they hit the market. And it’s free! This "unfair advantage" gives you the jump on the best San Diego homes before other buyers ever hear of them. Call us at (858)457-KENT for your free subscription.

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 – August 1, 2009:
"How To Buy A Foreclosure In San Diego"
Fantasy vs. Reality: Discover the truth about foreclosures/REOs
-- Saturday, August 1st, 10AM-Noon --
Click for Seminar Flyer / Click to Reserve Your Free Seat

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 sales and it IS ugly
• What to watch out for in an REO
• Much more

"Hi Gary, We would like to find something before we sell, so we are not left with nothing. I don't believe what we want exists in our price range, but perhaps you can tell us. Our requirements are…"

Answer:
To be realistic, you face some big challenges:

1. Few sellers (and no bank selling a foreclosure) will take an offer contingent on the sale of your home.
2. I can't say what you want is impossible to find, but it may be.

Here's my best advice:

Step 1: Look hard to determine if what you want exists
Step 2A: If it doesn't exist, change your criteria or give up
Step 2B: If it does, then put your home on the market contingent on being in the position to close on the home you want
Step 3: Get your home in escrow
Step 4: Make an offer on a home contingent on closing your escrow. Remember, foreclosures are out as banks will not accept this contingency.

Hope that helps...

"Hi Gary, my husband and I want to sell a rental we own worth about 600K and buy another around 400K for our family to live in. Since the two of us are selling, can we exclude 250K for each person?"

Answer:
Sorry, the exclusion you refer to only applies to the sale of your principal residence, not a rental property. You’d have to do a 1031 exchange and pay some tax since you’re going down in price.

"I’m putting down 10% to buy a home and my loan person said I have to pay mortgage insurance, but didn’t explain what that is. What exactly is mortgage insurance?"

Answer:
It’s insurance covering your lender against future losses from a foreclosure. Often called PMI or Private Mortgage Insurance, it is typically required on loans with a "loan-to-value" or "LTV" above 80%.

For example, if you buy a home for $100,000 and put down $15,000 for a loan of $85,000, your LTV is 85%. So you’d need mortgage insurance.

THIS WEEK'S FEATURED PROPERTY!
	Attractive 2-Story Clairemont Home BR/BA: 3/2.5 Sqft: 1,760 Price: $490,000 - $540,000
– Clairemont – Great family home in sought-after Palisades neighborhood adjacent to Bay Ho. Offers new carpet, new flooring (some), new interior paint, new exterior trim paint, some new fixtures, pergo "wood" flooring, grassy backyard w/ patio & fruit trees. View Info

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

– Chula Vista – Foreclosure! Great starter home on generous lot. Walk to schools. Contact Me
3BR/1.5BA, 1042 sqft
Recently appraised @ 370K >>> To be low 200s?
– 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?
– Downtown – Foreclosure! "Palermo" studio/1BR loft w/ private patio. Complex has pool/spa, fitness, business ctr. Contact Me
1BR/1BA, 860 sqft
Last sold @ 354K >>> Very low 200s?
– Eastlake Area – Foreclosure! Spacious newer home w/ panoramic Otay Lake & mtn view, granite, hardwood, 3-car garage. Contact Me
5BR/3BA, 2578 sqft
Last sold @ 725K >>> To be 400s?
– Eastlake Area – Foreclosure! Spacious, alluring 2005-built “Winding Walk” detached home w/ 2-car garage. Contact Me
4BR/3BA, 2375 sqft
Last sold @ $514,500 >>> To be 300K?
– Eastlake Area – Foreclosure! Handsome 5-year-new Otay Ranch detached home w/ 2-car garage on culdesac. Contact Me
3BR/2.5BA, 1718 sqft
Last sold @ $439,500 >>> To be 200s?
– 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?
– 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?
– Mission Valley – Foreclosure! Cute end unit condo in “Mission Plaza” near 24-hour Fitness, Qualcomm, trolley. Contact Me
2BR/2BA, 931 sqft
Recently appraised @ 333K >>> To be high 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?
– National City – Foreclosure! Nice condo w/ garage, tennis, community pool. Near Plaza Bonita center, 805, & 54. Contact Me
2BR/1.5BA, 1080 sqft
Last sold @ 320K >>> To be low/mid 100s?
New– Otay Mesa – Foreclosure! Gorgeous “Vista Pacifica” home w/ a/c, mature landscape, 2-car garage, FPL, more. Contact Me
4BR/2.5BA, 2066 sqft
Last sold @ $645,000 >>> To be 300s?
New– Pacific Beach – Foreclosure! Walk to beach! 4-yr-new townhome w/ dbl garage, rooftop ocean/bay/sunset vu. Contact Me
3BR/2.5BA, 1644 sqft
Last sold @ 770K >>> To be 500s?
– Pacific Beach – Foreclosure! Beach house w/ private backyard, California room, 2-car garage. Contact Me
2BR/2BA, 1400 sqft
Last sold @ 700K >>> To be high 500s?
New– Poway – Foreclosure! Great starter home w/ 2-car garage on spacious 9000 sqft lot. 2-car garage, big yard. Contact Me
3BR/2BA, 1099 sqft
Last sold @ $430,000>>> To be 300?
– Rancho Bernardo – Foreclosure! Sharp house on culdesac w/ red tile roof, 8494 sqft lot, big yard, views, a/c. Contact Me
3BR/2BA, 1727 sqft
Last sold @ $575,000>>> To be low 400s?
– San Marcos – Foreclosure! Huge home on a full acre zoned for horses & agriculture. Granny flat + 3-car garage. Contact Me
6BR/4BA, 3934 sqft
Recently appraised @ 873K >>> To be mid-500s?
– 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!)

Four fixer units w/ lots of parking. Near trolley, shopping, schools. Bring your hammer & paintbrush!

Price: $193,000 Last sold @ 510K

Beautiful 4-year-new “Spinnaker Point” attached home with 2-car garage, canyon/valley views.

3 Bed, 2.5 Bath 1,400 Sqft Price: $206,700! Last sold @ 405K

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: $119,900! Last sold @ 269K

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: $480,000-$510,000

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

3 Bed, 1 Bath 940 Sqft Price: $288,900 Recently appraised @ 465K?

"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

Enjoy panoramic views from this cared-for 1-story home. Upscale neighborhood of high end custom homes.

2 Bed, 2.5 Bath 1,983 Sqft Price: $999,000 to $1,299,000

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: $176,900! Last sold @ 395K

2003-built home on full lot. Offers bright & open kitchen, large bkyd, RV parking.

3 Bed, 1 Bath 902 Sqft Price: $137,800 Last sold @ 307K

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!

Quiet, private, attractive view home on 1.23 acres. Meticulously maintained.

3 Bed, 2.5 Bath 1,448 Sqft Price: $270,000

Mid-century 1-level home w/ back-country views, 10 minutes to I-5, 3 acres, great street.

5 Bed, 4.5 Bath 3,375 Sqft Price: 1.55M-1.75M

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: $115,900 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.