• 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
Sign up for my brand-new seminar on Saturday, Sept 26, 10am-Noon: “How To Short Sale Your Home Or Rental”. Having done about 200 short sales, I know how they work. I’ll explain to you clearly and simply what you need to know about doing a short sale on your own home or other property. See Flyer / Reserve Your Seat

…And remember to sign up for my last “How To Buy A Foreclosure In San Diego” seminar of the year. It’s Saturday October 24th, 10am-noon. See Flyer / Reserve Your Seat

…Here’s the newest crazy idea brewing in Washington: Let (and perhaps force banks to let) people who lose homes to foreclosure stay and lease with an option to buy back at today’s reduced price. I know many of my readers face foreclosure right now and may welcome this compassionate option. But if we as a country want LESS foreclosures, which we all ultimately pay for through taxpayer bank bailouts and FDIC bank takeovers, this is a bad idea. Why? Owners in foreclosure already stay 6-15 months “rent free” before their home is sold at trustee sale. Offer a new lease/option benefit to a good citizen working hard to pay his mortgage, who owes 500K on their now 400K home, and the incentive to just stop paying their mortgage is H-U-G-E. Hence, more foreclosures. Hence, bad idea.

Two Bills In The CA State Legislature. One Foolish, The Other Smart

FOOLISH: Proposed bill (SB 206) provides an income tax credit for buying a foreclosure as a principal residence: The credit would be the lesser of 10% of the price or $8,000 and only available for individuals with adjusted gross incomes under 95K (170K for joint filers). …Isn’t California broke? As a Realtor, I should support this. But as the citizen of a bankrupt state issuing IOUs to pay bills, I can’t get on board with this one.

SMART: Too many tenants lose prepaid rent and deposits to unethical landlords who rent their properties knowing they’re about to be foreclosed. Proposed bill (AB 331) requires landlords (of 1-4 units) to disclose, if the property is in default or foreclosure. Violating landlords have liability for the greater of twice the monthly rent or twice the damages of any affected tenant.

The Wyatt Earp / San Diego Connection
You've heard of wild-west lawman Wyatt Earp, of the famous "Shootout At The OK Corral" with Doc Holliday. Did you know he later moved to San Diego? In the 1880's, he frequented P.B., Escondido, & Tijuana. A bit on the wild side, he helped fill the "Stingaree District" with beer joints, brothels, opium dens, and gambling halls. Only 20 years ago did that area lose it’s seedy side to become what we today call the Gaslamp Quarter.

Top 10 Riskiest U.S. Housing Markets
From PMI Mortgage Insurance Company’s “Second Quarter 2009 Econimc & Real Esate Trends Report”:

1. Riverside / San Bernardino / Ontario, CA
2. Miami / Miami Beach / Kendall, FL
3. Los Angeles / Long Beach / Glendale, CA
4. Ft. Lauderdale / Pompano Beach / Deerfield Beach, FL
5. Las Vegas / Paradise, NV
6. W. Palm Beach / Boca Raton / Boynton Bch, FL
7. Orlando / Kissimmee, FL
8. Tampa / St. Petersburg / Clearwater, FL
9. Santa Ana / Anaheim / Irvine, CA
10. Phoenix / Mesa / Scottsdale, AZ

Quick Real Estate Tip #3
If you’re buying a home and get multiple counter, RESPOND! I’ve seen buyers who’d have gotten the home drop out because they “don’t want to get in a bidding war.”

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…

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? Many 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 Sell Your Home For Top Dollar Fast
Get your FREE, easy-to-read guide to selling your home called "How To Sell Your Home For Top Dollar, Fast!" It's full of vital things and clever ideas you need to know before you sell your home, so you can get the most money in the least time. Who doesn't want that?

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
“How To Short Sale Your Home Or Rental”
UTC Mall – Saturday, Sept 26th, 10AM-Noon
Click for Seminar Flyer / Click to Reserve Your Free Seat

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

• Short sales, clearly & simply explained!
• Are YOU likely to qualify for a short sale?
• Can you really do short sale with -0- out of YOUR pocket?
• How long short sales take...& how to cut the time in HALF**
• Tax impacts of short sale vs. foreclosure (verify w/ your CPA!)
• The document your attorney must read closely to avoid problems
• Your 7 options if you owe too much. Most agents only tell you 3.
• Which “hardships” qualify you for a short sale? Which don’t?
• The specific clause you need in your contract with the buyer
• Do you need to be CURRENT on HOA dues? Property taxes?
• Do you need to be BEHIND on your mortgage payments?
• If an agent does THIS, they likely don’t know short sales
• 5 reasons a short sale is usually better than foreclosure
• THE most important thing to have to do a short sale
• Impact & how long is a short sale be on your credit?
• How soon can you buy a home after a short sale?
• Will a short sale delay or prevent foreclosure?
• Can your lender go after you for their loss?
• Should you spend $ to fix up your home?

-----------------------------------------------------------------------------------------------------------------

FREE Seminar
"How To Buy A Foreclosure In San Diego"
UTC Mall – Saturday, October 24th, 10AM-Noon
Click for Seminar Flyer / Click to Reserve Your Free Seat

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

• Are San Diego prices rising?
• Should you buy before home prices climb out of your reach?
• With 12% of U.S. mortgages are behind, is there a new wave of Alt-A, Option ARM, & Prime foreclosures coming?
• When Homebuyers can put 3% down and investors 10% down
• Bailouts, loan “mods”, moratoriums...what’s REALLY going on?
• 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 truth about a home that’s a “short sale”
• What to watch out for in an REO
• Much more

"My friend bought a home and the owner left it filthy, with junk everywhere. His agent told him the owner has to leave the home clean and free of any junk. What can he do now?"

Answer:
Unless otherwise agreed, the standard contract requires the seller to remove all debris. Contrary to what the agent said, it doesn't require the home to be clean. But most sellers out of common courtesy leave a clean house for the new owner.

I suggest your friend have his agent call the seller's agent to ask the seller to remove the debris. If that doesn't work, take photos of the junk, have it removed, and ask the seller to pay the bill. If THAT doesn't work, take the seller to small claims court.

Alternative view: If it's a small bill, perhaps your friend should forget about it. There's more to life than chasing a few bucks, even when you're right.

"I see the market has improved and want to sell my home. How long will it take to sell?"

Answer:
It depends primarily on:

1. Your price range
2. Your pricing
3. Your agent

Let me expand on that for you:

- Your Price Range -
Homes under $500,000 are selling extremely fast, often in just a few days. Homes $500,000 to $1M are moving at a moderate pace. And homes over $1M are a bit slow.

- Your Pricing -
The closer to market value that you price your home, the sooner it will sell. You do NOT need to price it under value, just near the value. (Of course, if you improve your home, you will raise the value. But you still need to price it close to that higher value.)

- Your Agent -
A good, experienced, successful agent knows how to get homes sold. If you use an agent who doesn’t fit that description, it may take longer or not sell at all.

"Hi Gary. I’m refinancing and the bank’s appraiser used a trustee sale as a comp. Is that normal?"

Answer:
Absolutely not.

I’m no appraiser and don’t know official appraisal rules and guidelines. But in my opinion, that appraiser should lose his license!

Why?

Market value is defined as the price a willing buyer and willing seller would agree upon.

Thus comps should be sales with willing buyers and sellers. Short sales, bank REO sales, and sales by sellers in foreclosure can be used when other non-distress sales comps are unavailable.

But a trustee sale is when the lender forecloses on a home and it is auctioned off for cash (only) on the courthouse steps.

That’s about as far from a willing seller as you can get.

Further, due to the extra work involved and the inherent risk in buying homes at trustee sales, they almost always sell well under market value.

(Forrest Gump would say buying a home at a trustee sale is like a box of chocolates…you never know what you’ll get.)

If I were you, and the home appraised lower than you need it to, I’d demand the bank re-appraise the home at no cost to you.

THIS WEEK'S FEATURED PROPERTY!
	Attractive Upgraded Townhome In Kearny Mesa BR/BA: 4/3.5 Sqft: 1,675 Price: $379,900
– Kearny Mesa – Foreclosure! Attractive upgraded townhome in desirable "Esplanade"! Centrally located! Offers 2-car garage, beautiful kitchen w/ granite counters, stainless steel, "wood" laminate flooring, patio balcony, plantations shutters, ceiling fans & dual sinks in MBA! View Details

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

– Chula Vista – Foreclosure! Cute house w/ hardwood floors, 2-car garage, nice yard, in great Hilltop neighborhood. Contact Me
3BR/2BA, 1444 sqft
Last sold @ 516K >>> To be low/mid 200s?
– Chula Vista – Foreclosure! Cute single-level home with pool. Great starter home. Contact Me
3BR/1BA, 1536 sqft
Recently appraised @ 510K >>> Price TBD
– Chula Vista – Foreclosure! Gorgeous Otay Ranch home with mountain views. Entertainer’s backyard, stunning kitchen. Contact Me
4BR/3BA, 2462 sqft
Last sold @ 593K >>> Price TBD
– 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 – Foreclosure! Cute 3BR house in rapidly upgrading neighborhood near Bay Park. Large 7000 sqft lot. Contact Me
3BR/1BA, 1168 sqft
Recently appraised @ 500K? >>> To be 300s?
– Downtown – Foreclosure! Beautiful & spacious 1BR “Treo” condo built in 2003. Gas FPL, washer/dryer in unit, more. Contact Me
1BR/1BA, 707 sqft
Recently appraised apx 423K+ >>> To be low 200s.
– Downtown – Foreclosure! Enjoy downtown living at “Symphony Terrace”. Complex has pool/spa, fitness, sauna. Contact Me
1BR/1BA, 673 sqft
Last sold @ 292K >>> Price TBD 8th St.
– 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?
– East San Diego– Foreclosure! Charming craftsman home w/ addition, huge master suite, updated kitchen, private backyard. Contact Me
3BR/2BA, 1568 sqft
Last sold @ 500K >>> Price TBD
– 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?
– Encanto – Foreclosure! Spacious 2-story 1984-built home on quiet street. 2-car garage, nice yard. Contact Me
4BR/3BA, 2088 sqft
Recently loaned to 510K >>> To be high 200s?
– 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?
– Escondido – Foreclosure! Fantastic custom home w/ front courtyard, private & secluded area, pool + covered patio, views! Contact Me
3BR/3.5BA, 2317 sqft
Last sold @ 663K >>> To be 400s?
– La Jolla – Foreclosure! Breathtaking ocean views from this one-level oceanfront condo @ 333 Coast Bl. Contact Me
2BR/2BA, 1342 sqft
Last sold @ 915K >>> To be 700s/800s?
– La Jolla – Foreclosure! Delightful single-level home, sweeping ocean views from most rooms, large lot. Contact Me
3BR/2BA, 2107 sqft
Previously appraised @ 1.44M >>> Price TBD
– 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 Hills – Foreclosure! Modern yet quaint 1923-built home on a quiet lush canyon. Many upgrades, hdwd floors, FPL. Contact Me
2BR/2BA, 1848 sqft
Loaned to over $1M >>> To be in 800s?
– Mission Valley – Foreclosure! Upgraded condo in desirable “River Colony” in the heart of Mission Valley. Community pool/spa, fitness center, patio balcony, cozy fireplace. Contact Me
2BR/2BA, 977 sqft
Last sold @ 395K >>> To be in 200s?
– Nestor – Foreclosure! Ranch-style home w/ 2-car garage, fireplace, good-size backyard. Contact Me
3BR/2BA, 1152 sqft
Last sold @ 395K >>> Price TBD
– Nestor – Foreclosure! Gorgeous 2-story “Ocean Hills” home w/ views, 3-car garage, vaulted ceilings. Contact Me
5BR/2.5BA, 2353 sqft
Last sold @ 585K >>> Price TBD
– Ocean Beach – Foreclosure! Beach cottage w/ 2-car garage, partial ocean view, small yard, quiet street. Contact Me
2BR/1BA, 758 sqft
Recent appraisal 644K+ >>> To be low 400s?
– Oceanside – Foreclosure! Single-level family home w/ 2-car garage, open floorplan, remodeled kitchen, A/C. Contact Me
3BR/2BA, 1460 sqft
Previously appraised @ 285K >>> To be low 200s?
– Pacific Beach – Foreclosure! Mission Beach view condo w/ 2-car garage, walk to beach/bay, quaint 4-unit complex. Contact Me
2BR/2BA, 955 sqft
Last sold @ 420,862 >>> Price TBD
– 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?
– Paradise Hills – Foreclosure! Cute townhome in “Bay Terraces”. Open floorplan, 1-car garage, laundry. Contact Me
2BR/1BA, 840 sqft
Previously valued @ 281K >>> To be high 100s?
– Rancho Bernardo – Foreclosure! 2BR+loft condo w/ 2-car garage, mountain views, FPL, in “Provencal” gated community. Contact Me
2BR/2BA, 1322 sqft
Last sold @ $475,000 >>> To be high 200s?
– 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?
– Rancho Bernardo – Foreclosure! Handsome 2-story home in Chateau Bernardo. Breathtaking panoramic views, 3-car garage. Contact Me
5BR/3BA, 3179 sqft
Last sold @ $789,000 >>> Price TBD
– 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?
– San Marcos – Foreclosure! 6-year-new home near Cal State San Marcos. More info to follow. Contact Me
4BR/3BA, 2358 sqft
Last sold @ 615K >>> To be low 400s?
– Santee – Foreclosure! Single-level home on .5 acre lot! 1000sqft detached workshop, huge covered patio. Contact Me
4BR/2BA, 1644 sqft
Last sold @ $502,500 >>> Price TBD
– Spring Valley – Foreclosure! Large home on private culdesac w/ open view, oversize backyard, 2-car garage. Contact Me
5BR/3BA, 2115 sqft
Recently appraised apx 650K >>> To be 300s.
– Vista – Foreclosure! 2-story mountain view home on large lot. pool. Sparkling pool, 2-car garage. Contact Me
3BR/1.5BA, 2424 sqft
Last sold @ $600,000 >>> Price TBD

NEWLY LISTED (Your Property Here!)

7-yr-new 2-story house across from huge park w/ playground. New paint & flooring.

4 Bed, 2.5 Bath 2138 Sqft Price: $350,000! Last sold @ 640K

Ugly fixer-upper 4BR/2BA house needs lots of help. No garage, large lot. May require cash only.

4 Bed, 2 Bath 1635 Sqft Price: $302,400 Last appraised @ 489K+

Stunning 5-year-new fully-upgraded Esplanade/Spectrum townhome w/ 2-car garage.

4 Bed, 3.5 Bath 1675 Sqft Price: $379,900 Last sold @ 587K

2-story family home in “Miller Ranch” community, 2-car garage.

3 Bed, 2.5 Bath 1615 Sqft Price: $285,000 Previously appraised @ 467,500

Lovely home w/ upgraded kitchen & baths, new paint, a/c, large yard, near community pool. Short Sale.

3 Bed, 2 Bath 1179 Sqft Price: $375,000

House on .36 acres zoned for horses w/ lovely views.

3 Bed, 2 Bath 1458 Sqft Price: $350,000 Recent appraisal 444K+

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: $110,000! Last sold @ 269K

Upgraded home w/ expanded maple/ granite/ stainless kitchen, hdwd floors, a/c, large rooms, quiet str.

3 Bed, 2 Bath 1445 Sqft Price: $395,000 to $430,000

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

Lovely 1998-built “Castle Creek” home, open floorplan, FPL, vaulted ceilings. No Mello Roos.

4 Bed, 2.5 Bath 1646 Sqft Price: $300,000 Last sold @ 460K

Affordable home for first-time buyer or investor. Built 1980, 2-car garage, nice yard.

3 Bed, 2 Bath 1340 Sqft Price: $240,000! Loaned to 344K

2-story “Williams Ranch” family home w/ 2-car garage, quiet community.

3 Bed, 2.5 Bath 1,436 Sqft Price: $260,000! Previously appraised @ 398,400

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!

Great starter home w/ 2-car garage on spacious 9000 sqft lot. 2-car garage, big yard.

3 Bed, 2 Bath 1,099 Sqft Price: $319,900 Last sold @ $430,000

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

Gorgeous home w/ great bkyd, distant ocean vu, FPL, .35 acres, 2-car garage, more.

4 Bed, 3 Bath 2,315 Sqft Price: $524,900-$549,000

Upstairs condo w/ shared garage, patio balcony, end-unit, great starter home.

2 Bed, 1 Bath 882 Sqft Price: $84,900! Last sold @ $140,000

Spacious manufactured home in Warner Springs Estates.

3 Bed, 2 Bath 2,037 Sqft Price: $89,900 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.