Melina Rissone’s Blog

“We’ll be selling a rental house in Florida and want to buy something here doing a 1031 exchange. I know we have to designate what property we’re going to buy within 45 days of closing the Alabama house. Can we identify more than one?”

Sounds complicated, I know. Most people use the 3-Property Rule.
Call us today 858-444-2473

“I interviewed an agent to list my house. She walked through for a few minutes and told me what price we could get. It surprised me that she gave me a value that quickly after just seeing my house for 10 minutes. It didn’t seem like she did any homework. Is that normal?”

***ANSWER:
Probably (hopefully?) that agent either knows the neighborhood already or did her homework before she came by. She should have comps to support her value.

Most agents take this one-step approach, while some do it in two steps: see the house, do the homework, then come back to tell you the value.

Either approach is perfectly fine. But if your home is fairly typical for your area the agent should be able to do it in one step.
Call to help you today: 858 444 2473

A friend of mine bought a home and it turned out to have several problems, including a lot of mold behind a couch. Is an agent responsible for finding and disclosing things like that?”

***ANSWER:
An agent is required to “conduct a reasonably competent diligent visual inspection of reasonably and normally accessible areas.”

For example, an agent is not legally required to:

- Climb onto a roof or into an attic
- Move furniture, pictures, etc***
- Inspect beneath a house
- Go up or down hillsides
- Operate appliances or systems (heating, plumbing, etc.)
- Measure the size of the home or lot or locate boundary lines
- Determine whether something is mold, asbestos, etc.
- Check building permits, zoning, or ability to develop or build

So that agent was not responsible for finding the mold because it was behind furniture.

“What’s the best way to start if I want to buy a home?”

***ANSWER:
Here are some ideas, in rough order:

1. Read the homebuying questions!

2. Ask people who’ve recently bought or sold a home if they’d recommend their agent. Talk or meet with two or three agents and see who you’re comfortable with.

3. Ask your agent to recommend a good lender, then get pre-approved with that lender.

4. Once you know your price range, sit down with your agent and get a realistic idea of what kind of home you want and can afford.

5. Go homeshopping!

6. If you’re not finding the right home after a few weeks, get with your agent and revise your criteria.

7. When you find the right home, don’t hesitate. Even in a buyer’s market, the best homes sell quickly.

8. Be flexible throughout the entire process.

Melina, Looks like I’m going to lose my home to foreclosure. Do you know if my bank can go after me for any money they lose?”

***ANSWER:
There are two ways to foreclose: judicial and non-judicial.

A non-judicial foreclosure is the common type where the home is sold to the highest bidder on the courthouse steps or goes back to the bank.

A judicial foreclosure is a form of a lawsuit, and is extraordinarily rare for a residential property. In fact, I’ve never heard of one.

The good news is that in California, under a non-judicial foreclosure, banks are prohibited from collecting “deficiency judgments”. So they can’t go after you for any loss.

As I am not a legal expert, please verify this with your attorney.

“What’s the minimum down payment if I want to buy a rental property?”

If you’d like more info, let me know and I’ll put you in touch with my lender. Call 858-444-2473

Check out this new property that I just posted on my Web site. It is in San Diego.

I’ve just sold a New - single family property at 1163 Marline Ave in El Cajon. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a property at 7087 Beckington Ln in San Diego. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a property at 226 1423 Graves Ave in El Cajon. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.