What is a listing?
A contract to sell between a seller and a real estate broker.
What is the difference between listing and selling agents?
A listing agent obtains an agreement obligating him to represent a property seller before a sale and while in escrow ultimately netting the seller the most money. A buyer's agent (the selling agent) searches for the best property at the best price and terms for his client and acts as buyer's "mouthpiece" during negotiations and escrow.

Is it a good idea to wear both hats in a deal - acting as dual agent - listing agent and selling agent?
What do you think?
In most residential real estate transactions the seller pays the commission to the listing agent's broker who in turn has an agreement to pay the selling broker a specified percentage thereof, with no strings attached.

Why is the one-time charge for title insurance a necessary and good value when purchasing real estate?
Your policy against many unforeseen risks such as forgeries, unknown heirs, recording errors or fraud, just to name a few, remains in force until you or your heirs transfer title. You'll receive it at the close of escrow. Store it away safely until you sell.
What does FICO mean, as in FICO credit score?
Fair Isaac Company.
What is a excellent, average and bad credit score?
850+, 620+, -580, respectively.
How is the score calculated?
Scores are obtained from the three reporting agencies. Your middle score is generally used by lenders.
Do you work with any lenders who do share?
I sure do.
I have a low FICO score due to past history, but my lifestyle has changed and I have proven stability. Can I get a decent loan?
Every case is different, however, you will most likely have to "clean it up." I suggest a session with a loan officer.

I just incorporated in Nevada. Can it purchase a home?
Credit history/income dictates its/your ability to purchase.

Should I use a "fix your credit" company to clear my credit.
Accurate information cannot be removed successfully from your credit report. However, you can accomplish a lot with a little help.

How long does a paid off, good, or bad credit remain in your credit file?
For brevity's sake: Good - 10 years; bad - 7 years from the date of last activity.

My divorce decree specifies my husband assume all debts. He hasn't and now I have bad credit. Why?
Each creditor must be contacted seeking their release of your obligation on all jointly owned accounts BEFORE the decree or you will probably regret your hesitancy or faith in your soon-to-be ex-spouse.

I paid off all my bills. Why does my credit report still show balances and collections?
Because the credit grantors supply information only on a periodic basis. Current information can be proved and updated only if you give them the information. (In writing helps.)

If a Home Inspector finds things wrong with a house, does the seller have to repair everything he finds before I sign loan documents?
Many things in real estate are negotiable, i.e. if a tree is about to fall with the next Santanas, probably. If the hot water tank is old but working, probably not.
What about the appraiser's findings?
Each property and appraiser are different. FHA now requires the appraiser to follow very conservative rules as far as condition of properties.

What does "basis" mean, as it pertains to real estate?
Basis is the starting point for figuring a gain or loss if you later sell your home, or figure depreciation.

I'm confused about how to take title to a house when I buy. What is the best way?
There are numerous ways to hold title and it is up to the buyer to decide. I can steer you in the right direction.

What happens when I can't pay my association dues?
The association can file a lien and start the foreclosure procedure.

What are the four most important things to avoid when purchasing real estate?
1) Do not switch fields when changing jobs; 2) Do not switch or establish bank accounts; 3) Do not pay off bills; 4) Do not make any major purchases.

What are the advantages of home ownership?
Build equity. Sound investment. Great tax advantages. Security and satisfaction.

Can a seller help me financially in purchasing?
If there is equity and he agrees.
I'm a widow of a veteran. Can I buy a house using his VA eligibility?
Yes, if his death was caused by a service connected injury or illness.

I haven't heard from a couple of companies I owe money to for a long time. Can I qualify for a home loan?
The debt will go away someday without you paying it or negotiating with the lender, but you can't hide from the repercussions of an unpaid debt. The "big computer in the sky" does not forget and will reflect your bad debt on your credit report = low fico scores.

My husband and I live in a small one bedroom home and now have three children. Can we keep our home and get another FHA loan on a larger home?
Yes, sure sounds like you need one.

Can I get an FHA 203K Home Improvement loan?
Yes, if the repairs are legitimate and amount to over $5000.

What are Loan-to-Value ratios (LTV)?
Divide the loan amount by the property value. i.e. Appraisal = $100,000. 10% down loan = $90,000 loan. LTV = 90%.

What does Backup Offer mean?
If contingencies exist in an accepted offer, additional offers may be accepted with certain specifications.

Can I cancel the Private Mortgage Insurance (PMI) I have been paying each month for seven years?
If your property has increased in value resulting in your equity reaching at least 20%, you are faithful in paying on time, and have not further encumbered the property, in a word, yes.

Mello-Roos is a CFD tax. What does Mello-Roos stand for?
Senator Henry Mello and Assemblyman Mike Roos enacted the Community Facilities District in 1982.
What is the reason for a CFD tax?
The property owners affected by the CFD must pay off tax-exempt bonds financing public services.
What if the property owner refuses to pay the assessment?
If payment is not made within 150 days, the District may foreclosure.
What services does a CFD (Community Facilities District) provide the community?
Schools, parks, streets, police and fire protection, paramedic and ambulance services, libraries, drainage, sewers, street lights, sidewalks and landscaping.
How is a Mello-Roos district formed?
At the request of the property owner prior to improvement or at the request of a local school district.

Do the bonds ever get paid off?
Yes.
Typically, they are written for 20 years. The really bad news is that some can be renewed.

I am almost ready for retirement. Can I get a 30 year loan?
Sure. Why not?

Are loans easy to get for investors who want to buy and fixup?
Definitely. I use a few lenders specializing in these types of loans.

Can seniors qualify as first-time buyers?
Yes, if they haven't owned for three years.

What is a future-value appraisal?
Using an itemized list of warranted repairs, properties used to be evaluated as if the repairs had already been made.


I want to add a bedroom and bath. Can I refinance my present loan and include the cost of the upgrades?
Yes, that describes an FHA 203K loan. Not too easy in this market.

Can a seller remove the built-in stove and oven from a house before closing?
No. Except, if buyer agrees, generally in writing, to allow its removal.

How many kinds of property are there?
1) Real and 2) personal. 1) is attached to the land and all that is permanently affixed to it. i.e. a house and its doors, windows, carpeting, tile, and fixtures. 2) is all other property which can be carried, moved, or otherwise transported - not affixed permanently.
Give me some examples of both.
Drapery rods, but not the drapes/curtains. Trees, shrubs, but not the potted plants. Pictures, freestanding stove, area rugs, washer, dryer, refrigerator are all personal property.

What's the difference between A) modular home or B) mobile home (M/H)?
A) is constructed elsewhere, assembled and permanently affixed to the land. B) is transported behind a tractor down the freeway in one or more sections as personal property. It can be upgraded to real property utilizing city/county requirements.

How many square feet in an acre; ¼ (.75) acre; 1/3 (.33)acre; ½ (.50) acre?
43,560 s.f.; approx. 11,000 square feet; 14.5K s.f.; 22K s.f.
Home lots keep getting smaller.
An average 1960 built tract lot is 6000 square feet; 2000 built tract lot is approx. 3500 s.f.

An agent told me I have to use their lender to buy. Is that right?
You can use any lender you choose. Check out loans on the net or let your fingers do the walking or/AND call me to buy.