3 Types of Foreclosures

3 TYPES OF FORECLOSURES

SHORT PAYS OR PRE-FORECLOSURES

After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD) at the County Recorder’s Office as required by real estate foreclosure laws. This puts the borrower on notice that he or she is facing the real estate foreclosure process.

TRUSTEE FORECLOSURE ACTION (TRUSTEE SALE)

If the default isn’t corrected (the loan must be brought current) within three months, a real estate foreclosures for sale date is established.

The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office as a real estate foreclosure in the county where the property is located.

The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale and listed in real estate property foreclosures. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the real estate and foreclosure property.

Foreclosure Auction: At auction, an opening bid on real estate property foreclosures is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the distressed property will be purchased by the attorney conducting the sale, for the lender.

BANK OWNED (REO’S)

If the opening bid is not met, the property is deemed a REO or Real Estate Owned property. This typically occurs because many of the foreclosed properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender. The lender now owns the reo bank owned property. The reo foreclosure property is now put on the open market for sale.

If you want to know how to find reo properties, you may contact us for a list of reo properties in Southern California. We can help you purchase reo property, provide reo real estate listings, find bank owned commercial real estate, bank owned land for sale, and residential reo real estate for sale.

For more details on buying or selling Short Sales and Bank Foreclosures contact Larry Weichman at    714-241-4532. He has represented over 1,000 homes sold in his career. Visit TeamWeichman.com or OCRepoBroker.com

Bank Repos and Short Sales in Orange County California

Over the last 6 months the trend has been increasing has buyers are snatching up short sales and bank repos.  Prices have dropped by more than 30% in some areas of Orange County to has high as 50% in Santa Ana and Anaheim.  It appears that the market will remain strong for repos over the next 6 - 12 months. We are seeing as many as 30 offers come in on the popular price ranges ( below $400,000) in Costa Mesa.  South Orange County is seeing the same type of inflow of buyers as we enter what is typically the slower time of year. Homes that were selling at $1,500,000 at the peak are now seeing buyers come out in droves for these homes that are now priced in the mid $950,000 range.

Down payments starting at 3.5% are bring many buyers into the market as interest rates remain in the mid 6% range for 30 year fixed rate loans. Contact you local lender for further details.

If you are in the market to buy please visit OCRepoBroker.com or OCHomeTracker.com for this weeks best home buys!  Larry Weichman is Broker/ Owner of Costa Mesa based Weichman Associates. You can visit Larry at TeamWeichman.com or call him at 714-241-4532

Advance Fees and Loan Modification Services Warning from Dept. of Real Estate

The following information is reprinted courtesy of the California Dept. of Real Estate

Advance Fees and Loan Modification Services

If you are behind in your mortgage payments, you may be contacted by individuals or companies that will offer to help you work out a loan modification with your lender or provide other services to you in order to help you prevent a foreclosure on your home.

You must be very careful if you are asked to pay for any of these services in advance, whether in cash, check or by charging your credit card. First, California Civil Code Section 2945, which regulates “foreclosure consultants”, forbids anyone who falls under the definition of a “foreclosure consultant”, as well as a real estate licensee, from collecting any advance fees for these types of services if a Notice of Default has been recorded against your property. If your lender has recorded a notice of default, do not pay an advance fee to anyone. There are non-profit agencies that can assist you without charging you a fee and real estate brokers who can represent you for a fee to be paid after they have completed their work. For information on non-profit housing counseling services, use the following links:

• Federal Housing Administration
• Hope Alliance Web site

If a Notice of Default has notbeen recorded against your property, it may be permissible for a real estate broker to assist you in working out a loan modification or otherwise negotiate a possible resolution to your problem with your lender or loan servicer and ask you for payment in advance for their services. However, the broker must have you sign an agreement that tells you what services will be performed, when they will be performed and how much you must pay. The broker cannot have you sign an agreement until it has been submitted to the Department of Real Estate for review and the broker has received permission to use it and collect the advance fee.

The following individual and corporate real estate brokers have submitted advance fee agreements for loan modification and/or similar services to the Department of Real Estate for review, and have received “no objection” letters regarding their use.   CLICK HERE   You can obtain information on brokers and their locations by clicking on the “License Number” on the attached list or call (916) 227-0770.

The Department of Real Estate does not approve, endorse, recommend or make any representations about any of the agreements or their terms, or any aspect of a licensee’s business activities. Consumers wishing to contract with a real estate broker for loan modification or any other similar or related services should carefully review the agreement(s) and consider obtaining independent advice before signing an agreement(s) or advancing any fees. Consumers should also consider comparing the services and fees offered by other licensed brokers on the list.

Note: Licensed real estate brokers who provide loan modification or similar services without collecting fees in advance are not required to receive the Department of Real Estate’s permission as long as their services are fully completed before you pay them.

The list is updated on a periodic basis and may not include those which have recently completed the review process.

Before you pay an advance fee to anyone for assisting you, first call the Department of Real Estate at (916) 227-0770 to find out if an advance fee agreement is on file.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Please be sure to visit us on the Internet at the following sites; http://LarryWeichman.com, http://TeamWeichman.com,http://OCRepoBroker.com or http://OCHomeTracker.com or you can call me at 714-241-4532

 

Costa Mesa Charming Cul-De-Sac Location- Low Down Payment!

Photo Gallery Description This very nice updated home is ready for your viewing pleasure. This 3 bedroom, 2 bath house contains granite countertops in the kitchen as well as a new oven and dishwasher. The carpet has been updated within the last year. French doors in the dining area and master bedroom take you to the large backyard retreat complete with full bbq, fridge and side burner. Features Bedrooms: 3 Bathrooms: 2 Year Built: 1959 Subdivision: Mesa Verde Lot Size: 6960 Garage Size: 2 School District: Newport Mesa Square Footage: 1358 Agent Name: Larry Weichman Broker: Weichman Realtors Location 2912 Jacaranda Avenue Costa Mesa CA 92626 Powered by vFlyer.com vFlyer Id: 2053851

4 Bedroom- Fix and Save! Bring your paint to Costa Mesa!

Photo Gallery Description Large single story home located in a great North Costa Mesa neighborhood! Has large add on family room with fireplace. Plus living room fireplace. Home does have hardwood floors in most rooms! Still has nice size backyard. This is the home you have been waiting to fix and save on! Features Bedrooms: 4 Bathrooms: 2 Year Built: 1963 Lot Size: 6960 School District: Newport Mesa Square Footage: 2257 Agent Name: Larry Weichman Broker: Weichman Realtors Location 3141 Bray Lane Costa Mesa CA 92626 Powered by vFlyer.com vFlyer Id: 2053982

San Clemente, Ocean Views- Low As $17,200 down!

Photo Gallery Description You have found your dream townhome! Designer’s delight! Panoramic ocean views! Home has been upgraded thru out! Upgrades include, central air conditioning, dual pane uv windows, 4 panel doors, baseboards and new microwave oven. Large green belt off your private patio area is like your own private yard. Association fee covers your water + association pool & spa + vollyball court. Well maintained community, exterior was recently painted + roofs were done a few years ago also! Features Bedrooms: 3 Bathrooms: 3 Parking Spaces: 2 Year Built: 1983 Garage Size: 2 School District: San Juan Capo Square Footage: 1605 Agent Name: Larry Weichman Broker: Weichman Realtors Location 2191 Calle Ola Verde #197 San Clemente CA 92673 Powered by vFlyer.com vFlyer Id: 2053833

Costa Mesa Large Single Story Home-

Photo Gallery Description If spacious living matters , this is the home for you. Huge remodeled kitchen features a large island w/sink, new cabinets w/pullouts, large pantry, Silestone counters and lots of storage space. Large living room has a built in entertainment center, brick fireplace & sliding french doors. Main bath has double sinks. Master bedroom suite has been remodeled & expanded. Master has 2 large closets w/mirrored doors, recessed lights & a bay window. Master bath shower has also been expanded. Master has 2 large closets w/mirrored doors, recessed lights and a bay window. Master bath has also been expanded & has double sinks & vanity. Roof is only 2 years old, home has been updated with copper plumbing. Features Bedrooms: 3 Bathrooms: 2 Parking Spaces: 2 Year Built: 1961 Subdivision: Mesa Del Mar Lot Size: 7350 Garage Size: 2 School District: Newport Mesa Square Footage: 1600 Agent Name: Larry Weichman Broker: Weichman Realtors Location 2815 Loreto Avenue Costa Mesa CA 92626 Powered by vFlyer.com vFlyer Id: 2053780

HOT SALES IN COOL MARKETS!

HOT SALES IN COOL MARKETS!

While some real estate markets are experiencing increasing listing times and decreasing sales, others are still doing well or even booming. Regardless of which applies, how do you position yourself for a quick, full-price sale? Even in slow markets, some houses sell quite quickly, and it’s for the very same reasons that they would in a hot market.

The best performers these days are older homes with three bedrooms and two baths. In addition to those features, they are priced a few thousand dollars below the area’s average asking price.

You won’t consider competitive pricing a concession when offers come in more quickly and with less negotiation. Peace of mind and a quick sale are more than worth the difference between your asking price and that of your competition.

The second common denominator among successful sales in slow markets is the fact that the properties show like model homes. Sure, location is critical, but it’s condition, condition, condition that helps to set your offering apart from other homes on the market at the same price.

The final factor these sales share? Aggressive marketing by a real estate agent. A professional who shows your home to an already qualified and motivated group of buyers is worth his or her weight in gold at the closing table. Combine price, condition, and marketing for a satisfying sales result!

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Please be sure to visit us on the Internet at the following sites; http://LarryWeichman.com, http://TeamWeichman.com, http://OCRepoBroker.com or http://OCHomeTracker.com or you can call me at 714-241-4532

WAKE UP FROM THE AMERICAN NIGHTMARE!

WAKE UP FROM THE AMERICAN NIGHTMARE

Effective October 1, 2008, a housing bill was passed to help both troubled borrowers and lenders. At-risk borrowers whose loans originated between January 2005 and June 2007 may be eligible to refinance their unaffordable mortgages into low-cost, fixed-rate loans insured by the Federal Housing Administration (FHA).

Whether current or in default, at least 31% of the borrower’s monthly income must be tied to paying the mortgage debt. Other requirements come in to play that have to do with the total debt owed and any secondary financing.

Borrowers may get information from their current lender or an FHA-approved lender (found on the website for the Department of Housing and Urban Development). Each loan will be considered for underwriting after a new appraisal is performed and income and credit history is again documented and verified.

Be aware that there are many requirements for approval that, once secured, include many additional terms, such as insurance premiums and profit sharing on appreciation. If you sell or refinance within a one-year period, you must pay the FHA 100% of your profits. That percentage drops 10% each additional year, down to 50% after five years.

Keep in mind, however, that savings can still be substantial on these lower interest, fixed-rate loans, which will never readjust like subprime mortgages can every six months. Homeownership can again be the American dream, not a nightmare.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Please be sure to visit us on the Internet at the following sites; http://LarryWeichman.com, http://TeamWeichman.com, http://OCRepoBroker.com or http://OCHomeTracker.com or you can call me at 714-241-4532

Mortgage Home Protection Plan for California Home Buyers

HAF: Mortgage Protection Program

To help provide first-time home buyers with peace of mind when purchasing a home, the CALIFORNIA
ASSOCIATION OF REALTORS® Housing Affordability Fund (C.A.R.H.A.F.) is offering a FREE supplemental insurance product for qualified first time homebuyers.  Through the C.A.R. Housing Affordability Fund’s Mortgage Protection Program (C.A.R.H.A.F. MPP), first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments, qualified co-buyers can receive  $750. Home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For Details please contact Larry Weichman at 714-863-5739

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. This article was provided by the California Association of Realtors. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532 

   

 

LOOKING GOOD IN THE NEIGHBORHOOD!

 When you look your best, you attract attention. A recent survey of five hundred REALTORS® proves that it’s no different when it comes to marketing your home. 82 percent of those polled reported that buyers unimpressed by a home’s “curb appeal” won’t be interested in a closer look. Additionally, 90 percent of the agents explained that a sale depends greatly on first impressions walking through the front door. That same number also reported that the appearance of a home’s exterior is equally important as the interior features and condition. When buyers see your home from the street and the front walk, they feel that what they see is what they get. When you’re ready to list, work hard on your curb appeal and make sure the interior displays the same pride of ownership. Then have professional photographs accompany your listing on the Internet, as well as in brochures, newspaper ads, and other marketing tools. These photos may be the buyers’ first “first impression” to look closer. The more pictures you offer, the better your chance for a quick sale. Listings with one photo sold for 91 percent of the listing price, while those with six or more pictures sold for 95 percent of the asking price. When you do the math, you’ll see that an attractive home plus attractive marketing is the formula for success!

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. This article was provided by the California Association of Realtors. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Larry Weichman’s Blog

Larry Weichman’s Blog

Shared via AddThis

AN EMPOWERING RELATIONSHIP!

Sports agent.  Talent agent.  Insurance agent.  Real estate agent.  What significance does the label “agent” hold, and why is it important when buying or selling a home?

 Webster’s dictionary defines an agent as “a person, firm, etc. empowered to act for another.”  For an “agency” relationship to exist, there must be a “principal” and an “agent.”  The principal is the person who empowers another to act as his representative, while the agent is the person empowered to act.

In real estate, an agency relationship is created when a seller signs a “listing agreement.”  The seller gives the broker authority to act on his behalf to locate a purchaser. The agent must be loyal to his principal, exercise competence, and when negotiating a sale, the agent must protect the principal’s financial interests. The agent must also treat all third parties honestly and fairly.

It is also possible for an agency relationship to exist between a buyer and a broker.  When this occurs, the broker’s fiduciary loyalty is to the buyer, and all sellers must be treated honestly and fairly.  In that case, the agent attempts to secure the lowest price and most favorable terms for the buyer, his principal.

Whether buying or selling, it is critical to understand which parties make up the agency relationships.  If in doubt, ask the real estate agent for a clarification.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. This article was provided by the California Association of Realtors. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532 

3 More bank Repos Coming to the Market In Mesa Verde, Costa Mesa, California

We have 3 more bank repos coming to the market in Mesa Verde! This one is a 4 or 5 bedroom over 2,800 sq.ft. and the 2 car garage could be converted to a 3 car garage! Price has not been set by the bank yet! We think it will be coming on the market around $700,000! We also have 2 more in prime locations that we think will be coming on the market starting at $650,000 for homes that have at least 2,000 sq.ft. or more! To be the first to see these homes call me at 714-863-5739! Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. This article was provided by the California Association of Realtors. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Top Real Estate Broker Has Opening For 1 Agent!

 

Join Our Team Larry and Laurie Weichman are seeking agent of all experience levels to join our team as a Buyer’s Specialist. We offer each new team member the opportunity to learn directly from Larry and Laurie and their top team of agents.  Our team excels at selling real estate with proven systems and techniques that we have developed and fine-tuned. We ensure that every member of our team is successful by providing them with leads and the tools for converting each lead into a satisfied customer for life.   Our team concept offers administrative support to handle the productive work so that all of our agents can focus on what they do best- selling homes. We truly believe that your success depends on the people you surround yourself with and the mentor you select.  Make the choice today to become a part of a highly successful team and call 714-241-4532 to talk to Larry and Laurie and schedule a confidential meeting today! If you prefer, please fax us your contact info to 714-242-SOLD or send us an email larry@teamweichman.com with your contact information and we will contact you.

Join a Winning Team! The Weichman Team is seeking a few select professionals to join our expanding team,   residential real estate leader, Weichman Associates Realtors. We strive to focus the collective talents, expertise and experience of all team members as a resource for our clients and customers, and to create an environment in which each team member can grow professionally and be successful, productive and fulfilled. From our office in Costa Mesa, we serve all of Orange County Some of our core values: Training and Technology: The Weichman Team is committed to helping you maximize your potential in the real estate business. We believe that team members can achieve their highest potential if given the tools and environment for success. We are committed in employing the best technology without sacrificing personal service. Quality of Life: We assist you in the development of your time management and goal setting. We will help you in setting client expectations so you don’t have to work 24 hours a day, 7 days a week. We believe that work should be fun, and we value creativity and commitment to each other in a team-oriented environment. Business Ethics: We adhere to the highest standards of ethics, integrity and honesty. We strive to be a good corporate citizen and encourage involvement by all team members in the community and the world at large. We are particularly sensitive to maintaining and growing our reputation, and accordingly we are seeking individuals with the highest integrity, professionalism and commitment to excellence. If you feel your qualifications meet our requirements, please apply online today!   Here are our current openings:   Full-time opportunities:   “Earn While You Learn” Position Description We have openings for people who want to make real estate sales their primary full-time career. No experience or prior sales experience is required. If you have the drive, motivation and ambition, we can teach you the skills you need to be successful in this business. Candidate Profile - Career Minded - Articulate - Goal Oriented - Self-motivated - Ambitious - Professional Attitude - Energetic - Great People Skills - Good Computer Skills - Proficient in E-mail and Internet Usage - Excellent Driving Record No real estate license is required for interviewing; however it will be required for hiring and commencement of sales training. If you do not have your real estate license yet, give us a call. We can provide you with any information you need on the schools in your area that offer the approved Real Estate Pre-Licensing Course. Submission Guidelines: Please email your resume to  larry@teamweichman.com..  No Phone Calls please. Those who disregard this request will be politely declined for further consideration. Due to the high volume of resumes we will not be able to respond personally to everyone. Buyer Agent Position Description 1 year experience or more in residential sales or rentals preferred. The Weichman Team offers the opportunity to earn an excellent income in a high-energy, hip, and fun environment. Our sales require excellent negotiation techniques, time management skills, computer proficiency and superior people skills. Benefits, Services, Support and Marketing Tools We are known for setting new standards for home buying and selling by using cutting edge technology, building teams of successful professionals and providing world-class customer service. You will maximize your time and production by using the technology and marketing tools we have in place for you. The Weichman Team provides a dynamic work environment that includes; * State-of-the-art computer and phone systems * Lead generation Programs and Marketing support * Well-trained Office Support Staff * High-profile Location Job Requirements * Active CA State Real Estate License * Familiarity with most Orange County neighborhoods * Basic computer and Internet skills * Bachelor’s Degree in Sales/Marketing (a plus) * Experience in another sales industry (a strong plus) * Possess above average integrity * Self-motivated Please email your resume to  larry@teamweichman.com..  No Phone Calls please. Those who disregard this request will be politely declined for further consideration. Due to the high volume of resumes we will not be able to respond personally to everyone.

     

(714) 241-4532

Toll Free (800) 283-1765 Ext.0

A Tradition of Success

1525 Mesa Verde Drive East, Suite 111,
Costa Mesa, CA   92626-5221

Copyright© 1997-2009
TeamWeichman.com 

Costa Mesa Country Club to offer Tennis and Swim Camp

Summer 2009 Tennis & Swim Camp For Children of all ability levels from ages 5-16 Camp is held Monday – Friday Tennis Instruction from 9 am – 12 noon Supervised Free-Swim from 12 – 3 pm Certified Lifeguard on Duty Tennis Camp Counselor also present during Free-Swim    SESSION  DATES June 22 – 26 June 29 – July 3 July 6 – 10 July 13 – 17 July 20 – 24 July 27 – 31 Aug 3 – 7 Aug 10 – 14 Aug 17 – 21 Aug 24 – 28 Aug 31 – Sept 4 Please bring a sack lunch to camp each day! Drinks are provided.  $225 Non-Members / per week for TENNIS & SUPERVISED SWIM  $215  Non-Members / per week for TENNIS ONLY  Make check payable to Randy Myers and mail to:RANDY MYERS TENNIS SHOP  3000 CLUB HOUSE RD. COSTA MESA, CA  92626   To sign-up your Child / Children please provide: PARENT NAME / PHONE / COMPLETE ADDRESS / ZIP NAME & AGE OF CAMPER(s) SESSION DATES For additional information or questions call Randy at:  (714) 540-8633

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. This article was provided by the California Association of Realtors. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532 

New Foreclosure Alternative Program Just Annouced!

Good news from Washington, D.C., today. The Obama administration announced new details under its Foreclosure Alternatives Program (FAP) enabling servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a Making Home Affordable modification but does not qualify or is unable to successfully complete the three month trial period. The program, effective through 2012, requires that prior to proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

We’re gratified that the administration has recognized the need to streamline the short sale and deeds-in-lieu processes, and has provided viable options to homeowners who have fallen behind on their mortgages but owe more than their homes would sell for in today’s challenging market. We also appreciate the efforts of our colleagues at NAR for keeping this issue front and center in our nation’s capital.

Incentives in the FAP program include $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; $1,500 for borrowers/homeowners to help with relocation expenses; and up to $1,000 toward the cost of paying junior lien holders to release their liens ($1 from the government for every $2 paid by the investors to the second lien holders).

The FAP includes streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter to minimize complexity and increase use of the short sale option. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements, based on an appraisal or one or more broker price opinions, issued no more than 120 days before the date of the short sale agreement.
 

In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. The property also must be listed with a licensed real estate professional with experience in the neighborhood, and no foreclosure may take place during the marketing period, of at least 90 days, as specified in the Short Sale Agreement.

The Short Sale Agreement also must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.  Servicers may not charge fees to borrowers/homeowners for participating in the program. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement, plus any extensions.

Additional details will be forthcoming. Please check back for updated information as it becomes available.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. This article was provided by the California Association of Realtors. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532 

Costa Mesa Fish Fry is Coming May 30 & 31, 2009!

Costa Mesa Fish Fry is Coming May 30 & 31, 2009! 

62nd ANNUAL COSTA MESA/NEWPORT HARBOR LIONS CLUB FISH FRY 62nd Annual Costa Mesa/Newport Harbor Lions Club Fish Fry!!! Fish dinners!!!! Stage Shows!!!!!!! Baby Contest!!!!!!!!! Prize Drawing!!!!!!! And so much more! me out for tons of food, fun, games, rides & entertainment on Saturday, May 30 and Sunday May 31. This event will be held at 18th Street & Lions Park – the same location as always!!!!!! Saturday hours are from 11am – 10pm and Sunday from 11am – 9pm. Mark these dates on your calendars now so you don’t forget, this event is definitely a local community favorite! Be sure to come down for the great fish and hamburgers! See you at the event! Carnival Rides Open at 11:00 a.m. Saturday – May 30th 3:30/4:00 Raffle 8:00 Raffle Sunday – May 31st 2:00/3:00 Baby Contest 3:00/3:30 Raffle 8:00 Raffle Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

NO “CHICKEN LITTLE”

If you’re a homeowner, what do falling prices mean to you? You might assume that it’s a bad time to sell. But guess what? It could mean it’s the perfect time to buy the home of your dreams! Do the math, and you see that market downturns can actually work in your favor. Homes are listing at prices that are truly affordable. If you’ve already built equity in your current home, you could parlay that into the purchase of a terrific property. When prices do rise again, and you know they will, you will have made an excellent investment for the future. If the home you really want was previously offered at $500,000 but the price has fallen – let’s say 20% to $400,000 – that’s a sweet deal, even if your own home has lost some value. In any home purchase, there are usually some concessions: location, style of architecture, or any number of features. If you made some concessions when you bought your current property, and you can replace the negatives with the positive features you’ve found in another home, now is the time to make your move! Once the market turns around – and again, you know it will – you’ll find your appreciation will be greater in the new, larger home. It’s an upgrade at an opportune time that makes good investment sense. Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532