When a homeowner faces default on their mortgage, there may be two options: foreclosure or short sale. Foreclosure can be devastating, both emotionally and financially. A short sale, or one in which the lender accepts a selling price less than the amount owed, is a better option for both the lender and the homeowner. Regrettably, nearly seven out of ten homeowners proceed through foreclosure without ever listing their home for sale. This is due largely to perceived myths about the process, and we need to put a few of these misconceptions to rest. First, homeowners assume the bank would rather foreclose than accept a short sale. Not true – foreclosure is often more costly for the lender, and short sales often sell for more than foreclosed listings. The banks are trying anything possible, within reason, to avoid the foreclosure process. Next, homeowners believe there is a stigma attached to short sale listings, and that buyers have no interest in such properties. Not true – to the contrary, many smart buyers are specifically seeking out such offerings for the value they present compared to traditional listings. Finally, homeowners often assume that there’s not enough time to close a short sale before foreclosure is final. Not true – foreclosure is a lengthy process and there is time to negotiate a better result, but you need to start today.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
An article appeared recently in the New York Times that beautifully illustrates the opportunities today’s real estate market offers. A mother working two jobs saved up for a down payment and managed to buy a large home with a pool for $187,000. Three years ago, that same home had sold for $370,000!
While sellers are still feeling pressure, buyers with stable incomes and good credit histories are beginning to spread a “feel good” vibe throughout the industry. Conditions have literally never been better for first-time buyers. Affordability has seldom been higher and interest rates have hardly been lower. Selection of inventory is vast, and sellers are highly motivated.
As more buyers enter the marketplace, the ripple effect will be felt far and wide. When they purchase a highly affordable foreclosure or “short sale,” they have removed a distressed property from the listings, improving values for other homes in the area. When they buy a “traditional” listing, that in turn sets off a chain reaction whereby the sellers in turn will purchase another home, from sellers who will in turn buy another home, and so on and so on.
You probably get the picture now. As we approach some stability in real estate, all indications are that prices will begin rising again. As the market approaches recovery, don’t miss your opportunity for the buy of a lifetime.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.
The conclusion of the first half of the 2009-10 legislative session has brought many new laws that may affect California REALTORS® and their clients. Not surprisingly in the subprime aftermath, prominently featured among the new laws is stricter regulation of the mortgage lending industry.
REO Buyer Can Select Escrow and Title: Effective October 11, 2009, the Buyer’s Choice Act prohibits an REO lender selling residential property up to four units from directly or indirectly requiring the buyer to purchase escrow services or title insurance from any particular company. A buyer, however, who has received written notice of the right to make an independent selection, may agree to the REO lender’s escrow or title recommendations. An REO lender that violates this law can be held liable for three times the charges the buyer incurred, whereas a violation by the seller’s agent may be subject to license disciplinary action. This law expires on January 1, 2015. Assembly Bill 957.
No Advance Fee Loan Modifications: Starting October 11, 2009, a new law prohibits anyone from claiming any compensation for negotiating or arranging a loan modification until after that person fully performs each and every service as promised. Aimed at combating loan modification scams, this ban applies to upfront fees collected by real estate agents and attorneys. The ban expires on January 1, 2013. Also effective immediately, anyone who negotiates or arranges a loan modification must give the borrower a specified notice that paying a third-party for loan modification services is unnecessary. These new requirements apply to mortgage loans secured by residential property up to four units, with certain exceptions for lenders and loan servicers acting on their own behalf. Violations can be penalized by, among other things, a $10,000 fine plus one-year imprisonment for individuals, or a $50,000 fine for businesses. Real estate brokers with existing Advance Fee Loan Modification Agreements reviewed by the Department of Real Estate (DRE) can no longer, as of October 11, 2009, enter into these agreements or collect advance fees. Agreements entered into and advance fees collected before October 11, 2009 are not affected. For the DRE announcement, go to http://www.dre.ca.gov/pdf_docs/SB94WebAnnouncement(brokers).pdf. Senate Bill 94.
Advance Fee Redefined: Aside from loan modifications discussed above, Senate Bill 94 also broadens the definition of an advance fee which must be specially handled by real estate agents, such as by submitting an advance fee agreement for DRE review and placing funds received into a broker’s trust account. Under the new definition that took effect on October 11, 2009, agents cannot separate advance fees or services into components to avoid the advance fee requirements. More specifically, an advance fee is now defined as “a fee, regardless of the form, claimed, demanded, charged, received, or collected by a licensee from a principal before fully completing each and every service the licensee contracted to perform, or represented would be performed.” Exceptions include advertisements in newspapers of general circulation, tenant prescreening fees, and tenant security deposits. Senate Bill 94.
Mortgage Loan Originators Regulated: Beginning in December 2010, a real estate licensee acting as mortgage loan originator must obtain a license endorsement, which entails education, written testing, and reporting requirements. A mortgage loan originator is anyone who, for compensation or gain, takes a mortgage loan application or offers or negotiates terms of a mortgage loan for residential property containing one-to-four units. Exemptions include real estate agents who only engage in selling, buying, or leasing activities, unless compensated by a lender or mortgage loan originator. This license endorsement requirement comports with the creation of a Nationwide Mortgage Licensing System and Registry under recent federal law. Finance lenders and residential mortgage lenders under the Department of Corporation must also register in the nationwide system. Additionally, if a real estate broker or the broker’s salesperson makes, arranges, or services loans secured by residential property containing one-to-four units, the broker must notify the DRE by January 31, 2010 or within 30 days of commencing such loan activity, whichever is later. Senate Bill 36.
Mortgage Broker Activities Restricted: Commencing January 1, 2010, a mortgage broker will be deemed a fiduciary with a duty to place the borrower’s economic interest above his or her own. This fiduciary duty pertains to a mortgage broker who makes loans secured by residential property of one-to-four units. Also starting January 1, 2010, the law will strictly regulate higher-priced mortgage loans as defined, including requiring upfront disclosure if a mortgage broker only arranges higher-priced mortgage loans, restricting prepayment penalties and yield spread premiums, prohibiting negative amortization, and prohibiting mortgage brokers from steering borrowers to higher-cost loans. Assembly Bill 260.
Appraisal Industry Oversight: The Office of Real Estate Appraisers (OREA) will have regulatory oversight of appraisal management companies, which gained prominence after Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC). Starting January 1, 2010, the OREA must implement a registration system for appraisal management companies, including fingerprinting and background checks for persons with operational authority as defined. On a separate note, this law clarifies what conduct constitutes improperly influencing the appraisal process by anyone with an interest in a real estate transaction. Such prohibited conduct includes withholding or threatening to withhold an appraisal fee, withholding or threatening to withhold future appraisal business, and promising future business, promotions, or compensation. Senate Bill 237.
Mortgage Fraud Becomes a State Crime: As of January 1, 2010, anyone who deliberately makes any misrepresentation or omission during the mortgage lending process with the intent of influencing that process will be guilty of mortgage fraud under California law. A violation of this law is a crime punishable by one-year imprisonment. Under existing federal law, loan fraud against a federally-insured lender is a crime punishable by a $1 million fine, plus one-year imprisonment (18 U.S.C. section 1014). Senate Bill 239.
Increase in Homestead Exemptions: Coming into effect on January 1, 2010, the homestead exemption protecting a homeowner’s equity from judgment creditors has been increased by $25,000 across the board to $75,000 for individuals, $100,000 for married couples or family units as specified, and $175,000 for persons over 65 years, disabled, or over 55 years with limited income as specified. Assembly Bill 1046.
60-Day Notice to Terminate Tenants Extended: Existing law generally requiring a 60-day notice to terminate a month-to-month residential tenant, which was originally slated to sunset on January 1, 2010, has been extended indefinitely. A 30-day notice to terminate is sufficient if the tenant has lived in the property for less than one year, or if the landlord has sold the property and certain requirements are met as specified in our standard-form Notice of Termination of Tenancy (C.A.R. Form NTT). The 60-day notice requirement does not apply to fixed-term leases, such as a one-year lease. Other laws address tenants in properties foreclosed upon. Senate Bill 290.
Other Significant Laws: Other new laws that may interest REALTORS® include, without limitation, the following:
Landlord Utilities: Requires certain utility companies to notify residential tenants of landlord’s past due accounts and upcoming shutoffs, and allows tenants to begin service in their own names and deduct payment from rent (Senate Bill 120).
Mobilehome Parks: Prohibits management from requiring a homeowner to use a specific broker or dealer when replacing a mobilehome or manufactured home on a space in a mobilehome park (Senate Bill 804).
Swimming Pools: Requires anti-entrapment devices for owners of apartment buildings, condominium complexes, and others, including the filing of compliance statements (Assembly Bill 1020).
Mechanic’s Liens: Provides new procedures, including service of a Notice of Mechanic’s Lien to the owner and mandatory recording of a lis pendens when enforcing a mechanic’s lien (Assembly Bill 457).
Low Water-Using Plants: Renders unenforceable any HOA provision prohibiting landscaping with water-efficient plants in common interest developments (Assembly Bill 1061).
Reverse Mortgages: Provides new disclosure and other requirements under the Reverse Mortgage Elder Protection Act (Assembly Bill 329).
Disposal of Records: Shields from liability businesses that dispose of abandoned records containing personal information by shredding or erasing, and gives a legal presumption that a tenant owns records remaining on the premises after tenancy termination (Assembly Bill 1094).
Plumbing Fixtures: Provides new disclosure and other requirements for water-conserving plumbing fixtures effective on or after January 1, 2014 (Senate Bill 407).
This information is courtesy of the California Association of Realtors.
Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry also has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his 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 1,100 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
Purchase This Repo In Costa Mesa California Before It Hits the Market! Try $400,000 on this 4 Bedroom Home! I just found this home! We think it may be purchased around $400,000! Check out this video! For questions please contact 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. 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
When you hear the term “home inspection,” you’re likely to think of the electrical system, plumbing, roof and foundation, and smaller items like cracked windows or drafty doors. However, it’s the elements in the home that cannot be seen that demand special attention on the part of buyers and sellers and the inspector they choose.
First, there’s radon, a colorless and odorless gas that seeps up from the ground and has been labeled as a cause of cancer. Any home, but particularly those with basements, should be tested for high levels of this gas.
Next is asbestos, a fibrous material once used for insulation, but banned in 1985. Homes built before then should be tested, and care should be exercised not to disturb this material when remodeling these older homes.
Another threat is lead, a toxic metal that was widely used in paint, pipes, and other materials. Any home built before 1978 should be tested for its presence, and any lender offering HUD-insured mortgages will require a lead-safe certification for these older structures.
Another culprit is groundwater contamination, a particular concern for homes with older septic systems or underground oil tanks, or homes near industrial facilities. Also search for hazardous products stored in and around the home, making certain that they are removed before transfer of the property to new owners. Be smart and be safe!
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
Almost-unbelievable deals can be located among the Homes in Foreclosure in Huntington Beach. If you’ve been needing a larger home with more upscale features, now is the perfect time to investigate your choices. Perhaps you are a first-time home shopper. Right now, these 16 foreclosed homes can be obtained for between $159,000 to $1,400,000, so folks of all income levels can probably locate Huntington Beach foreclosure real estate that accommodates their requirements. Huntington Beach foreclosures are attracting plenty of interested buyers, so start browsing now!
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
Huntington Beach Historical Society’s Civil War Days
Huntington Central Park
7111 Talbert Ave.
Huntington Beach, CA 92648
Phone: 714-969-8928
Dates & Times:
September 05 – September 06, 2009; Every day (8 a.m. to 4 p.m.)
Civil War Days features live weapons demonstrations, living histories and battle reenactments. Abraham Lincoln will also deliver the Gettysburg Address to celebrate his 200th birthday. All refreshment proceeds benefit the Huntington Beach Historical Society. Saturday 10:00 a.m. – Camp open to public 1:30 p.m. – First battle 2:30 p.m. – Living history and weapons demonstrations 4:00 p.m. – Second battle Twilight concert after second battle Sunday 8:00 a.m. - Church services 9:00 a.m. – Camp opens 11:00 a.m. – First battle 12:00 p.m. – Living history and weapons demonstrations 2:00 p.m. – Second battle Please note these times are approximate. Due to loud noises during shows the Historical Society does not recommended bringing your dog to this event. Directions:
Reenactments will be held behind the library off Gothard Street between Slater and Talbert Avenue. Cost: Free Parking: Free
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
The Costa Mesa Summer Concert Series, saved from the chopping block by community donations, has announced its new pared down schedule.
The four-concert series will begin on July 28 with Incendio, featuring classical guitar music; the steel drums of Steele Parade on Aug. 4; the Fabulous Nomads, a surf band, on Aug. 11; and the Slim Tones, a blues rock band, on Aug. 18.
Due to city budget cuts the concert series was initially eliminated by the City Council. However, following donations from the Costa Mesa Community Foundation, the Costa Mesa Police Assn. and the Costa Mesa Fire Association, a smaller schedule was salvaged. Council members Wendy Leece and Katrina Foley led the charge to save the program.
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
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
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
Posted by lweichman 
Posted by lweichman 
Posted by lweichman 
LOOKING FOR THE INVISIBLE
The Costa Mesa Summer Concert Series, saved from the chopping block by community donations, has announced its new pared down schedule. 
HAF: Mortgage Protection Program
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!
lweichman