A "Short Sale" is when a home seller sells his home for a lesser amount than what is owed on his mortgage, and the mortgage lender agrees to accept the lesser amount in lieu of a full payoff. By way of example, a Short Sale may be appropriate for a home seller whose mortgage balance is $250,000 but whose home wouldn't sell for more than $220,000. Rather than pay the $30,000 difference to the lender at the time of sale, the seller enters into an agreement with the lender by which all sale proceeds are paid to the bank and the deficient balance is forgiven.
Short Sales are a preferable alternative to foreclosure but the process still harms both parties. For one, the seller is penalized with a derogatory trade-line on credit for not fulfilling a mortgage obligation. And, two, the lender is forced to take a loss on a mortgage loan. Versus an executed foreclosure, however, Short Sale damages are relatively limited on both sides.
For this reason, Short Sales are sometimes considered "the economical alternative" to default. The process of getting a Short Sale approved varies from lender-to-lender and can be time-intensive. Home sellers should not go at it alone -- speaking with a real estate agent about the proper protocol is usually the best place to start. And sellers should be aware of how a Short Sale on their credit can impact future borrowing.
Current Fannie Mae guidelines prevent short-selling homeowners from obtaining new mortgage financing for a period of 2 years. FHA may be a shorter length of time. Call me for details if selling by a short sale works for you, at 714-241-4532.
Tuesday, February 2, 2010
What is a Short Sale?
Tuesday, December 22, 2009
Little Steps Up To The Leap!
As you've already read here, conditions are ripe to become a homeowner, and it's time to determine if you're ready to make the leap. While the price of the home is the largest factor, don't forget about loan fees and closing costs, which add to your total financed amount.
Since banks are stricter in their lending, Step One is to polish up your credit report. A higher score gives you more power when it comes to negotiating terms and interest rates.
Similarly, a larger downpayment will positively affect your mortgage terms and reduce the amount you have to finance. If you can't manage 20% down, you will likely have to pay a monthly mortgage insurance premium.
Upon preapproval from a lender, you'll know how much loan you qualify for, and how much is required for the downpayment. It's best to secure preapproval before you begin looking at homes, especially since sellers will see your offer as a solid one worthy of consideration.
In addition to newer fees being assessed on loans to less than stellar applicants, there are standard closing costs associated with the purchase, including appraisals, legal fees, credit reports and more. All are included up front on your settlement statement and some may be negotiable. Contact an agent today to get the ball rolling and find out how much home you can afford.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
Thursday, December 17, 2009
Here is the video from the 2009 Polar Express in Costa Mesa!
For those of you that missed this years event, take a moment and enjoy the video! Hope to see you at next years event!
Merry Christmas The Weichman's
Sixth graders from Costa Mesa commit random acts of kindness!
We are so proud of this Weichman Realtor's client! He is one of the fine teachers at our Costa Mesa schools! Please read this article courtesy of the Orange Count Register!
A good deed could involve opening the door for a senior, making a card for a child coping with an illness or treating a struggling neighbor to dinner.
For 34 Adams Elementary School sixth-graders, it meant committing random acts of kindness at the Target store on Harbor Boulevard in Costa Mesa this morning.
Divvied into groups of four, the students - who collected recyclables and got $100 for the bottles - went up to random strangers and gave them $25 gift cards to continue passing on the love.
One group of kids marched to the back of the store in search of their stranger. They whipped around and followed a couple that eventually stopped to hear the kids' message of paying it forward.
"We're surprised to see all of the kids," said shopper Veronica Rabago, who along with her husband Ecequiel seemed stunned to receive the gift from the gaggle of children.
They had raised enough money to purchase $25 for random strangers, the students read from a letter. In turn, the recipients were encouraged to do something nice for three other people that day.
Their teacher Matt Broesamle wanted to teach them the concept of paying it forward, especially during the holidays, and to remind them that despite their socio-economic backgrounds, they should be grateful for what they have in their lives.
"I just love giving things away," he said. "It feels so much better to give than get things."
The children decorated boxes and collected $95 worth of plastic bottles. Broesamle added in some money, rounding the collection to $100 - enough to buy four gift cards for their project. Adams students also recently sold 600 candy grams and raised $300 for patients at Children's Hospital of Orange County.
"(Broesamle) is phenomenal at creating a culture of responsible students and citizens," said Principal Candace Cloud.
The act of kindness was swift. The children gave out the cards and regrouped at the front of the store, twittering about the events. Many of them said they would go home and continue to do nice things for their family members.
Eleven-year-old Anthony Banos of Costa Mesa said he felt great after giving the card to a random woman who was shopping for her children. The stranger was on the verge of tears, Banos said.
"I feel a hug coming on," Banos told the lady, who promptly gave the boy a hug and thank you.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
Coyote Activity Bullet
City of Costa Mesa Police Department Animal Control COYOTE ACTIVITY BULLETIN
This bulletin is to advise and warn residents about coyote activity in the Costa Mesa area. Several residents have lost their pets to these skilled predators because they were not aware of coyote activity in the area. Others are concerned about recent sightings and the potential consequences of predatory animals within the urban environment.
Coyotes are found in ALL areas of Orange County. They are a native animal and a critical component of the ecosystem. Contrary to popular belief, these animals do not require open space or wild areas to survive. In fact, most coyotes within the urban setting are the offspring of generations of coyotes who lived and flourished in the urban areas of Orange County.
Though they are far from domesticated, coyotes are very comfortable living alongside human beings. They have little fear of man and are frequently seen in close proximity to joggers, bikers, and inside residential areas. While not normally a danger to human beings, coyotes will display defensive behaviors if threatened or cornered, therefore, it is important to leave a comfortable distance between you and a coyote. Small pets can easily become coyote prey. Cats and small animals should not be allowed outside alone, even in a fenced yard. It is highly recommended that their owner always accompany small pets. Though coyotes generally hunt between sunset and sunrise, they can be observed at all hours of the day and will not pass up the opportunity for an easy meal. A dog or cat can be taken from a backyard enclosed by a six-foot high fence or wall in a matter of moments.
The following steps can be taken to protect you and your pets from nuisance animals like coyotes and other wildlife:
• Fence off animal enclosures (fully enclose if possible).
• Keep cats and small dogs indoors or in the close presence of an adult.
• Feed pets indoors.
• Store trash in covered heavy-duty containers.
• Keep yards free from potential shelter such as thick brush and weeds.
• Enclose the bottoms of porches and decks.
• Eliminate potential food and water sources, such as fallen fruit and standing water.
If you do encounter a coyote that behaves aggressively, you have probably gotten too close to its prey or its family. Increase the comfort zone between you and the coyote. Coyotes behave in a manner similar to domestic dogs that are defending their territory and family. All children should be taught from a very early age that they should avoid strange animals, whether domestic or not. They should never attempt to feed a wild animal and they should be instructed on coyote safety, such as discussed here.
If coyotes begin frequenting your neighborhood, let them know they're not welcome. Make loud noises, throw rocks or spray them with garden hoses. For everyone's safety, it is essential that coyotes retain their natural wariness of humans.
Eradication and/or relocation of the urban coyote is not effective. These types of programs actually provide a vacuum in nature that causes these animals to have even larger litters and ultimately increase the coyote population. Coyotes are beneficial in keeping balance within the ecosystem by controlling the population of other small animals and rodents.
If you need help with an animal control issues you may call any of the following:
For routine Animal Control Calls (24 hours):
For Animal Licensing and other animal control issues, call (Business hours):
For information regarding animal control and enforcement issues you can call (24 hour voice mail):
Animal Control Officer Art Beames 714 754-5163
Animal Control Officer Anna Rodriguez 714 754-5309
We just had a client on Jacaranda have a small cat taken the other day and one of our agents who was walking in Fairview Park in the evening also had a run in with a coyote while walking his dog.
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors. Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit www.TeamWeichman.com for the latest news and information on the Orange County real estate market.
Diane Majerski 714 754-5188
CMPD Communications: 714 754-5252
If You Need Help
Use Negative Reinforcement
COYOTE ACTIVITY BULLETIN
City of Costa Mesa
Police Department Animal Control
If Confronted by a Coyote
Steps You Can Take
Protecting Your Pets
Friday, December 11, 2009
Larry Weichman Named As Chairmen to Costa Mesa Chamber of Commerce
I have just been appointed to chair the board this next year for the Costa Mesa Chamber of Commerce. My firm has belonged to the chamber of commerce since 1976. Being a long time community supporter of Costa Mesa I am honored to take the lead position for 2010! We have many great programs at the chamber for our business partners and we have several more exciting ones coming in 2010 so stay tuned! Please visit the chamber's site for information on a free program to help reduce your cost of prescribed drugs.
Membership Benefits
The mission of the Costa Mesa Chamber of Commerce is to be the leading proponent for the interests of local business, which include the prosperity of its individual members, the vitality of its marketplace and the quality of its community life.
Advocate for Business
Involved with issues on local, county, state and national levels, the Chamber is the leading proponent for the interests of local businesses.
Referral Service
All inquiries received at the Chamber are referred directly to Chamber members first.
Networking
Weekly luncheon leads group. Plus monthly business breakfast and business after hours mixer offering substantial networking opportunities.
Community Development
Benefiting all members of the community with groups such as the Legislative Committee. Preparing students for the workplace through partnerships between businesses and schools and by providing scholarships for students attending Orange Coast College.
Business Retention Economic Development
The Chamber is a primary contact for information and direction for businesses relocating into the city or expansion of existing businesses.
Free Publicity
A "New Member Profile" detailing your business published in the Chamber newsletter, The Business Outlook. Plus, an announcement of your membership published in the Daily Pilot newspaper with a circulation of over 30,000.
Additional Benefits of Membership
Annual membership plaque for display at your business
- Low cost advertising in Chamber newsletter
- Membership roster on disk
- Discounted Southern California Automobile Club membership (first year)
- Internet listing with hyperlink to your website
- Associate Membership in the US Chamber of Commerce for qualified businesses
- Free 6-month membership at Employers Group for qualified businesses
Other Chamber Activities Include
- Costa Mesa Hall of Fame
- Student Awards Breakfast
- Public Safety Recognition Barbecue
- Costa Mesa Community Golf Tournament
- Ribbon Cuttings
For further information on joining the Chamber please contact Tom Brennan 714/885-9093 or click here to access an membership application.
