Larry Weichman's Real Estate Blog

DEVILS IN THE DETAILS

Weichman Associates- Realtors — Sat, 28 Nov 2009 01:00:07 -0600

When you receive an Offer To Purchase, you are likely to focus on the price. You might be ecstatic over a full price offer, but you should be aware how "contingencies" could affect the likelihood of success.

Almost every offer has a mortgage contingency, stating that the buyer will secure financing at a certain rate and for a certain term. Make sure these factors are realistic. A buyer seeking a 30-year loan at 4% with no points may be hedging their bets if your agent advises that these loans are typically written at 7% with 1.5 points. Unrealistic terms can allow the buyer to back out if they get cold feet or find another property they prefer.

Another sticky contingency more common these days is when a buyer states that they must sell their home before they can finalize the purchase of yours. There has to be a realistic time limit, so the buyer doesn't tie up your listing.

It's wise to respond with a "kick-out" clause that allows you to keep your home on the market while the buyers promote theirs, offering them a 72-hour period to fulfill the contract if you should receive another offer in the interim.

These two examples are just the tip of the iceberg, so sit and discuss each line of the offer with your agent before making your decision.

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry 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. 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 him at 714-241-4532

When are things going to return to normal in real estate?

Weichman Associates- Realtors — Thu, 19 Nov 2009 15:56:40 -0600

The question on everyone's lips is, "When are things going to return to normal in real estate?" Well, if the "normal" being referred to is the conditions and shady financial dealings that created the artificially inflated markets of five years ago, then we need to be thinking about redefining "normal."

The bad lending practices of the past are indeed making it more difficult now to secure financing, but try to understand that's not necessarily a bad thing. Those days of lower standards and easy money led us into this predicament in the first place. It's good for housing and for the economy when banks become interested in whether loans will be repaid.

In the "new" normal, home prices will stabilize, the number of sales will start gaining, and more people will again realize the benefits that homeownership offers, for both personal and financial security. With historically low interest rates, affordable prices, government incentives, and motivated sellers, the housing market is already experiencing the initial signs of recovery.

All of these factors combine to get first-time buyers excited about a purchase. As these consumers enter the market, they will trigger other purchases, and the chain of transactions grows. Expect your real estate representative to reveal a wide range of affordable choices and guide you toward securing the financing you need to make your dream come true.

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry 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. 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 or www.OCRepoBroker.com he can be reached at 714-241-4532.

PROTECT YOUR HOME AND YOUR WALLET

Weichman Associates- Realtors — Mon, 16 Nov 2009 12:51:01 -0600

If you own or plan to purchase a home, then you know that insurance is not just a luxury, it's a requirement. While you should not skimp on certain coverage items, there are some steps you can take to reduce your overall premium.

If you have a security system installed (and operating!), you might lower your premium by 5% or more. You'll just need to provide your insurer with a copy of your contract or latest statement. Also, while newer homes have smoke alarms already installed, hooking them up in an older home might also reduce your premium by as much as 10%.

Just like health or auto insurance, if you increase your deductible on homeowners insurance, you'll reduce your premium. Just be sure you're prepared to pocket smaller repairs like broken windows or damages from leaks.

If your policy is held by a company that also offers auto or health insurance, look into discounts for multiple policies. You could save a percentage on both your homeowners and auto policies, for example.

Another money (and time and stress) saver is to document everything in your home with a photographic inventory. Store photos, cds or videos in a fireproof box or, preferably, a safe deposit box off site. This will reduce the time and effort required to complete a claim, and guarantee an accurate replacement payment.

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.

Open House Sunday in Mesa Verde! Big 4 Bedrooms! 11,500 sq.ft. lot!

Weichman Associates- Realtors — Sat, 14 Nov 2009 13:02:42 -0600

Open House Sunday! Nov. 15th 12-3 PM!

Location: Costa Mesa, CA

Cute and cozy 4 bedroom, 3 bath home nestled in the lower bird streets of Mesa Verde. Home sits on over 11,500 sq. ft with views overlooking Fairview Park. Family room fireplace and wet bar. Scraped ceilings. Built-in bookcases in living room. Backyard features Bocce ball and horse shoe pit as well as area for gardening and rose arbor garden. Be the first to see this office exclusive!

Information

Contact Information

Larry Weichman

Larry@TeamWeichman.com

(714) 241-4532

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Pricing

Price: $935,000.00

Flexibility: Negotiable

Additional Pricing Information: OPEN HOUSE Sunday Nov. 15th! 12 - 3 PM!For additional information please dial 800-283-1765 and enter extension 2245!

Property Location

2757 Sandpiper Drive
Costa Mesa, CA 92626
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Features

Bedrooms: 4

Bathrooms: 3

Parking Spaces: 2 Car

Year Built: 1984

Subdivision: Mesa Verde

Lot Size: 11500

Garage Size: 2 Car

School District: Newport Mesa

Square Footage: 2600

Agent Name: Larry Weichman

Broker: Weichman Realtors

Attributes

Appliances

Range/Oven

Dishwasher

Interior Amenities

Fireplace

Wet Bar

Kitchen Island

Exterior Amenities

Patio

Fenced Yard

Grass Lawn

Secluded setting

Photo Gallery

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EQUAL HOUSING OPPORTUNITY

VFLYER ID: 2932692

Open House Today in Costa Mesa, CA

Weichman Associates- Realtors — Sat, 14 Nov 2009 12:47:06 -0600

Upgrades Galore!

Location: Costa Mesa, CA

Over the top 3 bedroom pristenely remodeled home nestled in the Mesa North community! Home can easily be converted back to a 4 bedroom.Add on Family room has bar and wood flooring. All windows are upgraded to dual pane. Kitchen contains corian counters and newer cabinetry. Wood shutters and ceiling fans throughout. Backyard has heated built in spa and gas BBQ grill.

Information

Contact Information

Larry Weichman

Larry@TeamWeichman.com

(714) 241-4532

Contact Reply Form

Forward to a Friend

View Other Flyers

Pricing

Price: $645,000.00

Flexibility: Negotiable

Additional Pricing Information: For additional information please dial 800-283-1765 and enter extension 2085!

Property Location

3058 Johnson Avenue
Costa Mesa, CA 92626
View Map

Links

Features

Bedrooms: 3

Bathrooms: 2

Year Built: 1962

Garage Size: 2 Car

School District: Newport Mesa

Square Footage: 2530

Agent Name: Larry Weichman

Broker: Weichman Realtors

MLS #: P706102

Attributes

Appliances

Range/Oven

Dishwasher

Sink Disposal

Interior Amenities

Fireplace

Hardwood Floors

Wet Bar

Exterior Amenities

Patio

Fenced Yard

Grass Lawn

Secluded setting

Tool Shed

Photo Gallery

View as Slideshow View Photo Gallery (8 Photos)

EQUAL HOUSING OPPORTUNITY

VFLYER ID: 2872879

Polar Express! Community Event Dec. 5 2009

Weichman Associates- Realtors — Sat, 14 Nov 2009 10:48:40 -0600

Don't Miss the Polar Express Train!

The Polar Express
Tradition Continues in Costa Mesa!

Weichman Realtors will be hosting the 3rd Annual Polar Express along with

Santa Claus and his Elves. Bring your Family and Friends!

Free Train Ride | Free Picture with Santa | Free Coloring Contest | Free Face Painting

When: December 5, 2009, 2:00-4:00 p.m.

Where: Goat Hill Junction /Fairview Park

2480 Placentia Avenue, Costa Mesa

Call the Polar Express Hotline to RSVP at:

877-444-2177 ext. 2009

Weichman Associates has joined forces with Costa Mesa Fire to Support Orange County's Toy Collaborative in conjunction with ABC7's Spark of Love and Toys for Tots Toy Drive!

If you would like to participate in this toy drive, please bring an unwrapped toy or gift card valued at $10. A donation is not required for this event but would be greatly appreciated.

DOLLARS VS. DAYS

Weichman Associates- Realtors — Sat, 14 Nov 2009 09:11:02 -0600

After you've taken step one to decide to sell your home, step two is usually setting your asking price, striving for a balance between generating offers and receiving top dollar.

Your chosen representative will perform a Competitive Market Analysis (CMA) to produce an estimate of your home's "fair market value," or that price that educated buyers will pay based on listings and sales of homes similar to yours. The agent will not establish the price, but only provide the information you need to make that decision yourself.

In a hot market, you have the advantage, but would still want to avoid overpricing, which is always unproductive. However, in a neutral or buyers market, you'll have to be particularly cautious in your approach to setting a price.

In soft markets, price reductions become more common, as well as fewer offers and longer listing periods. You have to first establish your priority: is it more important for you to sell quickly or to get the most money possible? Like it or not, one option simply must be more critical than the other.

Have a third party, like your agent, help you see your home as a commodity, with positive and negative selling points. Price your home objectively and competitively, be prepared to negotiate to reach an agreement with buyers, and exercise patience as you prepare your move.

Tax Credits for Buyers Get Extended and Expanded

Weichman Associates- Realtors — Thu, 12 Nov 2009 08:14:21 -0600

Tax Credits for Buyers Get Extended and Expanded

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

First Time Buyers

· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

· The tax credit does not have to be repaid.

· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

· The tax credit applies only to homes priced at $800,000 or less.

· The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Move-up Buyers

· To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

· The tax credit does not have to be repaid.

· The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

· The tax credit applies only to homes priced at $800,000 or less.

· The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

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

Frank And Sally Explain The First Time Home Buyers Tax Credit

Weichman Associates- Realtors — Wed, 11 Nov 2009 09:18:41 -0600

This should answer everyones question about the tax credit! It comes from an agent in Texas! Please take a moment to watcht this!

Via Matt Stigliano (RE/MAX Access - San Antonio Real Estate Rockstar):

Meet Frank and his agent, Sally.

In trying to come up with a simple breakdown of the First Time Home Buyer Tax Credit, I thought that video would be the answer. Since I've done a few for the previous tax credit, I wanted to find a new way to use video to explain it all. Enter Frank and Sally. In this video, Frank's agent Sally, helps him understand the basics of the First Time Home Buyer Tax Credit. In the future, Frank and Sally will be providing some much needed help to me, so that I might take some time off from blogging when they're able to pick up the slack.

If you'd like to use this video, just click on the video and locate the "Embed" text box on that page. Copy and paste...that's all there is to it. All I ask is that you attribute it back to me and RErockstar.com.

Frank and Sally are fictional characters who do not represent any persons living, dead, or animated. Sally is not technically licensed in any state other than the virtual world, but her real estate knowledge is based on Texas real estate (I taught her everything I know). Frank likes Metallica, but Sally is more of an easy-listening kind of gal.

All content ©2008-2009 by Matt Stigliano, Realtor® unless otherwise noted.

Matt Stigliano, Realtor® | RE/MAX Access | (210) 646-HOME | www.RErockstar.com

"Your all access pass to San Antonio real estate."

Connect with me on Twitter and Facebook.

Hurley Sale & Photo Day this Weekend Nov. 14,2009!

Weichman Associates- Realtors — Tue, 10 Nov 2009 11:49:37 -0600

KILLYBROOKE PTA

The Killybrooke PTA is trying to get the word out about our latest community wide fundraiser.

Hurley Surf Wear Sample Sale

Saturday, November 14th from 8am-4pm

Killybrooke Multipurpose Room

Bargain prices, $5 - $20, on a great selection of styles and sizes of clothing and accessories. Hurley has generously donated all their samples to the Killybrooke PTA so 100% of the proceeds go directly to the kids!

HALECREST PARK

NEW EVENT

Family Photo and Fun Day!

Saturday, Nov. 14^th from 10:00am-3:00pm

A professional photographer will be in the park taking family portraits. You can go home with an 8 x 10 picture that day for only $25.00. There will be activities for the kids and food booths. If your group would like to sponsor a snack table or children's activity please call the office. This is a fundraiser for our club. Appointments are recommended, we need 10 families to make it a go!

Call the office for an appointment, (714) 557-7234. This event is open to non members also!

Good News For First Time Buyers & Existing Homeowners!

Weichman Associates- Realtors — Fri, 06 Nov 2009 15:12:02 -0600

Homeowners win big with extension and expansion of federal tax credit

The U.S. House of Representatives voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate Nov. 5,2009 and now will go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was "the most important" or a "very important" factor in their decision to buy a home.

Myth Busting On Short Sales and Foreclosures!

Weichman Associates- Realtors — Thu, 29 Oct 2009 16:08:44 -0500

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.

A FIRST TIME FOR EVERYTHING!

Weichman Associates- Realtors — Sat, 24 Oct 2009 00:20:39 -0500

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.

NEW CALIFORNIA REAL ESTATE LAWS FOR 2009-10

Weichman Associates- Realtors — Fri, 16 Oct 2009 14:35:54 -0500

NEW CALIFORNIA LAWS FOR 2009-10

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.

PAUSE FOR THE PAWS

Weichman Associates- Realtors — Thu, 15 Oct 2009 22:42:26 -0500

With millions of dogs and cats as members of American families, there's a good chance that you've got pets sharing the home you're trying to sell. Since not everyone enjoys the company of animals, there are some measures you should consider taking before prospective buyers come over for a showing.

Pet odors are the biggest problem sellers face, but they can be easily minimized with thorough cleaning and vacuuming, and vigilant duty with the litter boxes. Black lights are available that help you to pinpoint the origin of any mysterious smells. It also makes a good impression if you pick up and store toys, bedding, and food and water bowls while your home is being shown to buyers.

If at all possible, take your dog(s) out with you when an agent brings visitors, or ask a friend or family member to keep your pet during the initial listing period. This will help reduce the stress on your pet at a time when showings are usually more frequent.

Another way to put buyers more at ease with their purchase is to offer a cleaning credit or allowance. Even if you're certain you'll remove all evidence of your beloved pets before vacating your home, the buyers may not share your confidence.

Why not offer these gestures of good will, thereby encouraging a better offer from the buyers?

Newly Listed Over The Top Home In Costa Mesa!

Weichman Associates- Realtors — Sun, 11 Oct 2009 13:58:46 -0500

Mesa Verde 4 Bedroom Home! Best Priced Home on the Market!

Weichman Associates- Realtors — Fri, 09 Oct 2009 08:46:54 -0500

Photo Gallery

Description

Nice Mesa Verde corner lot home! This home features 4 bedrooms, 2 baths and a dining room/kitchen combo!

Features

Bedrooms:	4
Bathrooms:	2
Lot Size:	7300
School District:	Newport Mesa
Square Footage:	1640
Agent Name:	Larry Weichman
Broker:	Weichman Realtors

Location

1658 Minorca Drive Costa Mesa CA 92626

vFlyer Id: 2854109

Battle of the Bell Pre-Game BBQ on Friday, October 16! Game Starts @ 7 PM

Weichman Associates- Realtors — Thu, 08 Oct 2009 12:11:27 -0500

Hello Football Fans! Costa Mesa United will be presenting the Battle of the Bell Pre-Game BBQ on Friday, October 16 from 4-7 p.m. Tickets are $10 each and include dinner catered by Newport Rib Company and a Live Band. Admission to the game is not included. Game time is 7 p.m. with the Eagles battling the Mustangs to bring the bell back to EHS! Join us for a great night of competition and community spirit.

Tickets purchased in advance from EHS Football Boosters benefit Estancia High School Football. Please let me know if you are interested and I will deliver the BBQ tickets to you prior to the big game.

Thanks in advance for your support! GO Eagles! LORI JARMACZ jarmacz@prodigy.net Please email Lori for tickets! This is a great event! Weichman Realtors has been a long time sponsor of Football in Costa Mesa and Costa Mesa United! Laurie and me hope to see you at the game! Larry Weichman

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 1,100 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

COSTA MESA PUBLIC SAFETY RECOGNITION BARBEQUE

Weichman Associates- Realtors — Wed, 07 Oct 2009 13:52:19 -0500

The Costa Mesa Chamber of Commerce

Weichman Realtors

present the

COSTA MESA PUBLIC SAFETY RECOGNITION BARBEQUE

11:00 a.m. - 1:00 p.m., Thursday, October 8, 2009

Orange County Fairgrounds Enter at Main Entrance near Administration Building

Recognizing Officers and Employees of the Costa Mesa

POLICE DEPARTMENT FIRE DEPARTMENT

&

COMMUNICATIONS CENTER

On duty or off duty all are invited to attend . . . enjoy lunch . . . and

free raffle drawing Police, Fire and Communications personnel.

Police, Fire, Communications Personnel: NO CHARGE

Chamber & Community Members: $10.00

Please R.S.V.P. - (714) 885-9090

If you would like to donate a raffle prize please call the Costa Mesa Chamber at the number listed above.

All donations are tax deductible. Sponsorships are also available at many different levels.

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Please join with us as we honor our Costa Mesa employee's

If you would like to donate or attend the event, please contact Larry Weichman 714-444-4663

Home Prices Buoyed by First-Time Buyers and Continued Tight Supply

Weichman Associates- Realtors — Sun, 04 Oct 2009 09:53:16 -0500

Low prices, historically low mortgage rates, and tax credit incentives offered to first-time buyers, provided support to the California housing market to remain solid in the late summer. Despite a decline of 5.1 percent from the prior month, the seasonally adjusted annualized sales of existing single-family homes in August exceeded 500,000 for the twelfth consecutive month, and increased 9.0 percent year over year to 526,970 from 483,400 in the same month of last year. For the first eight months of the year, sales were 38.2 percent ahead of last year on a year-to-date basis.

The August median price increased 2.6 percent month-to-month to $292,960 from a revised July figure of $285,480, but declined 16.9 percent from $352,730 in the same month of last year. The yearly decline, nevertheless, was the smallest in the last 20 months. In fact, the statewide median price increased for the sixth month in a row and the August median price was 19.5 percent above the recent low of $245,170 reached earlier this year in February.

The growth in price is due in part to the imbalance between supply and demand in the housing market. Although statewide sales were almost 40 percent stronger than last year on a year-to-date basis, inventory levels were 35.0 percent lower than a year earlier in August. The unsold inventory index was 4.3 months, a slight increase from 3.9 months a month earlier, but below the 7.0 month figure of a year ago. At 4.1 months, the 3-month average for the unsold inventory was well below the long run average of 7 months, and had been displaying a declining trend throughout the past 19 months.

Supply was especially tight at the low-end of the market. The unsold inventory index for homes that were priced below $500,000 was 3.4 months in August, as compared to 4.7 months for homes with price between $500,000 and $1 million, and 12.9 months for homes with price over $1 million. The unsold inventory index was at 7.0 months, 6.8 months, and 11.0 months respectively for the same month last year.

Tight inventory at the low-end market was largely attributed to the increase in the demand of entry-level homes by first-time buyers. Results from the latest CALIFORNIA ASSOCIATION OF REALTORS^®' (C.A.R) "Annual Housing Market Survey" suggest that nearly half of all buyers in 2009 are first -time buyers, up from 36 percent in 2008.

First-time buyers are motivated to buy now because of the tax credit incentive offered by the federal government. According to the C.A.R. "2009 First-time Home Buyers Tax Credit Survey", four out of ten (39 percent) first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. Over nine of ten first-time buyers (94 percent) were aware of the tax credit before they purchased their homes, and 72 percent planned to apply for the Federal First-Time Home Buyer Tax Credit when they file their taxes. The federal tax credit is a big factor in many first-time buyers' decision to purchase a home: 69 percent of those surveyed said that the federal tax credit was either "very important" or "most important" in their home buying decision now. The Federal First-Time Buyer Tax Credit is scheduled to expire on November 30, 2009, but a 6-month extension is under consideration at this time. An extension, if passed by the legislation, will undoubtedly contribute to the recovery in the California housing market.

Reprinted courtesy of California Association of Realtors

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 1,100 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

Update on the Federal Reserve Meeting

Weichman Associates- Realtors — Thu, 24 Sep 2009 00:02:18 -0500

Information received since the Federal Open Market Committee met in August suggests that economic activity has picked up following its severe downturn. Conditions in financial markets have improved further, and activity in the housing sector has increased. Household spending seems to be stabilizing, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing, though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will support a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability.

With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the Committee expects that inflation will remain subdued for some time.

In these circumstances, the Federal Reserve will continue to employ a wide range of tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt. The Committee will gradually slow the pace of these purchases in order to promote a smooth transition in markets and anticipates that they will be executed by the end of the first quarter of 2010. As previously announced, the Federal Reserve's purchases of $300 billion of Treasury securities will be completed by the end of October 2009. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

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

Texas Hold 'em Tournament! Fundraiser for youth programs supported by Costa Mesa United

Weichman Associates- Realtors — Wed, 23 Sep 2009 18:12:12 -0500

TEXAS HOLD'EM TOURNAMENT

$100 Entry Fee

Texas Hold'em

$20 buy backs first 3 hours

Unlimited $20 buy ins

Consolation Round

Sat., Nov. 14th 5:30 - 10:30pm

Hosted by Net Development: 3130 Airway Ave, Costa Mesa, CA

BENEFITING COSTA MESA'S YOUTH SPORTS

••• Play for the kids - Compete for the prizes•••

6:30 pm Tournament Begins

5:30 pm Registration / Check-In

Heavy Hors d' oeuvres & Cash Bar provided by Newport Rib Company

Contact: Jim Huffman

714-856-0571 for more information

(Black Jack & Craps)

$40 Entry Fee

Bunco

BONUS:

Fund Raiser: Benefiting Local Youth Programs

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

Check out this newly listed home in the Mesa Verde Collection! Open House Today!

Weichman Associates- Realtors — Sat, 19 Sep 2009 12:52:24 -0500

Check out this newly listed 4 bedroom home with 3 Bathrooms and a 3 car garage!

http://www.tempo.socalmls.com/SearchDetail/Scripts/PrtBuyFul/PrtBuyFul.asp?MlsNumList=P703799&prp=Mls&where=+&returnNumber=99&EmailAction=srml&reports=2&fixed=1&UidList=

To see this beauty please 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. 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 Circus is coming to Costa Mesa!

Weichman Associates- Realtors — Fri, 18 Sep 2009 13:02:44 -0500

The Big Top is coming to Costa Mesa! October 8th - Oct 12th! Check out www.Circusvargas.org. I have $5 off gift codes for children 10 and under! Call me at 714-444-4663 #103 for the codes to save online!

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

LOOKING FOR THE INVISIBLE

Weichman Associates- Realtors — Thu, 17 Sep 2009 17:35:28 -0500

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