Yorba Linda Homes with Nic Petrossi (714) 272-3646

Below is a list of all single family homesi in the 92886 zip code of Yorba Linda that have at least 1800 square feet and are under $1M.  This list is active and current as of 4/29/09.

Contact NIC PETROSSI with Prudential Ca Realty at (714) 272-3646 for all your Yorba Linda Real Estate needs.

npetrossi@yahoo.com

Click here for Nic’s website ————–>    Yorba Linda Homes & Yorba Linda Real Estate

P683622	A	16		H	T	Q	SFR	D	4821 Torida Way	YL	85	92886	739J4	OTHR/*	5	2/1	1	0	2,015	1963	$464,900	19
2	S571044	A	13		H	T	Q	SFR	D	4301 La Cuesta Cir	YL	85	92886	740A3	OTHR/-	4	3/2	2	2	2,100	1975	$499,000	14
3	P643390	A	6		H	T	Q	SFR	D	5692 Trail View Pl	YL	85	92886	740A6	OTHR/0	4	2/2	1	2 A	1,864	1963	$579,000	297	*
4	P680150	A	18		H	T	Q	SFR	D	5611 Brookhill Dr	YL	85	92886	740E5	OTHR/*	4	3/1	2	2	2,011	1968	$589,000	42
5	M110154	A	1		H	T	Q	SFR	D	5731 Placerville Pl	YL	85	92886	740F6	OTHR/0	4	3/3	2	3	2,427	1973	$599,000	203	*
6	P681200	A	13		H	T	Q	SFR	D	5621 Shady Glen Pl	YL	85	92886	740F5	OTHR/a	4	2/2	1	2	1,910	1976	$599,000	34	*
7	P678493	A	15	V	H	T	Q	SFR	D	17351 La Collette Pl	YL	85	92886	739J5	OTHR/-	5	3/1	1	2 A	2,200	1963	$599,500	54
8	P684190	A	15		H	T	Q	SFR	D	4381 Casa Oro Dr	YL	85	92886	739J3	OTHR/0	4	2/1	1	2 A	1,909	1965	$599,900	19
9	P683380	A	15	V	H	T	Q	SFR	D	5100 Webb Pl	YL	85	92886	740A4	OTHR/*	4	3/3	1	2	2,331	1980	$599,950	20
10	P685121	A	14		H	T	Q	SFR	D	17080 Wabash Ave	YL	85	92886	739J2	OTHR/*	4	3/2	2	3 A	2,003	1986	$609,900	2
11	P684610	A	17		H	T	Q	SFR	D	17400 Ridgedale Ln	YL	85	92886	740A2	OTHR/0	3	3/2	2	2 A	1,953	1985	$625,000	8
12	P681388	A	20		H	T	Q	SFR	D	5291 Los Altos Dr	YL	85	92886	740C5	FRTR/@	4	2/2	1	3 A	2,253	1965	$635,900	33	*
13	P672636	A	8		H	T	Q	SFR	D	4580 Via Lourdes	YL	85	92886	740G3	EPH2/5	3	3/2	2	2 A	2,200	1987	$648,888	97	*
14	P631631	A	11		H	T	Q	SFR	D	16752 Loie St	YL	85	92886	739H3	OTHR/0	3	2/1	1	2 A	1,831	1961	$649,000	385	*
15	P675570	A	18		H	T	Q	SFR	D	4700 Via Del Buey	YL	85	92886	740F3	EPH1/1	3	3/2	2	2	1,860	1985	$649,000	76
16	P680442	A	3		H	T	Q	SFR	D	5817 CASSON Dr	YL	85	92886	740A6	OTHR/1	3	2/2	1	2	2,342	2009	$649,000	40
17	P677018	A	20	V	H	T	Q	SFR	D	5065 N Marshburn Cir	YL	85	92886	740A4	OTHR/A	4	3/2	1	3 D	2,301	1986	$669,000	66
18	S536449	A	15		H	T	Q	SFR	D	19412 Old Ranch Rd	YL	85	92886	740E5	OTHR/*	4	3/2	1	2 A	2,200	1966	$675,000	301	*v
19	P684853	A	14		H	T	Q	SFR	D	20790 ASH Cir	YL	85	92886	740G3	OTHR/0	4	3/2	2	3 A	2,531	1984	$675,000	5
20	P684595	A	19	V	H	T	Q	SFR	D	20042 Glen Pl	YL	85	92886	740F6	OTHR/0	5	3/2	2	2 A	2,320	1971	$685,000	7
21	P638000	A	4		H	T	Q	SFR	D	4885 Hannah Cir	YL	85	92886	740g4	OTHR/2	5	3/2	2	3	2,400	1995	$689,000	311	*
22	P677283	A	7		H	T	Q	SFR	D	17090 Camino Cabrillo	YL	85	92886	739J1	AUGS/1	4	3/3	2	2	2,245	2002	$699,000	62	*
23	P636802	A	20	V	H	T	Q	SFR	D	16701 Landmark Ave	YL	85	92886	739H2	OTHR/0	4	3/3	2	3 A	2,277	1968	$699,900	331	*
24	P682411	A	12		H	T	Q	SFR	D	5791 Mountain View Ave	YL	85	92886	740E6	OTHR/*	4	3/1	1	2 D	2,188	1962	$699,900	26
25	P681421	A	11		H	T	Q	SFR	D	17082 Orange Dr	YL	85	92886	739J4	OTHR/-	3	3/1	1	2 A	1,945	1962	$700,000	33	v
26	P684023	A	7		H	T	Q	SFR	D	18832 La Casita Ave	YL	85	92886	740C3	OTHR/3	4	3/2	S	2 A	3,000	1962	$725,000	12
27	P676866	A	8		H	T	Q	SFR	D	4144 PEPPER Ave	YL	85	92886	740H2	OTHR/0	5	3/2	3	3	3,150	1980	$730,000	65	*
28	P683443	A	8		H	T	Q	SFR	D	20615 Via Del Palmar	YL	85	92886	740G4	EE1B/4	4	3/2	2	3 A	2,500	1985	$739,900	16
29	P672404	A	15	V	H	T	Q	SFR	D	4892 Avocado Ave	YL	85	92886	740C4	OTHR/o	4	3/3	S	2 A	2,234	1956	$749,000	99	*
30	MRM-H09007289	A	20	V	H	T	Q	SFR	D	4892 AVOCADO Ave	YL	85	92886	740C4	/	4	3/3	1	2 A	2,234	1956	$749,000		*
31	S551329	A	6		H	T	Q	SFR	D	18732 Rancho Circle Ln	YL	85	92886	740C3	OTHR/c	3	3/2	1	2	2,420	1988	$749,900	194	*
32	P656116	A	5		H	T	Q	SFR	D	3665 Fairmont Blvd	YL	85	92886	740E5	BKE1/o	5	3/2	2	3	2,692	1987	$750,000	227	*
33	MRM-H09043483	A	7		H	T	Q	SFR	D	5317 VISTA MONTANA	YL	85	92886	740F5	/	4	3/3	2	2 A	3,143	1979	$789,000
34	P667666	A	16		H	T	Q	SFR	D	6250 Cannery Ct	YL	85	92886	740F6	FRTR/0	4	3/3	2	3 A	2,417	1993	$789,900	146
35	P680698	A	9		H	T	Q	SFR	D	20640 Via Tapaste	yl	85	92886	740g4	EE1B/2	4	3/2	2	3 A	2,262	1984	$799,900	37
36	P669445	A	20		H	T	Q	SFR	D	5261 LOS ALTOS Dr	YL	85	92886	740C5	CUST/-	7	5/4	2	2 A	4,000	1963	$810,000	120	*
37	P684000	A	8		H	T	Q	SFR	D	4985 Via Lucia	YL	85	92886	740F4	EE1A/5	4	3/2	2	3 A	3,107	1980	$839,900	12
38	P683926	A	19		H	T	Q	SFR	D	17430 SUMMER OAK Pl	YL	85	92886	740a6	OTHR/0	6	4/4	2	3 A	3,000	1991	$850,000	13	v
39	P661041	A	8		H	T	Q	SFR	D	17091 BLACK WALNUT Ct	YL	85	92886	739J1	INVR/0	5	3/2	2	3 A	3,236	2003	$875,000	128	*v
40	P681403	A	19		H	T	Q	SFR	D	20765 JUNIPER Ave	YL	85	92886	740H3	OTHR/0	4	3/2	2	3 A	2,828	1983	$875,000	35
41	L29566	A	1		H	T	Q	SFR	D	20167 Milano Ct	YL	85	92886	740E4	CUST/3	4	3/2	2	3	2,991	2008	$879,900	7
42	P681707	A	8		H	T	Q	SFR	D	3782 Carson Way	YL	85	92886	739J2	TERZ/4	4	3/2	2	3	2,990	2001	$889,000	30	*
43	S544041	A	1		H	T	Q	SFR	D	3973 Tipperary Ct	YL	85	92886	740B2	OTHR/3	4	4/3	2	3 A	3,236	2009	$899,000	71	*
44	P683084	A	11		H	T	Q	SFR	D	17260 Drake St	YL	85	92886	739J2	TERZ/1	5	4/4	2	3	3,286	2002	$899,800	20	*
45	P651494	A	20	V	H	T	Q	SFR	D	4805 Via Amante	YL	85	92886	740H3	SUN1/4	5	4/3	2	3	3,318	1985	$899,900	259	*
46	P677572	A	19	V	H	T	Q	SFR	D	19112 Oro Verde Ln	YL	85	92886	740D3	CUST/0	4	3/2	1	2 A	2,762	1975	$947,000	62	*
47	P658842	A	7		H	T	Q	SFR	D	3280 Rim Rd	YL	85	92886	740H1	OTHR/*	5	3/2	2	3	2,958	1991	$949,000	210	*
48	P679038	A	19		H	T	Q	SFR	D	5821 Kellogg Dr	YL	85	92886	740D6	CUST/1	5	3/3	1	2 A	3,500	2001	$949,000	50	*
49	P680835	A	10	V	H	T	Q	SFR	D	3990 San Antonio Rd	YL	85	92886	740H2	OTHR/0	4	3/2	2	3	3,291	1989	$949,900	37	v
50	S563152	A	1		H	T	Q	SFR	D	3968 Tipperary Ct	YL	85	92886	740b2	OTHR/4	4	4/3	2	2 A	3,416	2009	$963,990	79
51	P636954	A	20		H	T	Q	SFR	D	5200 Mountain View Ave	YL	85	92886	740C5	CUST/0	4	3/2	3	3 A	3,200	1993	$989,000	354	*
52	P674143	A	9		H	T	Q	SFR	D	20316 Via Oporto	YL	85	92886	740F5	ELSH/5	3	3/2	2	2 A	2,403	1987	$989,000	85	*
53	P683075	A	15	V	H	T	Q	SFR	D	5731 Stradella Rd	YL	85	92886	740D6	OTHR/*	5	5/3	1	2	3,300	1958	$995,000	21

Yorba Linda Real Estate Agents Top 5 Reasons You Need a Realtor for Yorba Linda Homes

Re-blogged by 0 agents

Why Even Use a Realtor? Top 5 Reasons from a Yorba Linda Placentia Realtor (edit/delete)

A Placentia Yorba Linda Real Estate Agent’s Top 5 Reasons to Use a Realtor:

I was noticing from talking to my clients that people don’t like to sit around when they’re ready to buy a home….they are actively looking online themselves.

The problems with this is that you have people looking on Zillow.com and Realtor.com and Redfin.com and finding homes that are often already off the market, in escrow, or sold.  Also, these websites do not let the consumer exclude or include features or special conditions (e.g. “short sales”).  So, I will often get emails from my clients with MLS #’s saying they would like to see these homes.  Don’t get me wrong, Zillow.com and Realtor.com can be good sources of information.  However, when it comes to finding homes that are currently on the market, these websites are not always the most up-to-date and reliable.  The price of the home may be different now, or, as mentioned, the home is already sold.

So, reasons to use a Realtor to help you find a home?

#1   They have access to the world’s most powerful home-searching tool — the MLS.  “Oh, but Nic, I’m searching the MLS through a Realtor’s website or through Redfin or Zillow,” one may say.  Yes, but the MLS on these sites does not allow you to eliminate certain features or add certain features that can streamline your search and save you hours or even days of looking, spinning your wheels and wasting time. 

#2   Private Remarks.   Real estate agents are privy to what are called “Agent Private Remarks” when they pull up a property profile off the MLS.  Real estate agents will give out insider info on a property or sometimes sensitive information that the public is not aware of which could be extremely valuable.  For example, the private remarks could read that the home is not available to show until June 1st, which would save someone from driving to the property and spinning their wheels when the home really isn’t even able to be shown.

#3   Market Knowledge.  This is one of the main reasons people hire a professional.  They want someone who knows the market, who knows the area, who knows what homes are really selling for in a given area.  This kind of knowledge is invaluable when it comes to putting an offer on a home.  The agent can run “comps,” or comparables of all recent sold homes in the neighborhood area to find what a home should REALLY sell for. 

#4   Negotiations.  Buying and selling a home is not a cut-and-dry venture.  The price of a home is rarely fixed and it is up to the skilled communicator and negotiator to hammer out a deal for their client.  Most people would rather have a professional handle this on their behalf.

#5   Peace of Mind.  What would you pay for peace of mind knowing that your Realtor has the situation under control.  Your Realtor is handling the paperwork, checking the deadlines, protecting you from potential legal pitfalls or problems with the property.  If you have someone strong and reliable in your court, you can rest your head at night knowing that it’s all going to work out.

 

Contact Nic Petrossi for a market evaluation of your home’s value and to put your home on the market.

Nic Petrossi specializes in Yorba Linda Homes, Placentia Homes, Brea Homes, Fullerton Homes, Anaheim Hills Homes and all of Northeast Orange County.

(714) 272-3646  Cell

Click here for Nic’s website ——>   WEBSITE

NIC PETROSSI (714) 272-3646 Brea Realtor Placentia Realtor Fullerton Realtor Yorba Linda Realtor

Ladies and Gentlemen,

The Market is changing.  Dramatically.

There are dozens of Brea real estate agents, Yorba Linda real estate agents, Placentia real estate agents, Fullerton real estate agents, Anaheim Hills real estate agents from large firms (e.g. Prudential, C-21, Seven Gables, REMAX) who are saying it is EXTREMELY difficult to get their buyers into a property.

What does this suggest???

The market is shifting right in front of our eyes.  I’m coming out now to say — WE’VE HIT THE BOTTOM…at least in the under $500K price range for homes in excellent condition. When it comes to the $300K price range in Northeast Orange County, fuggetaboutit.  What would you say if I told you there are properties with 10, 20, 30 offers on them going for $100K over asking price?  That’s right, if it sounds too good to be true, it is.  A fellow agent in my office made an offer with a client on a home listed at $289,000.  His client’s offer?  $320,00.  He went up to $331,000.  The assistant for the listing agent of this Bank Owned property in Anaheim called to tell him the bad news:

   “Aaron, we have an offer for $370,000.”

             Fuggetaboutit

It’s time to stop listening to what your friends and family are saying or what you’re hearing on TV or reading in the paper…if you want a nice home for a nice price this year, you need to get your “ducks in a row.”  You need to get pre-qualified, you (and your real estate agent) need to be constantly watching for the properties to pop on the market.  This is beginning to look a lot like 2002 again except the banks aren’t going to let it get away from them again and have it crash down on their heads.  The safeguard will be VERIFY, VERIFY, VERIFY.  Verify income, verify downpayment, verify DTI.

Call Nic Petrossi, Prudential for any questions, dialogue, to start the process of finding that right home for you.  Need to sell your home?  I do that too.   (714) 272-3646  cell  (714) 257-3606 office 

npetrossi@yahoo.com

Click here for website:       CLICK HERE!

Placentia Homes & Yorba Linda Homes “When Cometh the Bottom?”

Isn’t THAT the million dollar question…

Well, no one has the crystal ball, but we all have our sources of knowledge and expertise to try to gauge when we’ll see the up-swing.

Some are saying that the bottom has already come.

Some are saying that we won’t see it for some time.

I say, I don’t know for sure, but what I do know for Orange County, CA is this:

The Below $500K Market is already there. 

We are seeing good properties under $500K being snatched up within a week in Northeast Orange County (Placentia, Yorba Linda, Brea, Fullerton, Anaheim, Anaheim Hills).  There are multiple offers on properties that are in good condition.  So, essentially, we are THERE for that price range.

What about the over $500,000 range?  When will we see the bottom for THOSE homes?

  A great article came out in the Orange County Register (our local newspaper) by Jonathan Lansner.  He interviewed a private banker, Ray Dellerba, CEO of Pacific Mercantile Bank in Costa Mesa.  Dellerba nailed the downturn by getting OUT of residential lending late 2005.  He just started lending on residential properties again.  Four decades of banking and that kind of foresight makes you listen when he talks.  When asked his prediction of the “bottom,” Dellerba replied “November” without a flinch.  His reasoning?  People are sick of being in the dumps and tight with their money and those with jobs will want a good Christmas for their family. 

What is MY prognostication? 

        Summer of this year, July.  Government incentives, especially for first time buyers, still-high FHA loan limits, low interest rates, and considerably less REO / short sale inventory in Northeast O.C. will fuel the best housing market we’ve seen since 2004.  

I welcome your comments.

Nic Petrossi, Prudential CA Realty

(714) 272-3646 

npetrossi@yahoo.com

Click Here for WEBSITE —>

Click here

Fullerton Short Sale Realtors & Agents – What are my options???

There are 5 things you can do when you realize you can no longer make your mortgage payments:

1. Nothing
2. Deed in Lieu (Hand the Title, and keys, back to bank)
3. Short Sale
4. Bankruptcy
5. Loan Modification

All of these options will adversely affect your credit.  However, some options ARE better than others.

For example, the on the severity scale of how bad your credit will take a hit, on a scale of 1 to 10, an outright foreclosure or bankruptcy is like an 11.  The Deed in Lieu is probably the dumbest thing to do because the bank will let you stay in the home rent free for a while anyhow while you work this all out.

A Loan Modification is the best route to take, but you have to know what you’re doing.  There are only a handful of legitimate Loan Modification companies out there that know how to handle this for you (for a fee) but are well worth the money.  Making your monthly payment smaller could allow you to keep your home and sometimes the bank will reduce the AMOUNT owed (principal balance). 

A short sale is the best route to take, usually, if you…A) Can’t get a loan modification, B) The loan modification doesn’t help anyhow because you can’t afford even the new amount, C) The home you’re living in is your principal residence (i.e. it’s not an investment property), and D) you can work out discharge of indebtedness with the IRS.

We get the term “short sale” from the fact that the bank is taking less from the proceeds from the sale of your home than the current loan amount owed.  Ergo, the bank comes up “short.”  In other words, the bank takes the hit in the pocket and you take the hit to your credit.  When you short sale, the amount “forgiven” you by then bank for the difference owed and the final purchase price is actually considered a “gift” by the government, and the government will tax your income accordingly. 

Example:   You bought your home in 2006 for $750,000.  The home is now worth $600,000 and you’ve lost your job.  Your wife (or husband) can’t handle the payments with their income alone.  You try to call the bank and work out a loan modification but the bank says “no” even though the person on the phone is not authorized to tell you “no.”  So you call an expert who can negotiate with the bank for you.  THAT doesn’t even work so now you must short sale your home.  You find a real estate agent who lists the home you once bought at $750,000 for $575,000.  The agent tells you that you need to get together a “packet.”  The packet consists of two years taxes, 2 months bank statements, a hardship letter to the bank explaining why you can’t make your payments, and any other documentation of income.  The agent gets several offers and eventually (after several weeks) submits the highest and best offer (we’ll say $600,000 for the sake of this discussion) to the bank with the “packet.”  The packet with the offer reaches the bank’s loss mitigation department where it sits on a desk with several other offers and packets on several different properties.  If there are 2 or more lenders on your home, the packet and offer have to be sent to those banks as well.  When there is a Second on the property, it gets sticky because the First Lien Holder sometimes doesn’t care about the Second Lien Holder and the Second wants to get something out of the deal.  The negotiations between the 1st, 2nd (and sometimes) 3rd Lien Holders will often delay this process even longer.  Let’s say the bank settles on the $600,000…and you owe $700,000 since you originally put down $50,000 when you bought the place.  Now, you are taxed on that $100,000 as if you made that money since it is considered a gift by the IRS.

The good news is that there was a bill passed by Congress to relieve you of that “gift” taxation as long as you live in the property as primary residence and can prove insolvency (that your bills are more than your income).  You would then apply for this using IRS form 982 called “Reduction of Tax Attributes Due to Discharge of Indebtedness.”  You apply when you file your income taxes.  The word on the streets is that the IRS is so back-logged that they are not going after people for the difference on their home’s short sale, but I wouldn’t trust in that information but consult a CPA or lawyer to see how you’ll be affected.

Need help selling or buying a home in Orange County? 

Contact me, Nic Petrossi with Prudential at (714) 272-3646 or email me at npetrossi@yahoo.com

Click here to check out my website —–>    CLICK HERE

Brea Short Sale Realtors & Agents – What are my options???

There are 5 things you can do when you realize you can no longer make your mortgage payments:

1. Nothing
2. Deed in Lieu (Hand the Title, and keys, back to bank)
3. Short Sale
4. Bankruptcy
5. Loan Modification

All of these options will adversely affect your credit.  However, some options ARE better than others.

For example, the on the severity scale of how bad your credit will take a hit, on a scale of 1 to 10, an outright foreclosure or bankruptcy is like an 11.  The Deed in Lieu is probably the dumbest thing to do because the bank will let you stay in the home rent free for a while anyhow while you work this all out.

A Loan Modification is the best route to take, but you have to know what you’re doing.  There are only a handful of legitimate Loan Modification companies out there that know how to handle this for you (for a fee) but are well worth the money.  Making your monthly payment smaller could allow you to keep your home and sometimes the bank will reduce the AMOUNT owed (principal balance). 

A short sale is the best route to take, usually, if you…A) Can’t get a loan modification, B) The loan modification doesn’t help anyhow because you can’t afford even the new amount, C) The home you’re living in is your principal residence (i.e. it’s not an investment property), and D) you can work out discharge of indebtedness with the IRS.

We get the term “short sale” from the fact that the bank is taking less from the proceeds from the sale of your home than the current loan amount owed.  Ergo, the bank comes up “short.”  In other words, the bank takes the hit in the pocket and you take the hit to your credit.  When you short sale, the amount “forgiven” you by then bank for the difference owed and the final purchase price is actually considered a “gift” by the government, and the government will tax your income accordingly. 

Example:   You bought your home in 2006 for $750,000.  The home is now worth $600,000 and you’ve lost your job.  Your wife (or husband) can’t handle the payments with their income alone.  You try to call the bank and work out a loan modification but the bank says “no” even though the person on the phone is not authorized to tell you “no.”  So you call an expert who can negotiate with the bank for you.  THAT doesn’t even work so now you must short sale your home.  You find a real estate agent who lists the home you once bought at $750,000 for $575,000.  The agent tells you that you need to get together a “packet.”  The packet consists of two years taxes, 2 months bank statements, a hardship letter to the bank explaining why you can’t make your payments, and any other documentation of income.  The agent gets several offers and eventually (after several weeks) submits the highest and best offer (we’ll say $600,000 for the sake of this discussion) to the bank with the “packet.”  The packet with the offer reaches the bank’s loss mitigation department where it sits on a desk with several other offers and packets on several different properties.  If there are 2 or more lenders on your home, the packet and offer have to be sent to those banks as well.  When there is a Second on the property, it gets sticky because the First Lien Holder sometimes doesn’t care about the Second Lien Holder and the Second wants to get something out of the deal.  The negotiations between the 1st, 2nd (and sometimes) 3rd Lien Holders will often delay this process even longer.  Let’s say the bank settles on the $600,000…and you owe $700,000 since you originally put down $50,000 when you bought the place.  Now, you are taxed on that $100,000 as if you made that money since it is considered a gift by the IRS.

The good news is that there was a bill passed by Congress to relieve you of that “gift” taxation as long as you live in the property as primary residence and can prove insolvency (that your bills are more than your income).  You would then apply for this using IRS form 982 called “Reduction of Tax Attributes Due to Discharge of Indebtedness.”  You apply when you file your income taxes.  The word on the streets is that the IRS is so back-logged that they are not going after people for the difference on their home’s short sale, but I wouldn’t trust in that information but consult a CPA or lawyer to see how you’ll be affected.

Need help selling or buying a home in Orange County? 

Contact me, Nic Petrossi with Prudential at (714) 272-3646 or email me at npetrossi@yahoo.com

Click here to check out my website —–>    CLICK HERE

Placentia Short Sale Realtors – What are my options???

There are 5 things you can do when you realize you can no longer make your mortgage payments:

1. Nothing
2. Deed in Lieu (Hand the Title, and keys, back to bank)
3. Short Sale
4. Bankruptcy
5. Loan Modification

All of these options will adversely affect your credit.  However, some options ARE better than others.

For example, the on the severity scale of how bad your credit will take a hit, on a scale of 1 to 10, an outright foreclosure or bankruptcy is like an 11.  The Deed in Lieu is probably the dumbest thing to do because the bank will let you stay in the home rent free for a while anyhow while you work this all out.

A Loan Modification is the best route to take, but you have to know what you’re doing.  There are only a handful of legitimate Loan Modification companies out there that know how to handle this for you (for a fee) but are well worth the money.  Making your monthly payment smaller could allow you to keep your home and sometimes the bank will reduce the AMOUNT owed (principal balance). 

A short sale is the best route to take, usually, if you…A) Can’t get a loan modification, B) The loan modification doesn’t help anyhow because you can’t afford even the new amount, C) The home you’re living in is your principal residence (i.e. it’s not an investment property), and D) you can work out discharge of indebtedness with the IRS.

We get the term “short sale” from the fact that the bank is taking less from the proceeds from the sale of your home than the current loan amount owed.  Ergo, the bank comes up “short.”  In other words, the bank takes the hit in the pocket and you take the hit to your credit.  When you short sale, the amount “forgiven” you by then bank for the difference owed and the final purchase price is actually considered a “gift” by the government, and the government will tax your income accordingly. 

Example:   You bought your home in 2006 for $750,000.  The home is now worth $600,000 and you’ve lost your job.  Your wife (or husband) can’t handle the payments with their income alone.  You try to call the bank and work out a loan modification but the bank says “no” even though the person on the phone is not authorized to tell you “no.”  So you call an expert who can negotiate with the bank for you.  THAT doesn’t even work so now you must short sale your home.  You find a real estate agent who lists the home you once bought at $750,000 for $575,000.  The agent tells you that you need to get together a “packet.”  The packet consists of two years taxes, 2 months bank statements, a hardship letter to the bank explaining why you can’t make your payments, and any other documentation of income.  The agent gets several offers and eventually (after several weeks) submits the highest and best offer (we’ll say $600,000 for the sake of this discussion) to the bank with the “packet.”  The packet with the offer reaches the bank’s loss mitigation department where it sits on a desk with several other offers and packets on several different properties.  If there are 2 or more lenders on your home, the packet and offer have to be sent to those banks as well.  When there is a Second on the property, it gets sticky because the First Lien Holder sometimes doesn’t care about the Second Lien Holder and the Second wants to get something out of the deal.  The negotiations between the 1st, 2nd (and sometimes) 3rd Lien Holders will often delay this process even longer.  Let’s say the bank settles on the $600,000…and you owe $700,000 since you originally put down $50,000 when you bought the place.  Now, you are taxed on that $100,000 as if you made that money since it is considered a gift by the IRS.

The good news is that there was a bill passed by Congress to relieve you of that “gift” taxation as long as you live in the property as primary residence and can prove insolvency (that your bills are more than your income).  You would then apply for this using IRS form 982 called “Reduction of Tax Attributes Due to Discharge of Indebtedness.”  You apply when you file your income taxes.  The word on the streets is that the IRS is so back-logged that they are not going after people for the difference on their home’s short sale, but I wouldn’t trust in that information but consult a CPA or lawyer to see how you’ll be affected.

Need help selling or buying a home in Orange County? 

Contact me, Nic Petrossi with Prudential at (714) 272-3646 or email me at npetrossi@yahoo.com

Click here to check out my website —–>    CLICK HERE

Yorba Linda Short Sale Realtors – Should I Short Sale My Home?

There are 5 things you can do when you realize you can no longer make your mortgage payments:

1. Nothing
2. Deed in Lieu (Hand the Title, and keys, back to bank)
3. Short Sale
4. Bankruptcy
5. Loan Modification

All of these options will adversely affect your credit.  However, some options ARE better than others.

For example, the on the severity scale of how bad your credit will take a hit, on a scale of 1 to 10, an outright foreclosure or bankruptcy is like an 11.  The Deed in Lieu is probably the dumbest thing to do because the bank will let you stay in the home rent free for a while anyhow while you work this all out.

A Loan Modification is the best route to take, but you have to know what you’re doing.  There are only a handful of legitimate Loan Modification companies out there that know how to handle this for you (for a fee) but are well worth the money.  Making your monthly payment smaller could allow you to keep your home and sometimes the bank will reduce the AMOUNT owed (principal balance). 

A short sale is the best route to take, usually, if you…A) Can’t get a loan modification, B) The loan modification doesn’t help anyhow because you can’t afford even the new amount, C) The home you’re living in is your principal residence (i.e. it’s not an investment property), and D) you can work out discharge of indebtedness with the IRS.

We get the term “short sale” from the fact that the bank is taking less from the proceeds from the sale of your home than the current loan amount owed.  Ergo, the bank comes up “short.”  In other words, the bank takes the hit in the pocket and you take the hit to your credit.  When you short sale, the amount “forgiven” you by then bank for the difference owed and the final purchase price is actually considered a “gift” by the government, and the government will tax your income accordingly. 

Example:   You bought your home in 2006 for $750,000.  The home is now worth $600,000 and you’ve lost your job.  Your wife (or husband) can’t handle the payments with their income alone.  You try to call the bank and work out a loan modification but the bank says “no” even though the person on the phone is not authorized to tell you “no.”  So you call an expert who can negotiate with the bank for you.  THAT doesn’t even work so now you must short sale your home.  You find a real estate agent who lists the home you once bought at $750,000 for $575,000.  The agent tells you that you need to get together a “packet.”  The packet consists of two years taxes, 2 months bank statements, a hardship letter to the bank explaining why you can’t make your payments, and any other documentation of income.  The agent gets several offers and eventually (after several weeks) submits the highest and best offer (we’ll say $600,000 for the sake of this discussion) to the bank with the “packet.”  The packet with the offer reaches the bank’s loss mitigation department where it sits on a desk with several other offers and packets on several different properties.  If there are 2 or more lenders on your home, the packet and offer have to be sent to those banks as well.  When there is a Second on the property, it gets sticky because the First Lien Holder always wants to screw the Second Lien Holder and the Second wants to get something out of the deal.  The negotiations between the 1st, 2nd (and sometimes) 3rd Lien Holders will often delay this process even longer.  Let’s say the bank settles on the $600,000…and you owe $700,000 since you originally put down $50,000 when you bought the place.  Now, you are taxed on that $100,000 as if you made that money since it is considered a gift by the IRS.

The good news is that there was a bill passed by Congress to relieve you of that “gift” taxation as long as you live in the property as primary residence and can prove insolvency (that your bills are more than your income).  You would then apply for this using IRS form 982 called “Reduction of Tax Attributes Due to Discharge of Indebtedness.”  You apply when you file your income taxes.  The word on the streets is that the IRS is so back-logged that they are not going after people for the difference on their home’s short sale, but I wouldn’t trust in that information but consult a CPA or lawyer to see how you’ll be affected.

Need help selling or buying a home in Orange County? 

Contact me, Nic Petrossi with Prudential at (714) 272-3646 or email me at npetrossi@yahoo.com

Click here to check out my website —–>    CLICK HERE

Placentia Homes, County of Orange Mortgage Assistance Program (MAP)

There is a program out there called MAP, County of Orange Mortgage Assistance Program.

To qualify, you must …

1. Be a first-time home buyer
2. Depending on the number of household residents 18 and over…for a single person, they must make $52,100 or less.  For 2 people they must make $59,500 or less combined, for 3 people living in the house, they must make $66,950 or less combined, 4 people is $74,400
3. Be a U.S. Citizen or Permanent Resident Alien
4. Must contribute 1% from your own funds
5. Must complete homeownership education seminar

Here’s what’s awesome:

  You only have to come up with 1% of the purchase price as opposed to FHA’s 3.5%!

The program gives you $40,000 as a silent (deferred payment) downpayment assistance loan for lower-income makers for the participating cities of:

• Aliso Viejo
• Brea
• Cypress
• Dana Point
• La Palma
• Laguna Beach
• Laguna Hills
• Laguna Woods
• Los Alamitos
• Placentia
• Seal Beach
• Stanton
• Villa Park
• Yorba Linda
• County of Orange (unincorporated)

The unincorporated areas are:

• Anaheim Island
• Big Canyon
• Coto de Caza
• East Irvine
• El Modena
• Emerald Bay
• Ladera Ranch
• Las Flores
• Midway City
• Modjeska Canyon
• North Laguna Hills
• Orange Hills
• Orange Park Acres
• Rossmoor
• San Juan Hot Springs
• Santa Ana Heights
• Santiago Canyon
• Shady Canyon
• Silverado Canyon
• Sunset Beach
• Tonner Canyon
• Trabuco Canyon
• Trabuco Highlands
• Tustin Foothills
• Wagon Wheel

If you think you qualify, call…

 NIC PETROSSI with Prudential  (714) 272-3646 cell

Visit the website for more details….

http://www.affordable-housing.org/index.php/homebuyer-programs/downpayment-assistance/county-of-orange-mortgage-assistant-program-map/

Placentia Real Estate Agents

 

As a top selling real estate agent and consultant in Placentia, CA I am excited what 2009 will be bringing us in terms of government intervention to stimulate the housing market and to curtail the short sales and foreclosures. I have implemented proven strategies to market and sell Placentia homes even in tough market conditions. I have / have had listings and / or sold homes in Alta Vista South, Granada Park, Villa Verdes, Placentia Knolls, and several other neighborhoods in Placentia.

Visit my website ————————> CLICK HERE  to learn more about me and to view my featured active listings in Placentia, to view testimonials, to view school boundary maps / lines and even to search the MLS. I look forward to meeting with you to discuss your home selling and buying needs!

Sincerely,

Nic Petrossi, Prudential

(714) 272-3646 CELL

npetrossi@yahoo.com