Before you make (or don't make) any decision regarding short sales or foreclosures, read this: • Yes ... your lender(s) may forgive a portion of your outstanding mortgage • Yes ... you may be eligible to exclude that mortgage relief from tax • Yes ... you may be able to exclude any gain from the sale (short sale or foreclosure) of that property from tax Just remember, the key word is "may" Now, more than ever, it's critical to consult with your tax and legal advisors before selling, short selling or allowing your home to be foreclosed upon. In the worst of cases, you could have a 3-directional kick coming your way in the next few years: 1.  The amount of debt your lenders forgive may be taxable (Yes, the IRS make exceptions to HR 3648 - imagine that!) 2. Your lender may still be able to... 01/19/2009

The trend seems to be to list the short sale home in North Orange County real estate at way below market price, trying to draw in the offers (but usually with no chance at all of being accepted by the lenders).  It is really a false strategy (and wastes everyone's time).  The low price may pull in low offers but when sent to the bank, the bank will just say no thanks.  They will not give back a counter offer revealing their lowest acceptable price.  They have learned to just reply "thanks for the offer, but please send us another offer when your buyer willing to pay close to market value".  So what did all this work get us?  Nothing at all, unless we are trying to teach the buyer "reasonableness".  We need to stop this low listing with unrealistic prices. 01/17/2009

Proudly serving Yorba Linda, Placentia, Anaheim Hills, Brea, Irvine, Fullerton, Tustin, Villa Park, Orange, Orange Park Acres and surrounding areas.  I am a top-producing real estate agent with Prudential CA Realty in Brea.  My website ----->   WEBSITE Phone ---------->  (714) 272-3646   (text messages are fine) Email ----------->  Npetrossi@yahoo.com    Check out my video introduction on my website (link above) and learn more about me, read testimonials, view my current active listings and recent sold listings and search the MLS for free.   01/15/2009

Residential Wed, Jan 14, 2009 05:03 PM RES MLS # Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM   1  MRM-H08175716  A   8     H  T  Q  CONDO  A 5070 AVOCADO Cir 10  YL 85 92886  740C4  OTHR/  1  1/1  1     700  1981  $159,900       2  S559135  A   7     H  T  Q  CONDO  A 6094 Terrace Ln 126  YL 85 92886  740D6  KELT/.  3  2/2  2  0    1,165  1982  $262,900  6  *   3  S554027  A   9     H  T  Q  CONDO  A 5480 Copper Canyon Rd 1g  YL 85 92887  741C5  HILL/0  3  2/2  1  0    1,382  1989  $295,000  63  *   4  R808716  A   19     H  T  Q  SFR  D 21935 Cimarron Pl   YL 85 92887  741A5  OTHR/0  3  2/2  1  2 A  1,645  1983  $329,900  61  *   5  P670569  A   6     H  T  Q  CONDO  A 21114 Via Portola #23  yl 85 92887  740h5  OTHR/.  3  3/2  2  ... 01/14/2009

The Yorba Linda Caravan/Broker Preview announced today that on January 28th, we will have a representative from the Yorba Linda Planning Commission speaking and taking questions at our meeting.  Kudos to the steering committee for adding value aside from previewing properties.  01/14/2009

Yorba Linda Market Report Summary - December 2008    Average Sale Price - $622,859 (up from $582,245 in November) Selling Price as % of Latest List Price - 96.25% (up from 95.30% in July Selling Price as % of Original List Price - 90.58% ( down from 90.84% in July Average Days on Market - 70 Days ( down from 77 days in July) Total residential properties sold in November  37 (down from 45 in July)   For more information about available Yorba Linda real estate please visit Yorba Linda Listings 01/12/2009

One thing that I notice when helping our short sale clients put together their financial statement is that many have substantial credit card debt. As they struggle to make their mortgage payment, they have been making the minimum payments on the credit cards, as their balances grow with 20% interest. In most cases, their only asset is their retirement / 401K savings. These accounts have been earning a merger 2 - 4% or more likely, losing a ton of money with the recent stock market declines. What's more, they can't tap into those accounts without massive taxes and penalties. While, in a perfect world - we would all use our retirement savings for its intended purpose, it's not a perfect world or a perfect time. How about allowing people to bail themselves out? Why not allow people who are... 01/11/2009

I have never done a home sale with VA approved financing.  I am sure that it is done , but I would like to know why it would be preferred to a FHA or conventional.  In today's market, rates seem to drive the decision of which lender is used, how does VA stack up in this criteria?  Veterans are told that VA loans will be there for them but I don't see that really happening much  -- any real life examples out there to share with us?  I figure AR is the first place to go to get questions like this answered from a real life perspective. 01/09/2009

In case anyone forgot (or never knew) - every US consumer is entitled to one free credit report from each agency per year.  The easiest way to get the report is at www.annualcreditreport.com, but be very careful, there are a lot of similar named sites that try to hook people.  Experian, Equifax, and TransUnion are the three credit bureaus and all participate at the above web site.  It is a good idea for everyone to check their credit report at least once a year just to check for error (and it is reported that 60% do have errors).  Fico Scoring is being updated as we speak, details can be read at Fico 08 for those interested. 01/07/2009

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. Well ... not exactly. It's more like getting a loan from your parent with really good terms. In other words, you still have to pay it back (probably!). Here are the rules: Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, ... 01/07/2009

For those wishing to move up, Yorba Linda Real Estate is offering some real bargains, especially the REO or bank owned properties.  At this time there are 20 REO homes for sale and they range in price from $159,000 to $1,499,000 and with one to five bedrooms.  Buyers can get a small condo or a large estate for rock bottom prices and be in one of the most desirable cities in North Orange County.  Yorba Linda real estate is very upscale, but is not immune to the current financial woes.  Some 69 homes are also available as "short sales", with pricing that is also a bargain (but not firm as the REO pricing).  As always, caution must be used for both of these potential bargain opportunities. 01/07/2009

Nic Petrossi #1 Yorba Linda REO Bank Owned Buyer Agent (714) 272-3646 Below is a list of all Yorba Linda foreclosures | REO | Bank Owned properties as of January 5, 2009. Call NIC PETROSSI, your bank owned buyer specialist at (714) 272-3646 for access to any of these properties and to represent you on the buy-side of your purchase.  To learn more about Nic Petrossi from Prudential's Fine Homes division, click here --->  website Mon, Jan 5, 2009 10:32 AM RES MLS # Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM   1  MRM-H08175716  A   8     H  T  Q  CONDO  A 5070 AVOCADO Cir 10  YL 85 92886  740C4  OTHR/  1  1/1  1     700  1981  $159,900       2  P665300  A   5     H  T  Q  CONDO  D 6832 Foxborough Ct 45  YL 85 92886  740F7  WODG/0  3  ... 01/05/2009

Below is a list of all Yorba Linda foreclosures | REO | Bank Owned properties as of January 3, 2009. Call NIC PETROSSI, your bank owned buyer specialist at (714) 272-3646 for access to any of these properties and to represent you on the buy-side of your purchase.  To learn more about Nic Petrossi from Prudential's Fine Homes division, click here --->  website Sat, Jan 3, 2009 01:14 PM RES MLS # Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM   1  MRM-H08175716  A   8     H  T  Q  CONDO  A 5070 AVOCADO Cir 10  YL 85 92886  740C4  OTHR/  1  1/1  1     700  1981  $159,900       2  P657293  A   9     H  T  Q  CONDO  A 23455 Plymouth Ct 167  YL 85 92887  741D6  OTHR/0  2  2/1  1  2    1,017  1986  $249,900  82  *   3  P665300  A   5     H  T... 01/03/2009

Below is a list of all Bank Owned | REO | Foreclosures in Yorba Linda, CA as of 12/24/2008. Looking for a great deal on bank owned properties in Yorba Linda or want to see any of these home??? Call NIC PETROSSI with Prudential at (714) 272-3646      npetrossi@yahoo.com Want to get to know more about Nic?  Visit his website ----> Click Here for Website Wed, Dec 24, 2008 12:14 PM RES MLS # Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM   1  MRM-H08175716  A   8     H  T  Q  CONDO  A 5070 AVOCADO Cir 10  YL 85 92886  740C4  OTHR/  1  1/1  1     700  1981  $159,900       2  P665300  A   5     H  T  Q  CONDO  D 6832 Foxborough Ct 45  YL 85 92886  740F7  WODG/0  3  1/1  1  2 A  1,000  1973  $292,900  36     3  P656576  A   1     H  T  Q  CON... 12/24/2008

Below is a list of all REO | Foreclosures for Yorba Linda as of December 22, 2008. Contact Nic Petrossi, your Placentia Foreclosures Expert with Prudential CA Realty at (714) 272-3646 for appointment to meet at one or more of these properties.   Email:  npetrossi@yahoo.com   Website:  CLICK HERE Mon, Dec 22, 2008 01:57 PM RES MLS # Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM   1  MRM-H08163327  A   8     H  T  Q  CONDO  A 5070 AVOCADO Cir 10  YL 85 92886  740C4  OTHR/  1  1/1  1     700  1981  $167,900       2  P666210  A   5     H  T  Q  CONDO  A 5300 Silver Canyon Rd 17d  YL 85 92887  741C5  HILL/*  2  2/1  1  0    1,128  1989  $267,000  27     3  P665300  A   5     H  T  Q  CONDO  D 6832 Foxborough Ct 45  YL 85 92886  740F7  WODG... 12/22/2008

Yorba Linda Market Report Summary - November 2008    Average Sale Price - $582,245 (down from $732,138 in July) Selling Price as % of Latest List Price - 95.30% (down from 96.00% in July Selling Price as % of Original List Price - 90.84% ( down from 91.77% in July Average Days on Market - 77 Days ( up from 69 days in July) Total residential properties sold in November  45 (down from 63 in July)   For more information about available Yorba Linda real estate please visit Yorba Linda Listings 12/17/2008

The FHA loan inspectors have really turned up the heat.  We have had several cases where we had to prove that the fixes that they required were done prior to the loan funding.  This is really a "sticky" issue.  Yes, we had to install a oven/range for the inspector to take pictures of, so that he could release the repairs requirements, and then the loan would fund.  Wow  - nervous time.  Improving a property prior to owning it is not so nice.  It all worked out well, but we sure would like a better solution.  Does anyone know of a way to get repair sign off so that the loan will fund for FHA??  Sure fells like a catch 22.  12/17/2008

Contact NIC PETROSSI with Prudential at (714) 272-3646 to set up time to look at any of these properties.  Need a Lender?  Let me know and I can connect you with one of the industry's best loan officers. Tue, Dec 16, 2008 09:41 AM RES MLS # Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM   1  P666210  A   5     H  T  Q  CONDO  A 5300 Silver Canyon Rd 17d  YL 85 92887  741C5  HILL/*  2  2/1  1  0    1,128  1989  $267,000  21     2  P665300  A   5     H  T  Q  CONDO  D 6832 Foxborough Ct 45  YL 85 92886  740F7  WODG/0  3  1/1  1  2 A  1,000  1973  $292,900  28     3  P656576  A   1     H  T  Q  CONDO  A 5035 Twilight Cyn 31E  YL 85 92887  741C4  HILL/O  3  2/1  1  2    1,380  1989  $294,900  84  *   4  P655264  A   10     H  T  Q  CONDO  ... 12/16/2008

Contact NIC PETROSSI with Prudential at (714) 272-3646 to set up time to look at any of these properties.  Need a Lender?  Let me know and I can connect you with one of the industry's best loan officers. Tue, Dec 16, 2008 09:41 AM RES MLS # Status P V H T Q Type A/D Address City Area Zip TGNO Trct/M Bd B t/f Sty Gar SqFt Yr Blt Price DOM   1  P666210  A   5     H  T  Q  CONDO  A 5300 Silver Canyon Rd 17d  YL 85 92887  741C5  HILL/*  2  2/1  1  0    1,128  1989  $267,000  21     2  P665300  A   5     H  T  Q  CONDO  D 6832 Foxborough Ct 45  YL 85 92886  740F7  WODG/0  3  1/1  1  2 A  1,000  1973  $292,900  28     3  P656576  A   1     H  T  Q  CONDO  A 5035 Twilight Cyn 31E  YL 85 92887  741C4  HILL/O  3  2/1  1  2    1,380  1989  $294,900  84  *   4  P655264  A   10     H  T  Q  CONDO  ... 12/16/2008

Did you know that loan interest rates have dropped to nearly 5%? Property values are stabilizing and have declined as much as 40% from the peak of the market. So, if you couple these two facts together, it translates to a market of great opportunity to buy properties for you kids, grand kids or to move up into a sector of the real estate market you thought you could never afford again. So, pick up the phone and give us a call to get information about these awesome buying opportunities. 12/11/2008