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Torellirealty's Blog

By Torellirealty | Broker in Costa Mesa, CA
  • Costa Mesa Real Estate Company Welcomes Holly Schwartz, HGTV Producer

    Posted Under: General Area in Costa Mesa  |  April 3, 2010 8:16 AM  |  1,516 views  |  No comments

    Torelli Realty, an independent real estate company focused on buyers and sellers in Costa Mesa, CA and throughout Orange County, welcomes Holly Schwartz to its realty team as Media Producer and Marketing Director.

    Picture of Holly Schwartz Holly Schwartz

    “Torelli Realty performs well and year after year and our realtors are number 1 in Costa Mesa because we make it a goal to be part of the community,” said Valerie Torelli, founder and president of Torelli Realty.  “We’re looking forward to providing our clients with the same attention we’ve always given them as we expand into other neighborhoods where we can offer our personalized approach.”

    Holly Schwartz has spent the past 5 years working for Home and Garden Television, HGTV, as a director, producer, and promoter for the top-rated real estate shows House Hunters, House Hunters International,  My House Is Worth What? and Designers' Challenge.  She worked directly with real estate expert Kendra Todd and maintains relationships with hundreds of other realtors around the world.   Holly brings an expertise and unique perspective to Torelli Realty and will teach sellers what their homes need to attract buyers and get top dollar, including home improvement tips and staging tips.  Having worked with homebuyers, home sellers, and realtors around the world has provided Holly with the chance to tour homes and research real estate markets and trends with great detail.  She will also organize events that benefit local schools and organizations to enhance Torelli Realty’s involvement in the community.

    Holly studied at Boston University’s College of Communications. She has spoken at the International Real Estate Congress in Miami and is an avid industry writer. She is also a member of The Producers Guild of America. Originally from New Jersey, Holly moved to Boston for college, and then relocated to the Los Angeles area to pursue her degree in communications.  As a resident of Costa Mesa, Schwartz is looking forward to supporting the community by providing real estate information and organizing events.

    About Torelli Realty Torelli Realty, founded in 1984, is the leading real estate office in Costa Mesa, CA.  As a top producer in Costa Mesa sales for many years, president and founder Valerie Torelli has led the company to sell more than 1,400 homes throughout Costa Mesa’s communities, including Westside and Eastside Costa Mesa, South Coast Metro, Mesa North, Halecrest, College Park and Mesa Del Mar. Torelli Realty represents both buyers and sellers and is located in the Mesa Verde neighborhood in Costa Mesa. The firm is dedicated to supporting the entire Costa Mesa community and hosts several events for residents every season. Learn more about Torelli Realty at the following websites:
     
    http://www.torellirealty.com
    http://costamesashortsales.wordpress.com/
    Twitter: http://twitter.com/TorelliRealty
    Facebook: http://www.facebook.com/torellirealty
    Company blog: http://www.torellirealty.wordpress.com/

  • Torelli Realty Supports Prince of Peace Country Day Fair

    Posted Under: Schools in Costa Mesa  |  March 23, 2010 6:48 PM  |  1,438 views  |  No comments
    Costa Mesa residents should mark Saturday, April 17, 2010 on their calendar.  That’s the date for the anticipated Annual Country Day Fair put on by the Prince of Peace School.  The community will have the chance to enjoy rides, games, prizes, an international food fair, silent auction, live music and so much more!  Our real estate company is excited to help sponsor the event, which goes from 10am-3pm.

    Admission to the fair is free so this is a great way for everyone in the Costa Mesa community to plan for some budget-friendly fun!  Rides and food will come at a cost that’s for a good cause – helping the Prince of Peace School.  These funds will help cover much needed school supplies, like desks, computers, and playground equipment.  The money will also help pay for their Meet the Masters Art program and assembly programs, which are positive tools to help the students learn and grow.

    We’re big supporters of the Costa Mesa community, schools, and educational programs.  Prince of Peace has been a part of Costa Mesa since the early days of Orange County and their events are always a big success.  The Annual Country Fair is a great way to support our students… And bring a day of fun to Costa Mesa at the same time!

    For more info on real estate in Costa Mesa please contact:

    Torelli Realty

    (714) 540-7355

    www.torellirealty.com

    info@torellirealty.com

    Become a Facebook Fan: Torelli Realty

    Follow us on Twitter: @torellirealty

  • Impacts on Homeowners Explained – Demystifying Foreclosures and Short Sales

    Posted Under: Foreclosure in Costa Mesa  |  March 22, 2010 6:11 PM  |  1,461 views  |  1 comment

    The real estate market is flooded with foreclosures and short sales here in Costa Mesa and Orange County.  From January 2009-January 2010 we saw the number of short sales in Orange County jump by 34%.  Foreclosures and short sales have very different consequences for homeowners when they go to sell their home.  When faced with the notion of a bank foreclosing on your home, homeowners may want to consider being approved for a short sale if eligible.  Why?  Here’s a brief explanation of some of the differences.

    Real Estate photo

    1. Homeowners who are facing foreclosure will not be eligible for a mortgage backed by Fannie Mae (one of the primary lending sources for mortgages) for 5 years after the foreclosure is completed.  However, homeowners who successfully negotiate a short sale will be eligible after 2 years.

    2. For any homeowner who allows an investment home to fall to foreclosure, that homeowner will not be able to get a Fannie Mae backed mortgage for 7 years.  If the property sells as a short sale, the investor may try for a Fannie Mae backed mortgage after 2 years.

    3. Homeowners who want to try to get a mortgage through any other mortgage company will need to reply YES to Question C in Section VIII of a 1003 application.  (The question asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?”)  Answering yes to this question will affect future mortgage rates for homeowners or foreclosed property.  In the case of short sales, some lenders may allow buyers to buy sooner than the 2-year waiting period.  This is not always true though and it would be wise to do your due diligence in searching for a lender.

    4. For homeowners whose property is foreclosed upon, it is estimated that their credit score drops by 250+ points and this will affect their credit score for about 3 years.  With a short sale, the credit score will only report late mortgage payments.  After the short sale goes through, the report should say that the mortgage was paid or negotiated, which should result in a credit score dropping by about 50 points assuming all other payments are paid on time.  While a foreclosure can affect a credit score for 3 years or more, a short sale can have a shorter affect. Some can have an effect that is as short as 12-18 months.

    5. One of the biggest things to consider is credit history.  A foreclosure goes on public record and stays on a person’s credit history for 10 years or more.  On the other hand, a short sale does not go on one’s credit history.


    For more info on Costa Mesa real estate please contact:

    Torelli Realty

    (714) 540-7355

    www.torellirealty.com

    info@torellirealty.com

    Become a Facebook Fan: Torelli Realty

    Follow us on Twitter: @torellirealty

  • Egg-Citement is Back in Costa Mesa for Easter

    Posted Under: Parks & Recreation in Costa Mesa  |  March 22, 2010 5:43 PM  |  1,492 views  |  No comments
    Spring is here and that calls for some Egg-Citement! Our annual Easter celebration for Costa Mesa will take place on Saturday, April 3 over at Tanager Park. This is the perfect event for the whole family to enjoy. The main activity is the Easter egg hunt that starts at 10am. There’s also going to be train rides, pony rides, a petting zoo, and face painting. We’re also thrilled that the Estancia High School Cheer Squad will be in attendance to add spirit and sell refreshments. And don’t miss a special appearance from the guest of honor – the Easter Bunny!

    We love being a part of Costa Mesa and hosting fun events for the community is something Torelli Realty looks forward to presenting year after year. This is also a wonderful opportunity to support our local schools and Boosters. Come on out and join your neighbors in the fun – we hope to see you there!

    For more info on Costa Mesa real estate please contact:

    Torelli Realty

    (714) 540-7355

    www.torellirealty.com

    info@torellirealty.com

    Become a Facebook Fan: Torelli Realty

    Follow us on Twitter: @torellirealty

  • Short Sale Pickings

    Posted Under: Home Buying in Costa Mesa  |  March 10, 2010 6:53 PM  |  1,604 views  |  1 comment

    Currently the Costa Mesa real estate market is considered a buyers market.  A buyers market occurs when buyers have more options when choosing a home to buy and when there are fewer buyers out there to compete with.  Right now there are 125 homes for sale in Costa Mesa.  In the Orange County real estate market, nearly 28% of homes are listed as short sales.   

     

    In January 2010 Orange County short sales were up 34% over the number listed in January 2009.  That’s a huge increase and the projections indicate that more short sales are likely in Orange County and Costa Mesa real estate.  Real estate analyst Bruce Norris told The OC Register that he sees foreclosures as “the tip of the iceberg.”  A short sale is one way of avoiding a foreclosure, which can have devastating effects on a homeowner’s credit. 

     

    With the forecast calling for more distressed sales, buyers should be open to a short sale. Considering a short sale opens buyers up to the 28% of the real estate market that features short sales… And can present some fantastic real estate opportunities.  For example, it may get a buyer into a neighborhood they didn’t think they could afford.  Or it could provide a chance to buy a larger home.  The best thing to do is avoid labeling a home as a ‘short sale’ and think of it as a home.


    For more info on Costa Mesa real estate please contact:

    Torelli Realty

    (714) 540-7355

    www.torellirealty.com

    info@torellirealty.com

    Become a Facebook Fan: Torelli Realty

    Follow us on Twitter: @torellirealty

  • Costa Mesa Pop Warner Sign Up Event on Sat., March 13

    Posted Under: Parks & Recreation in Costa Mesa  |  March 3, 2010 6:06 PM  |  1,566 views  |  No comments

    Costa Mesa is a community where youth recreational programs are a priority.  We’ve blogged before about some of the programs at Estancia High School, Costa Mesa High School, and through the Costa Mesa Community Athletic Foundation. Here’s another great program: Costa Mesa Pop Warner (CMPW), a youth football league and youth cheerleading squad for boys & girls ages 5-15. The team, called the Costa Mesa Eagles, is holding an Early Bird Open House/Registration event on Saturday, March 13, 2010.  Check out the Costa Mesa Pop Warner Facebook page for more information.


    For years CMPW has made it a mission to serve as the benchmark for Southern California youth football and cheer programs.  Under the direction of President Steve Mensinger, the emphasis of the program is not just on smart coaching. An orderly administration and professional structure helps keep the CMPW ahead of other teams and sets a good example for the kids.

    Costa Mesa Pop Warner is a great opportunity for our youth to have fun, understand teamwork, accept responsibility, and again – HAVE FUN!  And according to the professional journal Athletic Insight, youth sports offer additional benefits like improved motor skills and increased self-esteem. CMPW also supports “no work, no play” so students must perform adequately in the classroom or they can’t play.  Education first!

     

    Registration for CMPW is also available online 24 hours a day.  After March 15, the early bird discounts fly away so act fast to save some cash. Our youth are so fortunate to have recreational opportunities such as these available to them – go Eagles!

     

    For more info on real estate in Costa Mesa please contact:

    Torelli Realty

    (714) 540-7355

    http://www.torellirealty.com

    http://costamesashortsales.wordpress.com/

    info@torellirealty.com

    Become a Facebook Fan: Torelli Realty

    Follow us on Twitter: @torellirealty

  • Sellers – Who Qualifies for a Short Sale?

    Posted Under: Home Selling in Costa Mesa  |  March 2, 2010 12:57 PM  |  1,493 views  |  4 comments

    Lots of people bought homes when the market was sizzling a few years ago.  Now homeowners all across the country and here in Costa Mesa and throughout Orange County are facing the fact that many homes are worth considerably less than they were at the time of purchase.  While this may seem disappointing, the fact is that the real estate market goes up and down and the GOOD NEWS is history shows that real estate is a great investment over the long term.  

     

    Real estate may be a pretty sure bet for the long term... So what happens when homeowners end up suffering in the short term? Specifically, what happens when people can't afford the pricey mortgage payments that come with the high price they paid for their homes when the market was on fire? Circumstances like this often lead to foreclosure, which is when the bank repossesses the home because the buyer is unable to pay their mortgage. Foreclosures scar financial records for years.  Fortunately the short sale may be an option for some people facing foreclosure.  

    Real estate expert Elizabeth Weintraub wrote a great piece about short sales and we’d like to share the highlights.

     

    So who can qualify for a short sale?

     

    1. People whose homes have dropped significantly in value.  

    The balance owed on the home will need to be more than what the home is worth.

    2. Those who are facing tough times financially.  

    These issues will need to be documented in a letter of hardship and submitted to the lender.  Some examples that constitute a hardship are divorce, loss of employment, illness, bankruptcy, or death. 

    3. The seller must have no other assets.  

    If they do have assets, the lender may consider them as a potential means for paying back the loan... So no other assets is key.

    4. Mortgage must be at or near default status.  

     

    Getting qualified for a short sale is a huge victory for anyone facing foreclosure because the results are much more promising.  One of the biggest advantages is that sellers are able to stay in their home throughout the selling process rather than facing the bank's eviction time frame. Sellers must be able to put their confidence in an agent they trust who understands the short sale process and will market the home to get it sold. When a buyer makes an offer, the agent needs to be knowledgeable & persistent to make sure the lender responds to all offers promptly.  Then everyone wins - the lender has a newly approved buyer, the buyer gets a great home, and you have the chance to move on!

     

    Please feel free to call or email us for more information if you are considering selling or buying a short sale.  We've had 100% success with all of our short sales in Costa Mesa and the surrounding communities in Orange County.



    For more info on real estate in Costa Mesa please contact:

    Torelli Realty

    (714) 540-7355

    www.torellirealty.com

    info@torellirealty.com

    Become a Facebook Fan: Torelli Realty

    Follow us on Twitter: @torellirealty

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