Camarillo Life & Real Estate

     Is it Better to Buy a Pre-Foreclosure (Short Pay) Home?

I tell most of my buyers that it is much easier to negotiate and buy a home from a regular seller than to buy a home from a seller who is in default or their house is a short pay sale by the lender.

However, this has become a new trend and now everyone is looking for those short pay/pre-foreclosure homes. It is true that sometimes you can find a great deal among these short pay sale homes. These are usually homes where the homeowner has some equity in the property (e.g. they may have put some money down at the time of purchase).

When the lender agrees to sell a home in a short pay sale, they are not agreeing to give up what the borrower owes them. Instead, the lender tries to sell the house for as close to the outstanding loan amount as possible. Obviously they have to take into consideration the housing market and what the houses in the area have sold and are selling for.

When a buyer makes an offer on a short pay home they are actually making an offer to the lender. The offer has to go through many departments so the lending institution can revise the benefit of selling their investment  (the house you just made an offer on) in a short sale or in a foreclosure sale.

Also, another point to consider when you think about buying a short pay home, is that when you buy a short pay house, you buy the home as is. The lender will not do any kind of fixing, give you any kind of allowance, or credit toward your closing cost. 

If you have any questions call me,

Mana Tulberg: (805) 443-8898                                                              

On the other hand you might want to consider making an offer to a seller who is not in default. A seller who might be able to credit you a carpet or painting allowance or even credit money towards your closing cost and a seller who might have the ability to negotiate the price of their house.

What is a Short Pay?  

In today's market you will probably come across many cases where the owners bought their homes with little or no equity. As the situations change, lose of a job, increase in interest rates, and etc.... many of these homeowners are unable to pay their mortgage and assume they have one solution, Foreclosure. Wrong!!!!!

Short pay sale or Discounted pay off is the step many homeowners are taking now before their homes fall into foreclosure and their credit ruined for years to come.

In a short pay the lender agrees to accept less than what is owed in lieu of foreclosure. Why? The foreclosure process is not only a costly procedure the lending institution will have to endure, but it doesn't guarantee a practical repossession of the property in question because of the possibility of the borrower filing bankruptcy. Even if repossession were to take place, an institution is faced with assuming carrying costs for months until the property finally sells.

Why would the Lender agree to a Short Pay Sale?

From the lender's perspective, a short sale saves many of the costs associated with the foreclosure process - attorney fee's, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale, etc. In a short sale scenario, the lender gets the property back faster, so it is able to cut its losses. Your job as the investor is to convince the lender that it will fare better by accepting less money now.

How will this affect my credit?

Depending on how you negotiate the transaction, it could go on your credit report as, "settled," or, "paid," or "short payoff." It depends on the lender and how well you can negotiate.

For a list of Short Pay Sale Homes in Ventura County give me a call:

Mana Tulberg: (805) 443-8898

Local Museums

Albinger Archaeological Museum
113 E. Main Street, Ventura (805)648-5823

On-site excavations are documented in exhibits covering 3500 years for Ventura history.

Open: Tuesday- Sunday 1:00 pm to 4:00 pm, (closed on Mondays)

CEC/SeaBee Museum
U.S. Naval Base, Port Hueneme (805)982-5165

Uniforms, arms and other items used by Seabees and the Civil Engineer Corps.

Open: Monday - Saturday 9:00 am to 4:00 pm, Sunday 12:30 pm to 4:30 p.m.

California Oil Museum
1001 E. Main Street, Santa Paula (805)933-0076

Interactive displays, videos, models, photos, and restored gas station memorabilia.

Open: Wednesday - Sunday 10:00 am to 4:00 pm

Carnegie Art Museum
424 South "C" Street, Oxnard (805)385-8157

Art, photography and decorative art exhibits by international and regional artists.

Open: Thursday- Saturday 10:00 am to 5:00 pm, and Sunday 1:00 pm to 5:00 pm

Channel Islands National Park
1901 Spinnaker Drive, Ventura (805)658-5730

Exhibits of natural history including, park ranger presentations and an indoor tide pool.

Open: Daily

Dudley House Museum
Corner of Loma Vista and Ashwood Streets, Ventura (805)642-3345

Life of the Dudley family and the Ventura farming community, 1892-1925.

Open: First Sunday of each month

Fillmore Historical Museum and Park
350 Main Street, Fillmore (805)524-0948

1887 Southern Pacific depot and 1905 Craftsman bungalow home.

Open: Please call for hours.

Gallery of Historical Figures
McNeil & Reeves Road, Ojai (805)646-6574

Open: April to December on Saturday and Sunday 1:00 pm to 4:00 pm

Gull Wings Children's Museum
418 West Fourth Street, Oxnard (805)483-3005

Interactive hands-on museum for children ages 2 thru 12.

Open: Tuesday -Sunday 10:00 am to 5:00 pm (closed on Mondays)

Heritage Square
715 South "A" Street, Oxnard (805)483-7960

Eleven restored turn-of-the-century mansions and farmhouses.

Open: Please call for hours.

Maritime Museum
2731 South Victoria, Oxnard (805)984-6260

Collection of maritime art and ship models dating from 1622 to the present.

Open: Daily 11:00 a.m. to 5:00 p.m.

Mission San Buenaventura
211 East Main Street, Ventura (805)643-4318

Open: Daily from sunrise to sunset.

Oakbrook Regional Park Chumash Interpretive Center
3290 Lang Ranch Parkway, Thousand Oaks (805)492-8076

Exhibits of Chumash culture and history, tours of cave art and wildlife programs.

Open: Tuesday - Saturday 10:00 a.m. to 5:00 p.m.

Ojai Valley Museum
130 W. Ojai Avenue, Ojai (805)640-1390

Environmental, cultural and historical exhibits of the Ojai Valley; changing exhibits.

Open: Please call for hours.

Olivas Adobe Historic Park 

4200 Olivas Park Drive, Ventura (805)658-4726 / 644-4346

Original 1847 adobe home of the Olivas family of Rancho San Miguel.

Open: Daily (Please call for hours)

Pleasant Valley Museum and Botanical Gardens
720 Las Posas Road, Camarillo (805)482-3660

Historical exhibits of the Pleasant Valley area

Open: Please call for hours.

Port Hueneme Historical Museum
220 N. Market Street, Port Hueneme (805)488-2023

Artifacts and exhibits related to the early history of Port Hueneme.

Open: Please call for hours.

Rancho Camulos Museum
Highway 126, Piru (805)521-1501

The only Mexican land grant rancho still preserved in its original rural environment that is open to the public.

Open: Wednesday and Saturday afternoons 1:00 p.m. until 4:00 p.m.

Ronald Reagan Presidential Library 
40 Presidential Drive, Simi Valley (805)577-4000 or (800)410-8354

Chronicles the fascinating life of the 40th President of the United States.

Open: Daily 10:00 am to 5:00 pm.

 Stagecoach Inn Museum 
51 South Ventu Park Rd., Newbury Park (805)498-9441

Exhibits of Conejo Valley history from the Chumash era to the pioneer ranchers.

Open: Please call for hours.

Strathearn Historical Park and Museum 
137 Strathearn Place, Simi Valley (805)526-6453

Colony House and Library furnished with memorabilia of pioneer families.

Open: Tuesday - Friday 9:00 a.m. to 2:00 p.m.

Ventura County Museum of History and Art  
100 East Main Street, Ventura (805)653-0323

Over 200 historical figures of primary personalities, from European, American and Asian history.

Open: Tuesday- Sunday 10:00 am to 4:00 pm, (closed on Mondays).

Vintage Museum of Transportation and Wildlife
1421 Emerson Avenue, Oxnard (805)486-5929

This 45,000 square foot museum is the display showcase for the Otis Chandler collection of motorcycles, automobiles, tapestries, and big-game wildlife.

Open: By appointment only.

Due to his hard work, Joshua, our 18 year old, has been and will be the talk of town for many years to come.

After receiving their teacher and principal Lipman's permission Joshua and his friend, Eric, were given permission to fulfill some community service credits by creating a replica of Adolfo Camarillo High School's mascot, the Scorpion.

Some of you have seen Joshua's welding art works around our home, so you can just imagine the precision, dedication, and the devotion that this young man showed in the 100 hours he spent on the design and creation of this sculpture.  The Scorpion is about 8 ½ foot tall and the materials were donated by our neighbor who owns Southern California Gold Products.  On the day of the graduation ceremony the giant blue steel scorpion was unveiled and the tears of pride and joy covered our faces.

A week later the massive mascot was bolted on the giant letter "A" on the hill sides in front of Adolfo Camarillo High School on Mission Oaks Boulevard.  Also, on June 30, the Camarillo Acorn, published an article on Joshua and

And now Joshua our son whose mark would be around town for years to come is thinking about transferring to San Francisco to finish his education where he can achieve his goal of automotive design. Our little boy is a grown man now and I guess our time for the boy needing his parents is up.  He is a man, and he needs us as a man needs his parents.  But, no matter how old he is or he becomes, I am still planning on being there for him and if I can't smell my rose as closely as I once could I am going to be thankful and grateful for a whiff.  Meanwhile, I am holding tight to the younger ones and smelling my little rose buds closer, realizing how fast their brother became a flower.

My Son is to the right.

Local Happenings

May Events

Source: http://www.venturatoday.net/

Ventura Music Festival

Dates: Thursday, May 3, 6:00 p.m.

The Ventura Music Festival presents an elegant evening with a French theme which opens the 13th season of the Ventura Music Festival. Experience gourmet dining, fabulous musical entertainment and the presentation of the Festival Founders' Award.

 Location: Courtyard by Marriott, OXNARD!

Admission: $75.                                                

For further information, please call (805) 648-3146.

Simi Street Fair

Dates: Saturday, May 12, 9:00 a.m. until 5:00 p.m.

With over 250 vendor and food booths, arts & crafts.

Location: Cochran Street between Sequoia and Galina Streets, Simi Valley.

Admission: Free.

For further information, please call (805) 526-3900.

Fillmore May Festival (formerly Orange Festival)
Dates: Thursday-Sunday, May 17-20, 5:00 p.m. until 9:30 p.m.

Fillmore May Festival continues with food booths, arts & crafts and entertainment.  

Location: Central Park, downtown Fillmore.

For further information, please call (805)524-0351 or 583-1250.

Ojai Renaissance Faire
Dates: Saturday-Sunday, May 19-20,10:00 a.m. until 6:30 p.m.

Annual Ojai Renaissance Faire, with food booths, arts & crafts, continuous entertainment.

Location: Lake Casitas, Highway 33, Ojai.

Admission: Adults $15; parking $3.

For further information, please call (805) 496-6036.

California Strawberry Festival
Dates: Saturday-Sunday, May 19-20, 10:00 a.m. until 6:30 p.m.

The California Strawberry Festival is one of the largest annual events for the public in Ventura County.  Hundreds of arts and craft booths, plenty of entertainment on two different stages. Lots of food booths, and featuring our famous local strawberries,

Location: Strawberry Meadows, College Park, 3250 S. Rose Avenue at Highway 1, Oxnard.

Admission: Adults $12; active military with ID and seniors $8; and youths 5 thru 12 - $5. No charge for children 4 and under. Free parking. Proceeds benefit non-profit and service organizations as well as scholarships.

For further information, please call toll free (888) 288-9242 or visit our website strawberry-fest.org.

Cajun, Creole Music Festival
Dates: Saturday-Sunday, May 26-27, 11:00 a.m. until 8:00 p.m.

Location: Rancho Santa Susana Park, 5005 Los Angeles Avenue, Simi Valley.

Admission: $15.

For further information, please call (805) 520-4894.

1- Why should I buy, instead of rent?

Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years.

2- Can I become a homebuyer even if I have I've had bad credit, and don't have much for a down-payment?

Answer:You may be a good candidate for one of the federal mortgage programs. Start by contacting one of the HUD-funded housing counseling agencies that can help you sort through your options. Also, contact your local government to see if there are any local homebuying programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can't find it, contact your mayor's office or your county executive's office.

3- Should I use a real estate broker? How do I find one?

Answer: Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. When it's time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don't have to pay the broker anything! The payment comes from the home seller - not from the buyer.

4- How much money will I have to come up with to buy a home?

Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That's why many first-time homebuyers turn to HUD's FHA for help. FHA loans require only 3% down - and sometimes less.

Closing costs - which you will pay at settlement - average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won't be caught by surprise. (you can always call me if you have any more questions).

5- So what will my mortgage cover?

Answer: Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you've borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. Most loans are for 30 years, although 15 year loans are available, too. During the life of the loan, you'll pay far more in interest than you will in principal - sometimes two or three times more! Because of the way loans are structured, in the first years you'll be paying mostly interest in your monthly payments. In the final years, you'll be paying mostly principal.

6- When I find the home I want, how much should I offer?

Answer: Again, your real estate broker can help you here. But there are several things you should consider: 1) is the asking price in line with prices of similar homes in the area? 2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You probably want to get a professional home inspection before you make your offer. Your real estate broker can help you arrange one. 3) How long has the home been on the market? If it's been for sale for awhile, the seller may be more eager to accept a lower offer. 4) How much mortgage will be required? Make sure you really can afford whatever offer you make. 5) How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.

Answer: They often are! But don't let that stop you. Now you begin negotiating. Your broker will help you. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldn't normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember - don't get so caught up in negotiations that you lose sight of what you really want and can afford!

More Questions?

Please feel free to contact me with any questions you have regarding the purchase of your new home.

Source: U.S. Department of Housing & Urban Development