Pederson Properties, Inc.

We've found ourselves quite furtive when it comes to local favorites. Not sure why - maybe because we frequent these locations or simply because we've been selfish?! Whatever the reason it's taken us this long to share, we'd like all our readers to know about [our] best kept secret in Leucadia, California.

Mozy's is located at 698 N. Coast Hwy - at the cusp of Encinitas and is a must visit for breakfast, lunch or dinner! If you're visiting California and find yourself cruising the Coast Highway, you can't miss it. Whether you're in dire straights for a morning jolt, or need something to fill your tummy, Mozy's Café has everything & then some.

Boasting a casual atmosphere with a surfer Coffee House vibe & patio seating you'll find yourself in deep thought just questioning which dish you should commit to. Catering to everyone's taste buds & offering delicious Caribbean, Mediterranean, Vegetarian & Vegan cuisine - we promise you'll be thinking about what you'll try the next time you're here.

We can't seem to stray from our usual breakfast burritos (regardless of the time of day). Either the Tropical or Favorite with Soy Chorizo. One of our friends turned our entire office on to the Gen Mai Cha tea; simply prepared with a liberal splash Peruvian Java and just a dash of Almond Milk & honey. ..tastes like perfection;)

One other favorite none of us can seem to leave with out is Mozy's Raw Oatmeal Cookies. Just ridiculously good - so yum-O it makes our mouths water just thinking about it. In fact. ..it's only 4:15PM, we could still get our fix!! ;)

Mozy's is open daily from 7AM - 8PM. Call them directly and place to-go orders at 760.944.9168. Hoping you all make it evenually and share with us your experience!

Happy Eating:)

Here are a few items Mozy's offers to wet your whistle. ..

Mozy's Cater's too!

Come Visit Us!!!

Frequently Asked Questions

Short Sales

1. What is a short sale?

A short sale* is a transaction in which the seller's lender agrees to accept a payoff of less than the balance due on the loan. In addition to absorbing any loss on the loan, the lender in most cases agrees to pay the costs of the sale.

2. How long does the average short sale take?

It can take anywhere from 28 days to six months once the lender receives a signed offer from both the buyer and seller. The process frequently moves slowly. Currently, many lenders are working to revamp their system to speed up the procedure.

3. If a short sale transaction can take up to six months, why do they call it a "short sale"?

Clearly an oxymoron! Or look at it this way: the value is "shorter" than the loan amount.

The truth is, a short sale has multiple phases that may affect the transaction time frame. Depending on market trends, price positioning, and other factors, it can take anywhere from seven to 180 days or more for a property to sell. Once the negotiations are complete, the short sale proposal is sent to the lender who will evaluate it from a financial perspective. In addition, the homeowner must establish eligibility for the short sale by providing supporting documentation such as, W-2 forms, bank statements, tax returns, and other financial documents. Understandably, this process takes time!

4. Why would a lender agree to a short sale?

There are various reasons why a lender may agree to a short sale. For example, Senate Bill 1137 (Effective July ‘08 & Revised September '08: http://tinyurl.com/Bill1137) imposes strict requirements on lenders prior to exercising their right to foreclose. Foreclosures take time, and as we all know, time is money.

The expense to the lender is another factor. Foreclosure costs may include: internal fees and expenses, eviction, repairs and maintenance of the property, security, as well as Home Owners Association (HOA) dues, and utilities. These factors, combined with the federal and state government's push to hault foreclosures, make it easy to see why a short sale may be in the lender's best interest.

5. Is a short sale an option if foreclosure has already taken place on my property?

No. Once the lender has completed the foreclosure process, a short sale is no longer an option. For that reason, it is vital that homeowners understand the importance of early communication with lender. Don't wait until it's too late. Speak to your lender, and let him or her know that you are having financial or other difficulties. If you want to retain ownership of your home, you may be able to work with your lender to explore alternatives to foreclosure.

6. I have a second mortgage on my home. Does this make me ineligible for a short sale?

In many cases, a short sale can be achieved on properties with multiple loans. Depending on the amount of the loss to the junior lien holder (second trust deed), a short sale may be possible under certain circumstances. Proposals and requests for short sale consideration should be submitted to both lenders at the onset.

7. Once I have an offer on my property, what happens next?

Your REALTOR® will assist you in negotiating the best price and terms. Once the negotiations are complete, the offer and all supporting documentation should be packaged and submitted to the lender's loss mitigation department. Follow-ups and ongoing communication are significant components of a successful short sale.

8. Will I have to pay capital gains taxes is I sell a property as a short sale?

A short sale has no bearing on the calculation of capital gains taxes. However, there are other tax liabilities that must be evaluated. See the advice of tax and legal advisors before agreeing to a short sale. For addition information, you may visit www.irs.org to learn more about taxation of short sales.

9. Will a short sale affect my credit?

Yes. Your tax advisor will be able to address your specific situation.

10. I would like to purchase a short sale property. Where do I start?

Choose a REALTOR® who has the ability to recognize a short sale property and who possesses the skill and training to work through any difficulties that may arise during the buying process. Be prepared for a bumpy road. If your REALTOR® is knowledgeable, he or she will help you manage your expectations.

11. When purchasing a short sale, do I have to pay all of the escrow fees?

The allocation of costs is a negotiable item in any real estate transaction. Typically, the buyer and seller each pay their own fees.

In short sales, lenders may request that certain fees be paid by the buyer, as a condition of sale. Some of these costs may include: funds owed to junior lien holders, closing costs, delinquent property taxes, and Home Owners Association Dues (HOA's). Expect the unexpected and work with a REALTOR® who understands short sales and can walk you through the process prior to preparing an offer to purchase.

12. How is Pederson Properties and Coldwell Banker Residential Brokerage simplifying and streamlining the short sale process?

Pederson Properties as well as Coldwell Banker have been working diligently on a multifaceted program to educate its managers and sales associates regarding the intricacies of the short sale. In response to the unprecedented challenges today's homeowners face, the company has developed a unique short sale package that allows our sales associated to deliver comprehensive proposals to lenders, thereby increasing the likelihood of a successful and swift transaction.

13. How do I determine if I'm eligible for a short sale?

Homeowners must be aware of their options before considering a short sale. Other options include: loan modification/refinance, deed in lieu of foreclosure, foreclosure, and bankruptcy. There are many non-profit counselors available to advise homeowners on the advantages and disadvantages of each of these options. A complete list of counselors may be obtained at www.hud.gov.

* When the amount of the loan and other costs of the sale exceed the current market value of the property, there are a number of options struggling homeowners may consider, including loan modification, deed in lieu of foreclosure, foreclosure, bankruptcy and short sale. Any homeowner considering a short sale should consult with legal and tax advisors. A complete list of non-profit counselors is available at www.hug.gov. Please contact a Pederson Properties sales associate at 760.333.4777 or www.PedersonPropertiesInc.com if you have any questions or would like to request additional Information.

Hawaii is in line for a fiscal shot in the arm of about $942 million for roads, education, Medicaid and other expenses out of the compromise federal stimulus bill, according to an analysis by groups representing governors and state legislatures.

The money in the stimulus measure, which has been approved by both houses of Congress yesterday evening, will go a long way toward helping Hawaii deal with a budget gap of $81 million in the current fiscal year that ends June 30 and another chasm of more than $1 billion in the next fiscal year.

The state will receive $360 million to pay for indigent medical care, about $160 million for education and $35 million for general purposes, according to figures contained in an analysis of the stimulus legislation by Federal Funds Information for States, a joint operation of the National Governors Association and the National Conference of State Legislatures.

An additional $125 million is slated for highways and bridges, $50 million for transit capital grants, $41 million for special education and $13 million for public housing.

Water projects in the state will get almost $50 million in new funds; $14.5 million will go to law enforcement; about $8.5 million will go to child care and Head Start programs; and $6 million will fund homelessness programs.

The exact amount of money that would be directed to specific programs is not known yet, but should be in the next few days as state and federal officials closely examine the legislative language.

The bill also includes tax breaks for low-income families with children, college students, first-time homebuyers, people who buy new automobiles and those collecting unemployment benefits.

The Obama administration says 95 percent of taxpayers will get relief.

In all, the entire $789 billion plan includes about $280 billion in tax cuts.

The money coming to Hawaii is much less than what state and local governments were seeking.

For example, Honolulu's wish list of ''shovel ready'' transit, road, water and community development projects, unveiled a month ago, by itself totaled $1.5 billion.

Late yesterday evening, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier yesterday, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Yesterday's votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion.

On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.

The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

C.A.R. & NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.

The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.

Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.

We'll continue to keep you updated on today's news as more detailed information becomes available.. ..

As more homeowners find themselves underwater -- owing more on their mortgage than their home is currently worth -- and unable to make the monthly mortgage payments, many are turning to short sales, which allows a homeowner to sell their home for less than owed on the mortgage. With the lender's approval, home buyers can purchase properties in desirable neighborhoods and at favorable prices.

• According to real estate Web site Zillow.com, 14 percent of homeowners nationwide are currently underwater. In some areas, especially those hardest-hit by foreclosures that have experienced the greatest price declines, more than 50 percent of homeowners would owe more than their home is worth if they sold today.

• Unlike foreclosed properties, which may be run-down and vacant for many months, short-sell properties are likely to be better maintained as many owners may still live in the home.

• In a short sale, the homeowner must receive approval from the lender before the sale of the property can proceed. With many lenders overwhelmed by short-sale transactions, it can take between two and six months to execute.

• Working with a REALTOR® who has experience with short sales can help both sellers and home buyers during the transaction. A seasoned REALTOR® will be able to serve as the mediator between the seller and the lender and lead to a successful transaction, while a buyer's agent can help with offers, counter offers, home inspections, closing, and more.

• It is important to remember that although the seller may be anxious about selling the property and willing to accept any offer, it is ultimately up to the lender to determine if, and at what price, the property can be sold. Therefore, home buyers should work closely with their REALTOR® to submit a realistic offer.

• According to REALTOR® Loni Parmelly, author of Success in Short Sales, buyers should ask the lender to pay for all closing costs as part of the contract. The contract also should specify that the buyer will not conduct an appraisal or inspection of the property until the offer is approved. This added guarantee can protect home buyers from spending money on a home they may not purchase.