Monthly Archives: May 2009

Mint Properties Offers New Central Coast Foreclosure Property Search

Posted on May 26, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Mint Properties announced a new foreclosure search on my website: www.BuyCentralCoastForeclosures.com. Potential buyers can search for pre-foreclosure, auction, and bank owned properties. So, you can find information on properties throughout California once they have a Notice of Default (the first step in foreclosure) filed. Some of these properties are already listed as short sales on the local MLS. Others will only be listed if they complete the foreclsoure process and come back as bank owned properties. Continue reading →

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Is Cash Still King in the Santa Maria CA Foreclosure Market?

Posted on May 24, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Cash buyers are getting the best deals in this competitive market. I’ve found that the best deals tend to be bank owned homes vs. short sales, and cash does help in the ban owned bidding process. Banks tend to be more conservative about selling prices for short sales where they still have the borrower on the hook. So, I find that short sales tend to close right at current selling prices or slightly higher. Whereas, the goal with REOs is to move that asset off of the books quickly. So, you will see bigger price discounts on bank owned properties. Continue reading →

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Morro Bay & Los Osos CA Bank Owned Market Update

Posted on May 21, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

For those looking for foreclosure bargains in the Los Osos and Morro Bay areas, you may be surprised to hear that the actual number of REOs (bank owned homes) in those cities has remained relatively low. Foreclosures tend to force the rest of the market down, and areas with fewer foreclosures have seen slower and more conservative price recessions than areas that were overloaded by foreclosures. Morro Bay and Los Osos have not had the foreclosure inventory that the beach communities in southern San Luis Obispo county have seen. Continue reading →

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Another Twist to REO Contracts in the Santa Maria CA Market

Posted on May 17, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

I just received a counter offer back on a Bank of America property (formerly Countrywide) with a new twist that I haven’t seen before in REO contracts. Countrywide officially became Bank of America Home Loans about two weeks ago. I’ve sold quite a few Countrywide REOs and was used to how they did things. However, it appears that the switch over to Bank of America has changed some things. Continue reading →

Posted in Foreclosure / Bank Owned (REO) Info, Santa Maria / Orcutt | Tagged , , , , , , , , , | 1 Comment

The Santa Maria CA Market is Tough on Buyers

Posted on May 16, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Currently, there is intense competition among buyers in the Santa Maria market. If this is a buyer’s market, it sure doesn’t feel like it anymore. Indeed, with the banks calling almost all the shots in the under $300,000 market (short sales and foreclosures), it certainly feels like a sellers market. Continue reading →

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Short Sale Seller Tip – Which Offer Should I Select?

Posted on May 12, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Short sale sellers are routinely receiving multiple bids on their properties given the current limited inventory in many markets on the central coast. Inevitably, the question arises — how do I choose which offer to present to the bank? Several factors are important and short sale sellers should reflect on them when deciding which offer to present to their lender: Continue reading →

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