Monthly Archives: July 2009

Buying REOs (Foreclosures) – You May Not Get Your Keys Until the Day AFTER it closes!

Posted on July 30, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Of all the delays that REO buyers must endure, this tends to be the most difficult to swallow. After you’ve crossed the finish line, the loan funded, and you’ve waited the additional day for the transaction to record, NO KEYS! I’ve had this happen about 3 times, but it is beginning to be a trend on REO purchases that buyers cannot get the keys to their new home until the day AFTER the transaction closes. Banks centralize their escrow and title work on foreclosures, so you are almost always dealing with an out-of-town escrow company that is overburdened with work and often doesn’t care about your individual transaction. Continue reading →

Posted in Foreclosure / Bank Owned (REO) Info | Tagged , , , , , , , , , , | 2 Comments

Mint Properties Joins the Santa Barbara Coastal Housing Partnership

Posted on July 20, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Recently, Mint Properties joined the Coastal Housing Partnership, an organization set up to help deal with the issue of affordable housing in Santa Barbara County. I am proud to be a part of the work that the Coastal Housing Partnership performs in educating member employees on home buying and helping make the process more affordable overall. Mint Properties offers real estate services in the three valleys: Santa Ynez Valley, Lompoc Valley, and the Santa Maria Valley. Continue reading →

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Where Have all the Houses Gone in Santa Maria – Orcutt?

Posted on July 15, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

When I searched the MLS for active properties this morning, I came up with 158 single family homes or condos for sale. 29 of those listings are short sales, and 35 are active REO listings. There are 234 contingent listings, and 222 of them are short sales. In the last 30 days, 131 homes have sold, with an average price of about $250,000, average price per square foot of $150, and averaging about 75 days on market. 28 of those sold homes were closed short sales, and 61 were REO (bank owned property) sales. Average days on market for short sales were about 120 days (this reflects the time period to obtain bank approval), and average days on market for REO listings was about 53 (this includes the time it takes to get the contract finalized by the bank). Continue reading →

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Buying Central Coast REOs (Foreclosures) & Market Trends

Posted on July 14, 2009 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Appraisal Fears. It appears that banks are beginning to fear appraisals. In the last two months, twice I had banks come back and make my buyer agree that they would stick with the offered purchase price even if the home did not appraise. Frankly, I think this stinks. Buyers are forced to bid up on popular properties, and now they must risk that if the appraisal doesn’t come in, they will have to walk away from the property or pay the difference out of pocket. For buyers without a large pool of cash, this in effect will keep them from buying the property. Continue reading →

Posted in Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info | Tagged , , , , , , , , | 2 Comments