In the Santa Maria – Orcutt California area, there are currently 667 active, contingent, or pending homes and condos for sale. Of those 667 homes, 167 are foreclosure listings. Of those 167 REO listings, 7 are “contingent REOs.” A contingent REO is a foreclosure listing with a verbally accepted offer. 64 of of those 167 foreclosure listings are already “pending,” which means that they have fully ratified contracts. So, despite all the negative information about buying a foreclosure, buyers are still making offers on Santa Maria CA foreclosures.
Looking at closed REO/foreclosure sales in Santa Maria – Orcutt since the beginning of the year, 120 foreclosures have closed. Closed foreclosures in Santa Maria and Orcutt spent an average of 62 days on market. The average list price for those closed foreclosure homes was $205,100, and the average sold price was $200,801. So, Santa Maria foreclosures are closing for 97.9% of their list price despite the perception that foreclosures sell for deep discounts from their list price. The overall average during that same time frame was a $245,118 list price and a $239,001 sold price. So, foreclosures are selling for lower prices on average, but they are also selling for near their asking price.
Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California. If you are interested in a list of available foreclosures in the Central Coast area, contact her office at (805) 938-9950.
* SFR/Condo/PUDs only. Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the real estate market. Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Copyright© 2011 Tni LeBlanc *How Many Foreclosures Are Closing Escrow in Santa Maria, California?*