Pacific Crest Quarterly Market Update – 12/08 – 2/09
REO Contracts — What to Expect When Buying a Foreclosure in Santa Maria & Lompoc CA
The majority of foreclosure activity in Santa Barbara county centers in the Santa Maria and Lompoc markets. Most of the time, banks demand that their own contracts be used when selling foreclosures. In a typical real estate transaction, the parties use the forms produced by the California Association of Realtors. However, bank sellers have special issues they want to address in their contracts and they use their own team of lawyers to draft their contracts.
2008 Year End Tepusquet Canyon Market Update
Looking for a home off the beaten path? The small rural communities of Sisquoc, Garey, and the Tespusquet Canyon area are nestled in what has become known as Santa Maria valley wine country. Last year, a total of 8 properties were reported sold on the MLS in those areas. The lowest resale was a 2 bedroom 1 bath bank owned cottage on a 6500 square foot lot in Sisquoc which sold for $115,000 in February 2008. Also in Sisquoc, a charming and well kept 2 bedroom 1 bath cottage on an acre of land on Foxen Canyon Road sold for $360,000 in November 2008.
Buying Central Coast Foreclosures: Pre-Qualification Blues
Home buyers focusing on central coast foreclosure properties are running up against lender pre-qualification requirements when bidding for bank owned properties. Many of the bank owned (REO) property listings require that potential buyers get pre-qualified with their company in order to place a bid on the property. Countrywide, Wells Fargo and Fannie Mae (Express Path) listings frequently have this requirement.
Taste for Justice — Wine, Beer & Food Tasting Fundraiser, March 7, 2009
On March 7, 2009, Legal Aid Foundation of Santa Barbara County will host its 5th annual "Taste for Justice" fundraiser at the Discovery Museum (705 S. McClelland Street) in Santa Maria. This event will features many local winieries who will pour, including Lucas & Lewellen, Cambria Wineries, Fess Parker Winery, & McKeon-Phillips Winery. There will also be a beer tasting featuring Telegraph Brewery and Santa Barbara Downtown Brewing Company. A chef's competition will feature contributions by Allan Hancock College's Culinary Arts students.
Buying An Approved Short Sale in the Central Coast Market
What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.
