2009 - Page 6 of 10 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

Should I Be Pre-Qualified or Pre-Approved When Buying Central Coast Foreclosures?

03/13/2009
Central Coast Real Estate

Buyers often wonder if it it is preferable to be pre-qualified or pre-approved for a mortgage loan before shopping for a home. At a minimum, I require buyers to get pre-qualified before they begin looking for a home, because otherwise they are truly taking a stab in the dark. However, a pre-approval is preferable, especially if your income and credit situation is complex. A pre-qualification is a rough estimate of what you will qualify for, the bank is making only a tenatative statement about the loan you would qualify for if everything stacks up the way you think it will.

Can I Buy A Home for $25,000 in Santa Maria, CA?

03/11/2009
Santa Maria

You would be surprised how many times I am asked this question with amounts varying from as little as $5000 to $50,000. And my answer to that is an easy no. I even had someone ask me about an $81,000 home in Foxenwood Estates! When I ask these potential buyers where they are getting this type of information, they point to the various foreclosure related websites. After sampling a few, for properties that are in pre-foreclosure (i.e. a Notice of Default has been filed) the amount of the payments that are in arrears, or the amount of the second loan owing on the property shows up as the list price, when in fact the home may not even be listed with a broker.

Hidden Pines Santa Maria, CA Gated Community

03/10/2009
Santa Maria

Hidden Pines is a lovely little gated community located in northwest Santa Maria. It boasts a private park and streets, and borders the Santa Maria Riverbed walking trail. The homes were built approximately 15 years ago and feature tile roofs and 2 car garages. The development is surrounded by other popular developments, Cherry Blossom Ranch, Essex at Willow Creek, and the gated community of Regency Estates.

Can I find 100% Financing in the Central Coast market?

03/09/2009
Central Coast Real Estate

I get this question all the time forom buyers looking to jump into the market. For the most part, the answer to that is no. There is a program through the USDA that provides 100% financing for rural properties. I'm told by a local lender that this applies to some areas of Guadalupe, and also some areas of Nipomo, but I haven't been able to verify it. There is also the Veterans Affairs (VA) Loan Program which offers 100% financing to qualifying veterans. But unless you have some military service under your belt, you are not eligible. Other than that, right now I don't know of any 100% financing program available to buyers.

Where can I rent a movie in Santa Maria CA?

03/08/2009
Local Interests / Events

Since Blockbuster closed its doors, many people are wondering where they can rent a movie in south Santa Maria. I for none did not mourn the loss of Blockbuster. I still remember my favorite little video rental shops being put out of business, and more importantly the late fees! I believe Hollywood Video is still open -- although I haven't travelled up to the north end to verify it. Besides that, IMO it always felt more like a gaming shop than a movie rental place. I use Netflix, but we all know that the occasion arises when we want a particular movie right NOW

What is a "contingent" listing on the Central Coast market?

03/07/2009
Central Coast Real Estate, Short Sale Info

Approximately 25% of the 500 active single family listings in the Santa Maria California market are "contingent." Buyers run up against this time and time again, and often wonder, "what exactly is a contingent listing?" Before the housing bust, "contingent" was primarily used when a seller accepted a contract that was contingent upon another home selling. For example, if I offered to buy your home but I needed to sell my own home to make that happen, I could make an offer contingent upon my home sale.

Pacific Crest Quarterly Market Update – 12/08 – 2/09

03/06/2009
Santa Maria

Pacific Crest Homes

Pacific Crest is located in southwest Santa Maria, near the area referred to as Westgate Ranch. Liberty Elementary School is nestled in the community along with a nearby park and greenbelt. Building is still ongoing in the area with the addition of the gated Lavigna townhome community, and more upcoming development planned. Since Battles Road was built out to reach this area, Pacific Crest residents can shoot straight into downtown Santa Maria's shopping and restaurants. The development offers low HOA fees of about $150 per month and many truly deluxe floorplans and amenities.

REO Contracts — What to Expect When Buying a Foreclosure in Santa Maria & Lompoc CA

03/05/2009
Foreclosure / Bank Owned (REO) Info, Lompoc / Vandenberg Village, Santa Maria

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.