October 2010 - Page 3 of 5 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

Lompoc Luxury Homes: Foreclosure Real Estate Update

10/18/2010
Buyer Info, Lompoc / Vandenberg Village, Seller Info

Looking at the luxury real estate market in Lompoc California, there are currently 29 homes priced above $400,000 with an average list price of about $592,000 and 145 days on market, and a median asking price of $499,000. Looking at the luxury foreclosure market, there was only one active luxury foreclosure listing and there were 2 available short sales in Lompoc.

How Much Down Payment is Required to Buy a Rental or Investment Property in Santa Maria?

10/17/2010
Buyer Info, Santa Maria

Many investors that I am currently working with in the Santa Maria and Lompoc real estate market are paying all cash for their rental homes. That is why the market for foreclosures is so difficult for Santa Maria home buyers using FHA/VA financing; it is difficult to compete against a cash offer on a foreclosure where the bank wants to make no repairs to the property.

How to Sell A Home with Tenants: 3 Tips

10/16/2010
Seller Info, Short Sale Info

Make sure you know when the lease will end, and when the tenants will begin a month to month tenancy. These are important facts to relay when selling a home with tenants. Investor buyers willl want to know, and other buyer will want to know when the tenants can vacate the property. Also, make sure you know how much notice the tenants are entitled to for showings - a well written lease will include a provision about notice.

Santa Maria Orcutt Luxury Foreclosures: Homes & Real Estate Update

10/15/2010
Buyer Info, Foreclosure / Bank Owned (REO) Info, Santa Maria

Looking at the luxury real estate market in Santa Maria and Orcutt California, there are currently 57 homes priced above $400,000 with an average list price of $657,303 and 179 days on market, and a median asking price of $515,000.

Short Sale Alert: One Loan? No More Deficiencies After a Short Sale in California.

10/14/2010
Short Sale Info

I think this is probably the most significant development for short sale sellers since the housing bust began and frankly it makes me proud to be a Californian. In my mind it was the right thing for the legislature to do. California Senate Bill 931 prevents first lien holders who approve a short sale from then turning around and pursuing the homeowners for the deficiency.

Santa Maria Short Sale Alert: Contingent Short Sales?

10/13/2010
Buyer Info, Santa Maria, Short Sale Info

Contingent short sales are all over the Santa Maria market. Santa Maria home buyers are always asking me about them. They linger on the market. Often the seller is requesting no more showings. But why? With so many buyers looking for homes and condos in Santa Maria, why do these properties linger on the market? The answer is of course bank delay

Lompoc Home For Sale $169,900

10/12/2010
Buyer Info, Lompoc / Vandenberg Village

Come see this Lompoc Delight! This exceptional home features a large family room addition off the kitchen for a great room effect and feel. Indoor laundry,large fireplace and slider access to the backyard. Formal living room off the entry and an informal dining area directly off the spacious kitchen. This home hasthree bedrooms and two updated bathrooms. Needs a little polish to bring it back to its prime - but the potential is definitely there. Modern touches andupdates throughout.

Santa Maria Foreclosure Market Tip: What is a “Contingent REO?”

10/11/2010
Foreclosure / Bank Owned (REO) Info

If you’ve been tracking the market for foreclosures for awhile, I’m sure you’ve come across a contingent REO and wondered what that means. An REO is an industry term for a foreclosure, and a contingent REO is one where an offer has been verbally accepted by the bank or the asset manager, but the paperwork is still being signed.