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Lining up for Lompoc CA Foreclosures

This is my second day in a row showing Lompoc CA foreclosures under $200,000. There is not much on the market besides plenty of stale short sales that don't appear to be going anywhere anytime soon. Thus, most of the buyers who are looking in this price range have zeroed in on the bank owned inventory. So, when a new foreclosure comes on the market, you should be prepared to wait in line to view the property
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Buying Bank Owned Properties (REOs) in the Santa Maria/Orcutt and Lompoc/Vandenberg Village Foreclosure Market

The Santa Maria and Lompoc real estate markets are currently dominated by foreclosure listings. Of the 663 active listings for homes/condos in the Santa Maria - Orcutt area, approximately 25% (165) are bank owned properties (REOs), and about 50% (339) were short sales. Similarly in the Lompoc - Vandenberg Village active market for homes and condos, there are 198 total listings, and 20% (39) were REOs and 40% (81) were short sales. This means that 75% of the active market in Santa Maria and 60% of the active market in Lompoc and its surrounding areas could be classified as either a foreclosure or a pre-foreclosure. Certain trends or practices are becoming fairly routine in this market.
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How to Buy HUD Home and Condo Foreclosures on the Central Coast

San Luis Obispo and Santa Barbara Counties have seen a dramatic increase in foreclosure and pre-foreclosure listings. Bank owned and short sale listings currently dominate and/or drive many of the local markets here on the central coast, and along with that we are beginning to see more HUD homes for sale. HUD homes (or condos) are properties that have gone through foreclosure and been taken back by the federal agency “HUD” (U.S. Department of Housing and Urban Development) which insured the original defaulted mortgage.
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