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Santa Maria CA & Lompoc CA Foreclosure Buyers Can Choose Local Escrow Companies

Finally! Those of you who read my blog recall my recent blog post on buying a foreclosure and not receiving your keys until the day after it closes. It appears that the Claifornia legislature has take a stab at the heart of the problem, which was the fact that buyers were not allwoed to pick their own excrow companies in these transactions. Banks would hire title and escrow companies to complete their foreclosure proceeding and when they turned around to sell the property as an REO, they would compel the buye to use that same title/escrow company to complete the purchase.
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Santa Maria CA & Orcutt CA Homes For Sale

There are currently 528 homes for sale in the Santa Maria CA (and Orcutt CA) area. Approximately 250 of those homes are short sales where bank approval is necessary to complete the sale. About 141 of the remaining homes are bank owned / foreclosure listings. Thus, approximately 50 percent of the Santa Maria inventory is short saled, and about 25% is bank owned (REOs). You can search for short sales and REO Santa Maria homes at and
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Selling Your Home as a Short Sale in the Santa Maria CA & Orcutt CA Market

Short sales dominate the Santa Maria and Orcutt CA market. Simply put, short sales are sales where the owner owes more than the house is currently worth. Currently, 50% of the active listings in Santa Maria and Orcutt are short sales. However, 60% of the homes sold in the past 30 days are bank owned homes (REOs), and only 10% of sold homes in the last month were short sales.
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