Vandenberg AFB Homes, Author at Vandenberg AFB Homes

Failed Loan Modification? A Short Sale May Help You To Avoid Foreclosure

Every week I speak to local homeowners who are frustrated with the process of obtaining a loan modification. I know there are a lot of people out there that claim they can guarantee results, etc. However, I am doubtful of those claims. And in my experience, whether you will get a loan modification depends mainly on who your lender is (servicer) and who the investors are behind the loan. Since you already have the loan and are in a bind, you can't do anything about who your lender is, what you have is what you have. I have spoken to homeowners who have spent 15 months working through the system only to be rejected for the second or third time.

FHA Loan Changes Impact First Time Home Buyers

February 1, 2010
Vandenberg AFB Homes
Buyer Info

First time buyers using FHA financing should be aware that the FHA recent announced policy changes that will increase the cost of FHA financing. Soon, the Mortgage Insurance Premium that is required on low down payment FHA loans will increase from 1.75% to 2.25%. This will result in an increase in over all loan cost and also a slight increase in the monthly payment FHA borrowers will see.

2009 Pismo Beach Real Estate and Foreclosure Market Update

Trying to beat the heat? Looking for a vacation home in Pismo Beach CA? It may be the right time to pick up a beach getaway on the central coast. The number of homes reported sold in Pismo Beach in 2009 was down 14% compared to 2008, and the average sales prices is also down 10%. The number of foreclosure sales (REOs) tripled from the previous year. In 2008, there were only 4 REO sales in Pismo Beach, and in 2009 there were 12 foreclosure sales.

Friday Night at the Elks Lodge in Santa Maria, CA

I spent last night at the Santa Maria Elks Lodge on Bradley Road. And even though, I've lived in Santa Maria for years and been to the Elks many times, I've never been a member nor have I attended on Friday night when attendance is open to the general public. The Elks are responsible for the local Elks Rodeo and Parade which are a tradition in Santa Maria.

2009 Orcutt CA Real Estate & Foreclosure Market Update

January 29, 2010
Vandenberg AFB Homes
Foreclosure / Bank Owned (REO) Info, Santa Maria

There were a total of 509 homes and condos sold in 2009 in the Orcutt area. Included in these figures are homes in the 93455 zip code which includes some homes and condos in Santa Maria that are south of Betteravia. 439 of the sales were single family homes and 70 were condos/PUDs. The average list price was $339,181, and the average sales price was $332,989 at $182 per square foot with73 days on market. For condos and PUDs, the average list price was $185,185, and average sales price was $179,203 at $132 per square foot with 89 days on the market.

Can I Buy a Santa Maria Condo with FHA Financing?

Can you buy a condo in today's market with FHA financing? The answer is yes you can, but it is very difficult lately. Fannie Mae enacted guidelines which have impacted the condo market tremendously. These guidelines were meant to encourage owner occupancy and stability in condo associations but in many instances they have ended up penalizing associations not already in conformance with those guidleines and making all but impossible for them to ever conform.

2009 Lompoc CA and Vandenberg Village CA Real Estate & Foreclosure Market Update

January 27, 2010
Vandenberg AFB Homes
Foreclosure / Bank Owned (REO) Info, Lompoc / Vandenberg Village

There were 360 single family homes sold in the Lompoc and Vandenberg Village in 2009. This excludes manufactured home sales. This figure is down approximately 10% from the 401 homes/condos that were reported sold in 2008. Of the 360 homes/condos sold in 2009, 305 were single gamily detached homes, and 55 were attached/condo dwellings. 217 of the sales were foreclosures (REOs) and 50 were short sales.

How to Buy Short Sales in Santa Maria, CA (Part 2)

Sometimes, the second lien in a short sale situation is held or serviced by the same bank as the first mortgage. This can make the situation a little easier than whe that note is owned or serviced by two separate entities. But, not always. Often banks will "charge off" a second mortgage once it becomes too delinquent or after a Notice of Default is filed by the 1st mortgage. In those cases, the note can be sold for pennies on the dollar to what is essentially a collection agency. And, with that you are dealing with a completely different animal.

2009 Tepusquet, Sisquoc, Garey, and Rural Santa Maria CA Real Estate Update

When researching the MLS for sales in the rural areas of Santa Maria, I came up with 14 sales in 2009. 6 of them were classified as residential sales, and 8 as land sales. There is no point in looking at averages, etc. with so few sales. It is more useful to look at a sampling of the individual sales information:

2009 Grover Beach CA Real Estate & Foreclosure Market Update

Overall, Grover Beach is experiencing the same reduction in available homes for sales as other markets on the Central Coast of CA. Comparing December 2009 to December 2008 levels -- there were 115 units for sale in 2008, and this December there were only 82. Keep in mind, that buyers still experienced bidding wars for foreclosures in Grover Beach in 2008 -- and now there are even fewer homes for sale.