Central Coast Real Estate Archives | Page 16 of 21

Santa Maria Airport Offers Direct Flight to Las Vegas

January 15, 2010
Vandenberg AFB Homes
Central Coast Real Estate, Local Interests / Events, Santa Maria

Those looking for a quick pleasure trip need look no further than our own Santa Maria airport for transportation to that get away of all get aways, Las Vegas. You don't have to go to Santa Barbara or Los Angeles for a direct flight anymore.

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

December 9, 2009
Vandenberg AFB Homes
Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info, Santa Maria

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.

Santa Maria & Lompoc Buyers Betting on Appraisals to Save Them From Bidding Wars

November 20, 2009
Vandenberg AFB Homes
Buyer Info, Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info, Lompoc / Vandenberg Village, Santa Maria

There is intense competition for homes in the Santa Maria and Lompoc markets, especially for homes priced under $300,000. There simply aren't enough homes for interested buyers. It is not unusual when competing for a home to go up against 12 - 15 other buyers. And, some are pulling no punches when it comes to asking price.

CAR HAF Announces the Mortgage Protection Program

The California Association of Realtors has announced the creation of a Mortgage Protection Plan for first time home buyers. This program was developed to give first time buyers some incentive to buy homes in an uncertain economy. Although buyers don't seem as if they need any further incentive to buy right now, with bidding wars and multiple offers the usual situation in the Santa Maria and Lompoc markets, when this program was conceived buyers were very hesitant to enter the housing market.

Cal STRS Home Loan Program for Santa Maria & Lompoc Teachers

August 30, 2009
Vandenberg AFB Homes
Buyer Info, Central Coast Real Estate, Lompoc / Vandenberg Village, Santa Maria

Local teachers in Santa Maria & Lompoc may be eligible for the home ownership loan programs available through the California State Teachers Retirement Program ("Cal STRS'). Eligible participants can apply for several different loan options which can increase borrowing power and lower down payment requirements. Currently, Cal STRS offers a zero down option using a two loan 95% and 5% structure, as well as a low down option using a two loan 80% and 17% structure

Mint Properties Joins the Santa Barbara Coastal Housing Partnership

Recently, Mint Properties joined the Coastal Housing Partnership, an organization set up to help deal with the issue of affordable housing in Santa Barbara County. I am proud to be a part of the work that the Coastal Housing Partnership performs in educating member employees on home buying and helping make the process more affordable overall. Mint Properties offers real estate services in the three valleys: Santa Ynez Valley, Lompoc Valley, and the Santa Maria Valley.

Buying Central Coast REOs (Foreclosures) & Market Trends

July 14, 2009
Vandenberg AFB Homes
Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info

Appraisal Fears. It appears that banks are beginning to fear appraisals. In the last two months, twice I had banks come back and make my buyer agree that they would stick with the offered purchase price even if the home did not appraise. Frankly, I think this stinks. Buyers are forced to bid up on popular properties, and now they must risk that if the appraisal doesn't come in, they will have to walk away from the property or pay the difference out of pocket. For buyers without a large pool of cash, this in effect will keep them from buying the property.

Mint Properties Offers New Central Coast Foreclosure Property Search

May 26, 2009
Vandenberg AFB Homes
Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info

Mint Properties announced a new foreclosure search on my website: www.BuyCentralCoastForeclosures.com. Potential buyers can search for pre-foreclosure, auction, and bank owned properties. So, you can find information on properties throughout California once they have a Notice of Default (the first step in foreclosure) filed. Some of these properties are already listed as short sales on the local MLS. Others will only be listed if they complete the foreclsoure process and come back as bank owned properties.

Morro Bay & Los Osos CA Bank Owned Market Update

For those looking for foreclosure bargains in the Los Osos and Morro Bay areas, you may be surprised to hear that the actual number of REOs (bank owned homes) in those cities has remained relatively low. Foreclosures tend to force the rest of the market down, and areas with fewer foreclosures have seen slower and more conservative price recessions than areas that were overloaded by foreclosures. Morro Bay and Los Osos have not had the foreclosure inventory that the beach communities in southern San Luis Obispo county have seen.

Bank Owned (REO) Delays in the Central Coast Market

April 18, 2009
Vandenberg AFB Homes
Central Coast Real Estate, Foreclosure / Bank Owned (REO) Info

You would think that once a bank found a willing buyer, who won the "highest and best" bidding process for a foreclosure property, they would be hot to close the transaction. Well think again. I've actually had an all cash buyer trying to close in 10 days (or less) and the bank and their escrow company simply were not able to do it! The buyer couldn't believe it, but having dealt with REO properties many times before I certainly could There are several delays that seem to happen time and time again in bank owned purchases: