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Foreclosure / Bank Owned (REO) Info

REO Contracts — What to Expect When Buying a Foreclosure in Santa Maria & Lompoc CA

The majority of foreclosure activity in Santa Barbara county centers in the Santa Maria and Lompoc markets. Most of the time, banks demand that their own contracts be used when selling foreclosures. In a typical real estate transaction, the parties use the forms produced by the California Association of Realtors. However, bank sellers have special issues they want to address in their contracts and they use their own team of lawyers to draft their contracts.
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Buying Central Coast Foreclosures: Pre-Qualification Blues

Home buyers focusing on central coast foreclosure properties are running up against lender pre-qualification requirements when bidding for bank owned properties. Many of the bank owned (REO) property listings require that potential buyers get pre-qualified with their company in order to place a bid on the property. Countrywide, Wells Fargo and Fannie Mae (Express Path) listings frequently have this requirement.
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Bank Owned Bidding Wars in the Santa Maria – Orcutt CA Foreclosure Market

Is it a great time to buy? Yes. Interest rates are at historic lows, Congress just passed an $8000 tax credit for first time buyers, and prices just keep getting better and better. There are plenty of folks who are taking advantage of this opportunity. As such, jumping into the current market for foreclosure properties in Santa Maria - Orcutt CA can be a rude awakening for potential buyers. Currently, there is a lot of competition for foreclosed properties. REOs comprise the majority of sold properties in the Santa Maria and Orcutt housing market.
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Buying Bank Owned Homes (REOs) in the Santa Maria CA & Orcutt CA Market – Should I Use FHA/VA or Conventional Financing?

When the bidding gets competitive, buyers are often left to wonder how asset managers make their decisions about which offer to choose. If you have 15 offers how do you select one over the other? The obvious selection would be based on the net to the lender, but there are other factors. In particular, time and time again, I see FHA buyers assed over in this market for buyers using conventional financing. That is not to say that FHA financing is not being used -- it is.
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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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Orcutt CA Condo Foreclosure Market Update (REOs & Short Sales)

There are approximately 34 active or contingent condo listings in the Orcutt CA area, and the average list price centers around $220,000. This does not include HUD properties, which are not listed on the MLS, or for sale by owner units. The most expensive Orcutt condo currently listed is a 2 bedroom 2 bath luxury townhome unit in Foxenwood Garden Villas which is selling for about $699,900. Contrast those prices with the nearby Santa Maria condo market which has about 52 active or contingent listings with an average price around $140,000, with the most expensive being a luxury townhouse in Somerset Gardens listed at $385,000.
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Santa Maria CA & Orcutt CA Bank Owned / Foreclosure Market Update

The Santa Maria/Orcutt CA market for foreclosure properties is certainly not unique. However, because of media reports on overall trends in the national real estate market, many who venture into the local home buying market are under the misimpression that there are hundreds of cheap houses sitting out there for the picking. That is not exactly how it is currently working. I might say that about the local condo market — but not the market for homes. That is not to say that there are not bargains out there. There clearly are. But, the local market for foreclosed properties is extremely competitive. On one particularly choice recent bank owned listing, the listing agent reported 28 offers in 5 days.
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How to Buy Home and Condo Foreclosures in Santa Maria, CA

The number one question I'm asked by new clients is "Tni, how can I buy a foreclosure?" The Santa Maria and Orcutt market is full of foreclosed properties right now making it an excellent time to buy. I specialize in helping people buy these types of properties. I am a certified HUD buyer's agent, and I am the exclusive agent for RealtyTrac in Santa Maria, Nipomo & Oceano
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