There are 295 active and pending homes and condos in the Orcutt zip code of 93455. Of those 295 properties, 41 homes are foreclosures (13.8%) and 113 are short sales (38.3%). So currently, over 50% of the Orcutt market is either a bank owned property or a short sale. Average asking price overall was $337,392, asking prices for foreclosures was significantly lower at $256,678, and for short sales it was $269,678.
Wondering what the cheap foreclosure homes sell for in Santa Maria? Last month, the average foreclosure property in Santa Maria sold for $210,630, and for over its list price by nearly 2%. But, how much for the cheap ones you ask? There wer 30 homes that sold, and the cheapest was a 2 bedroom one bath fixer on West Mill which sold for $90,350. After that the cheapest foreclosure sold in Santa Maria was 3 bedroom one bath home on East Las Flores (near Hancock College) which sold for $109,900.*
I just received a counter offer back on a Bank of America property (formerly Countrywide) with a new twist that I haven't seen before in REO contracts. Countrywide officially became Bank of America Home Loans about two weeks ago. I've sold quite a few Countrywide REOs and was used to how they did things. However, it appears that the switch over to Bank of America has changed some things.