Posted by: tnileblanc | August 15, 2009

Are Short Sales Never Ending Bidding Wars for Buyers?

Are short sales never ending bidding wars? Yes, they can be. In general, short sales are some of the most frustrating transactions for sellers and buyers. And, it is almost inevitable in this market that buyers will consider a short sale while looking for a new home. The market is simply loaded with short sales, and sometimes they sit there for months awaiting bank approval. So while buyers wait for the next bank owned listing to pop on the market, they tend to hash and rehash the short sale inventory.

For buyers without all cash or big cash downpayments, the short sale market may allow them to effectively compete for a home. Typically, when bidding on bank owned properties (REOs), bank sellers prefer buyers using conventional financing to those who are using FHA or VA financing – and often they will accept an offer that is lower if the offer is cash or uses conventional financing (which in general requires at least a 10% downpayment). The short sale market is a little different with sellers wanting to bring the short sale lender the highest net offer they can without as much regard paid to the type of financing. Indeed, I would argue that an FHA or VA buyer is preferable for a short sale given that they are more inclined to wait on the short sale since they have fewer options in the marketplace.

In this market of low inventory and high demand, once a short sale listing hits the market, the listing agent will typically collect offers over a period of a week or two and then present all those offers to the seller. The seller then selects the highest and best offer and submits that offer to their lender in a short sale package along with a hardship letter, statement of financial condition, and other supporting documents such as pay stubs, etc. Then the waiting begins. But during that period, the property continues to be offered for sale as a “contingent” listing on the MLS; and if the sellers cooperate, it continues to be shown to buyers. Because short sales take so long to gain approval, market conditions can change during this wait period, and a listing agent can begin to receive offers that are higher than the previously submitted highest and best offer. What then?

Unfortunately, there are no hard and fast rules for how listing agents must treat short sales. Often the policy of the short sale lender will dictate how the short sale will be handled. Some short sale lenders demand that ALL offers be presented to them. And in that case, the agent will submit every offer. However, I’ve found that most lenders do not want to weed through 10-15 offers and simply want to see the current best offer, and then a better offer if one comes in. Other banks will only consider one offer at a time, so if a better offer is received, an agent would not have a way to present it to the bank anyway.

It is in the seller’s best interest to present the highest possible offer as it will affect the amount of the deficiency that will be assessed against them, either as a collectable debt that can be pursued by the lender or as the amount that will be assessed as a forgiven debt, and thus taxed. If the seller has already decided that the short sale is in their best interests after consulting with their tax advisor and attorney, the goal should remain to complete the sale in a timely manner and that will require closing the gate to additional offers at some point. But at what point? Two weeks? Two months? This is where things can get even more uncertain for the short sale buyer – when will the bidding stop? The answer may be never – because even if your offer is the only offer submitted, the bank may still choose to counter it.

Navigating the world of short sales and REOs is a difficult process. You need an experienced agent that can help you through it. If you are considering buying a foreclosure or pre-foreclosure in Santa Maria or Lompoc, please feel free to contact me for a consultation. I can be reached at (805) 878-9879.

tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveSantaMaria.com
www.SellMySantaMariaHome.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

  • Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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Posted in Short Sale Info | Tags: , , ,

Posted by: tnileblanc | July 30, 2009

Buying REOs (Foreclosures) – You May Not Get Your Keys Until the Day AFTER it closes!

Of all the delays that REO buyers must endure, this tends to be the most difficult to swallow. After you’ve crossed the finish line, the loan funded, and you’ve waited the additional day for the transaction to record, NO KEYS! I’ve had this happen about 3 times, but it is beginning to be a trend on REO purchases that buyers cannot get the keys to their new home until the day AFTER the transaction closes. Banks centralize their escrow and title work on foreclosures, so you are almost always dealing with an out-of-town escrow company that is overburdened with work and often doesn’t care about your individual transaction. The usual practice is for the escrow company to record the transaction, and then confirm the recordation. In a “normal” sale, using a local escrow company, the new deed is recorded and confirmed on the same day many times before 10am. However, as with anything else on an REO purchase, this now takes longer.

I was actually getting used to the fact that on most REOs, confirmation is generally not available until the very end of the day. However it appears that, rather than hire a few more people, escrow companies handling REOs are contracting out recording documents and also confirmation of recording to third party companies. So, now buyers are being told that their transaction cannot be confirmed, and keys cannot be handed out until the following day. And it seems to me that the time these escrow companies spend fending off irate buyer’s agents, could easily be spent making phone calls to confirm recording. When discussing the lack of customer service at these escrow companies, one of my buyers asked me recently “am I really paying for people to treat me this way?” My answer could only be – “unfortunately you are.”

My first two experiences with this happened on the same Friday when buyers were rightfully expecting keys. I called one of the escrow companies right before close of business expecting confirmation, and they claimed that confirmation was generally not available in Santa Barbara County until the following day. Needless to say, no one appreciates being lied to, but especially not on Friday at 5pm. What is unusual is that the local offices of these same escrow companies function in a completely different way. Unfortunately, it is impossible to direct the transaction to a local office. There is some controversy surrounding this point, as I am told the law in California requires that buyers have choice about their escrow company — and REO buyers effectively have none. Like almost all of the other terms of the REO contract, if buyers do not agree, they are passed over for another buyer.

I do believe that this issue of late confirmation will ultimately be resolved either by a statement from a regulating agency, or by litigation. It is beginning to get out of hand. It is not hard to imagine that a buyer would incur damages from this, and my past experience as an attorney tells me that with damages comes litigation. Many times, boxes are packed, moving trucks are in motion, and painters are scheduled. Not to mention the simple fact that the buyer is paying for a property they can’t access. Because of this and other possible delays, I try not to schedule REO closings for Fridays; however, many times the REO seller chooses the closing date in their addendum. Also, I advise buyers that REOs often close late due to seller and escrow delays. This is just another delay to watch out for when buying an REO.

I specialize in helping people navigate the process of purchasing foreclosed properties here on the Central Coast. If you would like a list of bank owned properties (REOs) in the Santa Maria, Lompoc, or surrounding areas, send an email request to me at tni@mintprop.com. Or give me a buzz at (805) 878-9879 and I will set up a personalized tour of homes for you.

tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLoveLompoc.com
www.iLoveSantaMaria.com
www.BuySantaMariaForeclosures.com
www.SantaMariaRealEstateSearch.com

*Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Buyers are advised to consult with their own attorney for legal advice — this blog does not offer legal advice.

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Posted in Foreclosure / Bank Owned (REO) Info | Tags: , , , , , , , , , ,

Posted by: tnileblanc | July 20, 2009

Mint Properties Joins the Santa Barbara Coastal Housing Partnership

pics 038Recently, 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. And, I specialize in helping people buy short sales and foreclosed properties on the Central Coast. If you would like a list of foreclosure properties currently offered for sale, send me an email at tni@mintprop.com, or give me a call at (805) 878-9879.

tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
Broker/Owner, Mint Properties
(805) 878-9879, tni@MintProp.com
www.iLovetheCentralCoast.com
www.SellMyCentralCoastHome.com
www.BuyCentralCoastForeclosures.com
www.CentralCoastRealEstateSearch.com

  • Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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    Posted in Central Coast of CA | Tags: ,

    Posted by: tnileblanc | July 15, 2009

    Where Have all the Houses Gone in Santa Maria – Orcutt?

    Santa Maria City Hall

    Santa Maria City Hall

    When I searched the MLS for active properties this morning, I came up with 158 single family homes or condos for sale in the Santa Maria and Orcutt areas. 29 of those listings are short sales, and 35 are active REO listings. There are 234 contingent listings, and 222 of them are short sales. In the last 30 days, 131 homes have sold, with an average price of about $250,000, average price per square foot of $150, and averaging about 75 days on market. 28 of those sold homes were closed short sales, and 61 were REO (bank owned property) sales. Average days on market for short sales was about 120 days (this reflects the time period to obtain bank approval), and average days on market for REO listings was about 53 (this includes the time it takes to get the contract finalized by the bank). So, all in all, this market is light on houses and full of a bunch of hurry up and wait for buyers.

    Due to the lack of inventory, I’m seeing a willingness from buyers to bid up REO listings so that they can get in a home now. However, even short sale listings are being bid up competitively. It is a very difficult market overall for buyers. I spend a lot of time telling buyers that the inventory they see online isn’t truly available. Or, many times after I describe market conditions to potential buyers, they decide to stay on the sidelines. Shopping for contingent short sales doesn’t pay off the way it used to because buyers are staying put with their short sale offers as there are not many other options for them. It is a great market for sellers because of buyer demand, except that this market has been declared as declining and appraisers are reflecting that in their reports.

    I have heard the theory that the banks are waiting to dump a bunch of inventory on the market and that this will happen in August or September. I have heard this theory about every month beginning in March of this year. I don’t know if it is true, but I would welcome the inventory and right now I feel like I could sell it all myself! If true, this would mean that the window for sellers to sell easily is closing, and buyers should wait for more bargains and selection. However, I don’t understand why the banks would do this after we (and many other markets) have basically had a drought of inventory for months. Why then dump a bunch of inventory when the market naturally slows in September? Makes no sense — but I am pretty far from believing that banks will do what makes sense!

    If you are looking for a home in this market, it is moving so fast that the only way to keep up is to receive automatic email alerts. If you would like to sign up for them, send me an email request at tni@MintProp.com You can also search for properties on my websites: www.iLoveSantaMaria.com, www.SantaMariaRealEstateSearch.com, & www.BuySantaMariaForeclosures.com (map based search). If you have questions about a specific property, or would like to set up an appointment to consult about a possible short sale of your property, I can be reached at (805) 878-9879.

    tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
    Broker/Owner, Mint Properties
    (805) 878-9879, tni@MintProp.com
    www.iLoveSantaMaria.com
    www.SellMySantaMariaHome.com
    www.BuySantaMariaForeclosures.com
    www.SantaMariaRealEstateSearch.com

    • Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

    2 Comments

    Posted in Santa Maria / Orcutt | Tags: , , , , , , ,

    Posted by: tnileblanc | July 14, 2009

    Buying Central Coast REOs (Foreclosures) & Market Trends

    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. I do understand that some buyers are overbidding and then hoping that the appraisal saves them from their own bad judgment, or sometimes overbidding is just a strategy to win the bid and the buyers try to use the appraisal to bring the price down. And, I believe this is what the bank sellers are trying to curb. But moving the burden onto the homebuyer and away from the large multinational bank seems a little heavy handed to me. Almost everything about buying REOs is already slighted in favor of the banks, so this is just another thing to be concerned about.

    Cash Offers REO sellers do things that ordinary sellers would not usually do. Twice this week I’ve been beat out by substantially lower cash offers. It could be in response to appraisal fears that asset managers are going for the low cash offers. It seems they are either going for the highest or for cash lately. I don’t see the same disadvantage to FHA/VA vs. conventional as I was seeing. Although there are properties where REO sellers say upfront that they don’t want FHA/VA due to condition, etc. This tends to work in the consumers favor though because then they are only bidding against other cash heavy buyers who tend to be more conservative in what they will offer. I did beat out an all cash offer with a slightly higher offer last month, so the jury is still out on this one. And of course, every asset manager makes their decisions differently.

    Closing costs. I’ve seen more banks countering on seller credit for closing costs. This goes hand in hand with their appraisal fears. They see bidding up the price to pay for closing costs as a risk, because if the price is ultimately reduced by an appraisal, the closing cost credit will likely still be there digging into their net. This also places more of a burden on first time home buyers who tend to be cash strapped and need closing cost credit to get into a home.

    Heavy handed REO sellers. Believe it or not, not all REO sellers are horrible. Some actually make repairs and give reasonable contract deadlines. Certainly all the contract addendums are slanted in favor of the REO seller, but not all REO sellers wish to strike an unreasonable deal. Many times, my advice to clients when they get a heavy handed counter offer from an REO seller is to walk away because it shows how the rest of the deal is going to run. Recently, I’ve received counter offers where the REO seller demands various heavy handed measures such as a 3% of the purchase price as a good faith deposit (and for an FHA buyer this is almost their entire minimum down payment amount!), only 5 days for inspections, or a flat out refusal to pay for FHA/VA required repairs. And even though deals are hard to come by in this market, I do believe it is worth leaving unreasonable sellers alone. Each deal is different, but buyers should remember that not every bank will be awful and unfair about lender required repairs or inspections. You can always look for another deal.

    I specialize in helping buyers navigate the REO market. If you would like a list of bank owned properties (REOs) in the Santa Maria, Arroyo Grande, Pismo Beach or surrounding areas, send an email request to me at tni@mintprop.com. Or give me a buzz at (805) 878-9879 and I will set up a personalized tour of homes for you.

    tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
    Broker/Owner, Mint Properties
    (805) 878-9879, tni@MintProp.com
    www.iLovetheCentralCoast.com
    www.SellMyCentralCoastHome.com
    www.BuyCentralCoastForeclosures.com
    www.CentralCoastRealEstateSearch.com

    *Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Buyers are advised to consult with their own attorney for legal advice — this blog does not offer legal advice

    2 Comments

    Posted in Central Coast of CA, Foreclosure / Bank Owned (REO) Info | Tags: , , , , , , , ,

    Posted by: tnileblanc | May 26, 2009

    Mint Properties Offers New Central Coast Foreclosure Property Search

    I would like to announce a new foreclosure property 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. In some of the cases, the owners are still trying to work out terms for a deed in lieu of foreclosure, catch up on payments, or get a loan modification from the lender. And, if they are successful in working out a loan modification those properties will not hit the retail market for homes. Those that complete the foreclosure process at auction (trustee’s sale) will come back as bank owned properties.

    I specialize in helping people buy short sales and foreclosed properties. If you would like a list of foreclosure properties currently offered for sale, or are interested in listing your home as a short sale, send me an email at tni@mintprop.com, or give me a call at (805) 878-9879.

    tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
    Broker/Owner, Mint Properties
    (805) 878-9879, tni@MintProp.com
    www.iLovetheCentralCoast.com
    www.SellMyCentralCoastHome.com
    www.BuyCentralCoastForeclosures.com
    www.CentralCoastRealEstateSearch.com

  • Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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    Posted in Central Coast of CA, Foreclosure / Bank Owned (REO) Info, Short Sale Info | Tags: , , , , , , , , ,

    Posted by: tnileblanc | May 24, 2009

    Is Cash Still King in the Santa Maria CA Foreclosure Market?

    Cash buyers are getting the best deals in this competitive market. I’ve found that the best deals tend to be bank owned homes vs. short sales, and cash does help in the bank owned bidding process. Banks tend to be more conservative about selling prices for short sales where they still have the borrower on the hook. So, short sales tend to close right at current selling prices or slightly higher. Whereas the goal with REOs is to move that asset off of the books quickly. So, you will see bigger price discounts on bank owned properties.

    However, in the market for foreclosures, cash does not always trump all other offers. Asset managers are still concerned about the bottom line. Recently, I submitted an all cash offer within $7000 of the offering price and did not win the bid because another buyer bid almost $25,000 over the asking price. That particular property was fairly new and the bank probably figured it was worth the gamble of financing to net more money. However, where a property needs a lot of repair, most asset managers will accept a lower cash offer rather than taking the chance that a deal dependent on financing will require them to make repairs to the property. Usually, when an asset manager wants a cash offer, they know they have to lower the price enough to coax a cash buyer out of the woodwork.

    If you are looking to maximize your cash in the purchase of foreclosures, I would be glad to help. It is an exciting time to buy. I specialize in helping people buy foreclosed properties here on the Central Coast. If you would like a list of bank owned properties (REOs) in the Santa Maria, Santa Ynez, or Five Cities area, send an email request to me at tni@mintprop.com. Or give me a buzz at (805) 878-9879 and I will set up a personalized tour of homes for you.

    tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
    Broker/Owner, Mint Properties
    (805) 878-9879, tni@MintProp.com
    www.iLoveFiveCities.com
    www.iLoveSantaMaria.com
    www.BuySantaMariaForeclosures.com
    www.CentralCoastRealEstateSearch.com

    *Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Buyers and sellers are advised to consult with their own attorney for legal advice — this blog does not offer legal advice.

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    Posted in Foreclosure / Bank Owned (REO) Info, Santa Maria / Orcutt | Tags: , ,

    Posted by: tnileblanc | May 21, 2009

    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. Thus, well priced foreclosures, especially those priced under $400,000 are heavily sought after. Buyers should be prepared to compete as many buyers, especially those from the hotter inland areas in California have decided that this is a great opportunity to pick up a beach property to beat the heat in the summer months.

    Currently, there are 4 active REOs in Los Osos (out of 98 active single family listings), and 6 in Morro Bay (out of 110 total single family listings). Four of the foreclosures in Morro Bay are listed for over $700,000. Since the beginning of the year, 11 bank owned homes have sold in the Los Osos area, with a median selling price of $360,000, 6 REOs have sold in Morro Bay, with a median selling price of $334,000. The number of active (and contingent) short sales is also relatively, 13 in Los Osos, and only 6 in Morro Bay. The median asking price of the listed short sales in Morro Bay is around $600,000. Well priced REOs under $400,000, are receiving multiple bids and bids over asking price; potential buyers should be prepared for that reality — properties are not “dirt cheap” and there is plenty of competition in the under $400,000 market.

    The best way to shop for foreclosures is to receive email alerts immediately when a property hits the market. If you would like to receive REO and short sale property alerts for the Morro Bay and Los Osos areas, send me an email request at tni@mintprop.com. You can also search for property on my websites: www.iLovethCentralCoast.com or , www.CentralCoastRealEstateSearch.com. Or, if you would like to consult about the possible short sale of your property, I can be reached at (805) 878-9879.

    tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
    Broker/Owner, Mint Properties
    (805) 878-9879, tni@MintProp.com
    www.iLovetheCentralCoast.com
    www.SellMyCentralCoastHome.com
    www.CentralCoastRealEstateSearch.com

  • Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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    Posted in Central Coast of CA | Tags: , , , , ,

    Posted by: tnileblanc | May 17, 2009

    Another Twist to REO Contracts in the Santa Maria CA Market

    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.

    This counter offer indicated that an “over list price offer shall not be contingent upon property appraising at purchase price.” So, if you bid over the purchase price, you must be able to and willing to pay that price regardless of what the property appraises for. On the one hand, this may discourage buyers from overbidding properties and then hoping that the appraiser will save them from their own bad judgment. Also, some buyers bid way over what is reasonable as a strategy and then use the appraisal to end up paying a price that other bidders most certainly would have been willing to pay. A clause like this may cut down on that type of behavior.

    However, where buyers bid up a property $5,000 or $10,000 over current values in an effort to win a bid in this competitive market, their fate may rest on that particular appraiser’s viewpoint of whether our market has stabilized or is still declining. For buyers who are not cash heavy, and cannot make up the difference, this can place yet another obstacle in front of them.

    REO contracts are notoriously one sided in favor of the bank, but I had not seen this particular term in another REO contract until now. Ideas in the REO world tend to spread like wildfire; once the bank’s in house counsel learns that another bank is writing in a particular term they many times want to toss it into their standard agreement as well — after all why not? So, if this catches on, we may unfortunately see more and more of it. I hope it is not a sign of more to come.

    I specialize in helping people buy foreclosed properties here on the Central Coast. If you would like a list of bank owned properties (REOs) in the Santa Maria, Lompoc, or surrounding areas, send an email request to me at tni@mintprop.com. Or give me a buzz at (805) 878-9879 and I will set up a personalized tour of homes for you.

    tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
    Broker/Owner, Mint Properties
    (805) 878-9879, tni@MintProp.com
    www.iLoveLompoc.com
    www.iLoveSantaMaria.com
    www.BuySantaMariaForeclosures.com
    www.SantaMariaRealEstateSearch.com

    *Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market. Buyers and sellers are advised to consult with their own attorney for legal advice — this blog does not offer legal advice.

    1 Comment

    Posted in Foreclosure / Bank Owned (REO) Info, Santa Maria / Orcutt | Tags: , , , , , , , ,

    Posted by: tnileblanc | May 16, 2009

    The Santa Maria CA Market is Tough on Buyers

    Currently, there is intense competition among buyers in the Santa Maria market. If this is a buyer’s market, it sure doesn’t feel like it anymore. Indeed, with the banks calling almost all the shots in the under $300,000 market (short sales and foreclosures), it certainly feels like a sellers market.

    There are 442 active or contingent listings in Santa Maria and Orcutt. However, over half of those listings (248) are contingent short sales, and only 35 are active REO listings. The contingent short sales are in the waiting stage, i.e., waiting on bank approval of their terms. The REO (bank owned) listing inventory appears to have shrunk in the last couple of months, with buyers waiting on the sidelines to pounce on the next bank owned listing.

    It is not unusual to find that a foreclosure listing has received 15 offers. As a result, buyers are also heavily concentrating on short sale inventory. Multiple offers on the first day are also quite common for short sales. 271 units are pending, 49 of those are short sales, and 128 of them are REOs. In the past 30 days, 128 single family residences were sold in the Santa Maria – Orcutt market; 68 of them were REOs, and 31 were short sales.

    In this fast moving market, emailed property listing alerts are a must. If you would like email alerts or a list of available homes in the Santa Maria or Orcutt area, send an email to me at tni@MintProp.com. You can also search for properties on my websites: www.iLoveSantaMaria.com, www.SantaMariaRealEstateSearch.com, & www.BuySantaMariaForeclosures.com (map based search). If you have questions about a specific property, or would like to set up an appointment to consult about a possible short sale of your property, I can be reached at (805) 878-9879.

    tniright_logo1Tni LeBlanc, JD, M.A., e-PRO
    Broker/Owner, Mint Properties
    (805) 878-9879, tni@MintProp.com
    www.iLoveSantaMaria.com
    www.SellMySantaMariaHome.com
    www.BuySantaMariaForeclosures.com
    www.SantaMariaRealEstateSearch.com

    • Based on the information from the Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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    Posted in Santa Maria / Orcutt | Tags: , , , , , , ,

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