Short Sale Info Archives - Page 7 of 8 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

Short Sale Seller Tip – Which Offer Should I Select?

05/12/2009
Short Sale Info

Short sale sellers are routinely receiving multiple bids on their properties given the current limited inventory in many markets on the central coast. Inevitably, the question arises -- how do I choose which offer to present to the bank? Several factors are important and short sale sellers should reflect on them when deciding which offer to present to their lender:

Homeowners Assistance Program: Help for Vandenberg Air Force Base Homeowners?

04/25/2009
Lompoc / Vandenberg Village, Short Sale Info

The Department of Defense has announced the Homeowners Assistance Program ("HAP")for eligible military personnel. The central coast is home to Vandenberg Air Force Base and HAP may assist those who have suffered due to the severe local housing bust. Several types of assitance are offered:

Who Pays the Real Estate Commission in a Short Sale Transaction?

04/11/2009
Short Sale Info

The number one question I'm asked by home owners contemplating a short sale is "Who pays your commission?" Often people are already cash strapped in a short sale situation and they wonder if they have to pay a real estate agent out of their own pocket in order to short sell their property. The short answer is that is the bank. Of course, every real estate company writes their own listing agreements. Some require that owners make up any short fall in what the bank will pay with their own funds. But, most will settle for what the bank will agree to pay them.

Is it me or are Santa Maria CA Short Sales getting easier?

03/25/2009
Santa Maria, Seller Info, Short Sale Info

Are Santa Maria CA short sales getting a little easier? Maybe I'm on a high because I just received a short sale approval the other day, and I'm in escrow on another approved short sale that will close in less than 30 days. But, it seems like more and more short sales are being approved every day. A buyer of mine received an approval on another short sale they bid on this month, and lately I'm noticed an increase in the amount of "approved" short sales on the market.

What is a "contingent" listing on the Central Coast market?

03/07/2009
Central Coast Real Estate, Short Sale Info

Approximately 25% of the 500 active single family listings in the Santa Maria California market are "contingent." Buyers run up against this time and time again, and often wonder, "what exactly is a contingent listing?" Before the housing bust, "contingent" was primarily used when a seller accepted a contract that was contingent upon another home selling. For example, if I offered to buy your home but I needed to sell my own home to make that happen, I could make an offer contingent upon my home sale.

Buying An Approved Short Sale in the Central Coast Market

03/01/2009
Buyer Info, Central Coast Real Estate, Santa Maria, Short Sale Info

What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.

Santa Maria CA & Orcutt CA Short Sale Buyer Information

02/16/2009
Santa Maria, Short Sale Info

With the majority of single family homes and condos being listed as "short sales" in the Santa Maria CA and Orcutt CA market, buyers are considering this type of listing more often. A "short sale" is a property listing where the owner owes more than the homes' current value, but still desires/needs to sell. Unfortunately, this is not an uncommon position for sellers in Santa Maria CA.

Should I Make an Offer on a Central Coast Short Sale Property?

01/12/2009
Central Coast Real Estate, Short Sale Info

Short sales are popping up all over the Central Coast of CA due to the recent housing boom/bust. Many buyers are interested in these properties because they offer the possibility of today's prices with less competition from other buyers.