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 ... 05/17/2009

What would happen if we told our boss we were going to meet him at an appointment, but then never showed up?  "You're Fired!" What if we left a $500,000 company asset completely unsecured and at risk?  "You're Fired!" What if we barged in our boss in a private meeting behind closed doors?  "You're Fired!" This would never be tolerated with a boss at a company.  And yet this is what some real estate agents do.  I'm talking about showing houses, of course. DISCLAIMER:  Most real estate agents are conscientious.  This blog post is written to remind those few "careless" ones.  And to apologize to home sellers who have had to endure a careless real estate agent. So we called a tenant to schedule a showing appointment for their house, which the sellers have listed for sale.  The tenant polite... 05/06/2009

No, it does not stand for "REO Speedwagon" the famous pop music group from the 80's.  ***I just wanna keep on lovin you***  Gotta love that long, curly guy hair -- bet they're all bald now! REO = Real Estate Owned It is the term used by banks and mortgage lenders to refer to real estate assets that they foreclosed upon, and now own.  Some people call the property "bank owned" or "lender owned". Many house buyers are hoping to get a GREAT deal by purchasing an REO property.  Unfortunately, there are MANY, MANY buyers who are all thinking the same thing at the same time.  So each property has had multiple offers, some all-cash offers, each driving up the price. If you are thinking about buying a foreclosed property, give me a call.  I've had extensive training with buying bank-owned homes... 04/27/2009

This article "Banks Walk Away On Foreclosures" was posted on MISH'S Global Economic Trend Analysis blog. It's the story of a home owner who had tenants living in her house.  She told them to move out because a foreclosure was imminent.  So they moved out and left the home vacant. The foreclosure sale date came and went.  The lender foreclosed and now owned the property.  Or so she thought. Months later, she received a bill from the City for the deterioration of her house.  Vandals had hit it and it was a mess.  The city was charging her. Upon investigation, she discovered that the bank had NOT foreclosed on her house.  The value of the house was worth LESS than the foreclosure costs.  So they simply walked away.  Unfortunately so did she. Who's responsible for the giant bill from the Ci... 04/10/2009

Houses sold in Santa Barbara County, California 1st Quarter 2009 includes Santa Maria, Orcutt, Guadalupe, Los Alamos, Los Olivos, Lompoc, Goleta, Solvang, Buellton, Santa Ynez, Montecito, and Santa Barbara. For single family houses, the average sales price last year was $315,00 and this year so far is about $250,000.  For condos, last year the average sales price was $335,000 and this year it is $209,000. Here are the stats, thanks to Realist, which pulls data from the county public sales records:   HOME BUYERS:  If you'd like to talk about homes for sale that you may want to buy, please give me a call!  (888) 550 - 9340 and I'll be happy to help you.  I've helped first time home owners, cash investors, relocating families, and corporate clients.  And I promise I'll work hard for you! H... 04/09/2009

Today I attended Melissa Zavala's short sale seminar and was totally amazed!  Her company, Short Sale Expeditors, handles hundreds of short sales and cranks out bank approval letters for these transactions DAILY! With all of Melissa's experience, I learned so many things about short sale transactions:  industry history, marketing to sellers, solving problems, submitting a short sale package to the bank, and much more. If you've already done short sales, or attempted to close a short sale transaction, likely you've run into a few problems such as: 1st lienholder & 2nd lienholder won't agree on the purchase terms for the new buyer BPO value comes in too high for the buyers Bank refuses to pay buyer's closing costs (FHA, etc.) Bank asks sellers to take a promissory note for the cost of rec... 04/01/2009

Home sellers often ask what they can do to make their home sell quickly for the price they want. I believe that this is a great market for realistic sellers. Realistic meaning sellers who do not expect to get housing boom era pricing for their homes. There is actually a shortage of easy to buy homes on the market in the Santa Maria, Orcutt, and Lompoc markets. The market is clogged with short sales that often sit stagnant waiting on bank approval. Homes and condos that are priced right are receiving multiple offers. That being said, time and time again I see sellers make critical mistakes when trying to sell their home. 1) Don't make your home difficult to be shown. Some home buyers give their agents a lot of notice about viewing homes. But I've found that many if not most give very lit... 04/01/2009

Hidden Pines is a lovely little gated community located in northwest Santa Maria. It boasts a private park and streets, and borders the Santa Maria Riverbed walking trail. The homes were built approximately 15 years ago and feature tile roofs and 2 car garages. The development is surrounded by other popular developments, Cherry Blossom Ranch, Essex at Willow Creek, and the gated community of Regency Estates. Hidden Pines offers convenient access to Highway 101 and is walking distance to Presiker Park. The association fee is about $65 - $75 per month. The last resale I found for the development was a bank owned 3 bedroom, 2 bath, 1400 square foot home which sold for $200,000 on January 30, 2009.     Hidden Pines If you would like information or a list of available homes in the Hidden Pin... 03/26/2009

"Being good at anything is merely the combination of desire, knowledge, and practice," according to Recruiting Coach Steven Morris.  He shows real estate broker/owners how to grow their brokerages through recruiting top real estate agents. He shared the above KEYS TO SUCCESS with me recently when I told him that YES I would like to start recruiting licensed real estate agents in California to my brokerage -- but I lacked the confidence to begin just yet.  I have a GREAT training system for my new company.  I'm very experienced and willing to help newbie agents get started.  I enjoy paying my agents the TOP commission possible.  But how to get the agents on board?   "I'm just not that good at recruiting," I lamented.  And he replied with the above quote.  "Being good at anything is merel... 03/23/2009

I know the media is saying that the real estate market is in the dumps. And I guess if you were hoping to get housing boom era prices for your home, it is. But if you are a Santa Maria or Orcutt home owner who needs to sell your home, you should know that the Santa Maria real estate market is hot! Why do I say that? Because homes that are priced in line with today's market that are not short sales, sell in less than a week. I feel as if this is a hidden secret in today's market place. Everyone believes that it is hard to sell your home right now, but even short sales that are well priced are receiving multiple offers. What does this mean if you need to sell your home? Don't despair, even if you owe more than it is worth. Current inventory is not meeting demand. I have plenty of buyers w... 03/23/2009

BPO, CMA, Appraisal -- what is the difference?  These are all various methods of valuing real estate, (properties, homes, houses, commercial property, investment property, and vacant land).  Appraisal = formal valuation by a licensed appraiser.  An appraisal is a subjective opinion of a real property's value.  In California, there is a shortage of appraisers;  they are in high demand, and since it takes 2,000 hours of training (approximately 2 years) to become an appraiser, it's a difficult field to break into.  Most appraisers are highly skillled, with many years of experience.  Besides single-family homes, some appraisers specialize in niche areas, such as rural acreage, estate homes, commercial/industrial property, apartment rentals.  In order to appraise property for an FHA loan, th... 03/08/2009

Questions about buying a house that's noted as a "short sale"?  Here are a few frequently asked questions, along with a brief answer.  The bottom line is that you, as a Buyer, shouldn't get too attached to any specific house until you close escrow, as there may be multiple offers, and the transaction process may be long and difficult. 1. Is the Short Sale negotiation process the same for a short sale as for a regular sale? Yes, except that there is one EXTRA layer:  After the buyer and seller agree on a price and terms, the seller's lender must also agree.  This adds anywhere from a few days to a few weeks to the process.  It doesn't hurt to ask the seller/lender to pay your closing costs; remember, everything's negotiable! 2. Who pays closing costs on a short sale house purchase? In a ... 03/02/2009

The California Association of Realtors reports that the newly signed California budget provides for a tax credit of up to $10,000 for new home buyers. The credit will apply to purchases made between March 1, 2009 and March 1, 2010. Buyers are eligible for a credit equal to 5% of the purchase price of the home up to a maximum of $10,000. It does not apply to the purchase of existing homes; but it does apply to any buyer (not just first time buyers) as long as they are purchasing a primary residence. Also important to those sitting on the fence; it is limited to the first 10,000 new home purchases - although I have no idea how they will keep track of this! And if you are a first time home buyer, you can double up and use the new federal $8000 tax credit as well. This can come in handy to ... 03/01/2009

River Oaks River Oaks is a newer subdivision of homes located in northeast Santa Maria. Building began around 2001 and there are at least 5 different floor plans. The subdivision is home to Taylor Elementary School which lies at the center of the development, a man made lake, and direct access to riverbed adjacent biking and walking trails. There are two one story plans, both are smaller 3/2 homes at about 1400 sq.ft. and 1600 sq.ft.; the two story plans begin at about 1900 sq.ft. and go up to at least 2700 sq. ft., depending on the options the original owner selected. Some of the 2 story models have 3 car garages, one plan has a downstairs master bedroom, and at least one of the other plans has a downstairs guest bedroom option. Looking back at the 3 month period from November 2008 - ... 02/27/2009

I've been doing a lot of complaining lately.  About the mortgage mess.  The homeowners losing their homes to foreclosure.  The lenders who don't seem to care and don't think they have to follow procedures or laws.  The greedy giant corporations who can't even figure out how to clean up their messes.  The excessive use of consumer debt - secured or not.  The government not getting a clue about what is causing our economic downslide, or how to fix it. And I'm sure I have every reason to complain.  Who could blame me?  You probably have some of the same concerns yourself. But today I'm going to attempt some solutions.  It's almost overwhelming, and a lot of effort, and maybe nobody will listen when I show them some solutions.  But I've got to do something constructive besides complain.  So... 02/22/2009

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 who must compete for homes in this "buyer's market." REOs comprise the majority of sold properties in the Santa Maria and Orcutt housing market. The market is clogged full of short sale listings which take a good deal of time to gain lender approval and in the meantime languish. Thus, seasoned buyers are focused on the bank owned homes and bidding wars are common for the most desirable listings. What ... 02/22/2009

I tell my first-time buyers that if you want to buy a dream home, YOU CAN!  All you have to do is follow my simple system for success.  Notice I did not say "INSTANT" success.  Because the process isn't instant, it does involve some time and work.  But anyone who truly wants to be a homeowner can, if they are persistent in following the steps.  Several years ago, back when homes were more affordable (as they are becoming again), I taught a First Time Home Buyer seminar.  Most of my participants eventually bought houses.  Some immediately, but some didn't buy until 2 years later.  It doesn't matter how long it takes, as long as you stay on the right TRACK! One of the first steps I advise is to get a copy of your credit report with the FICO score.  Be aware of the contents. Correct any in... 02/17/2009

If you are sitting on the fence about buying, Congress just gave you another reason to jump into the market for foreclosures in Santa Maria, CA. According to James Liptak, President of the California Association of Realtors, the recently passed stimulus bill modestly increases the first time home buyer credit from $7500 to $8000. But more importantly, buyers now do not have to pay the credit back as long as they stay in the home a minimum of 3 years. The bill also extended the time period for this credit through the end of the year. This is fantastic news for first time home buyers in the Santa Maria CA market, where they can benefit from significant price recessions in a foreclosure driven market, interest rates at historical lows, and now a substantial tax credit available through the... 02/13/2009

The Mission Creek Condos and Oak Creek Villas were built by local builder, Inland Pacific, who is also currently finishing up Pacific Crest in Westgate Ranch. Oak Creek and Mission Creek offer the same basic floor plans and amenities; however, there are subtle differences for buyers to consider. Oak Creek Villas condos are slightly older; they were built beginning around 2001. Mission Creek condos are slightly newer as building began around 2004. Both offer two floor plans: a 2 bedroom/2 bath unit and 3 bedroom/2 bath plan, each with room for a stackable washer dryer. The square footage of the 2 bedroom and 3 bedroom units are essentially the same, somewhere between 1100 - 1200. However, the 2 bedroom unit has a larger living space than the 3 bedroom plan. Downstairs units have patios, ... 02/11/2009

STEP 7: DURING ESCROW •   If your offer is accepted, give the escrow company your earnest money deposit to open an escrow.  They will assign a title officer to examine the chain of title to the property.  The escrow period is usually about 30 days long, but it is sometimes delayed. •   Your Realtor® will help you order a home inspection and other reports.  Review the results of these with your Realtor®.  The reports must be completed within the timeframe required by your Offer (so that if the results are ugly, and the seller refuses to fix the items or to compensate you, then you can back out without penalty). •   Contact your lender and he will order an appraisal.  The appraisal must be completed within the timeframe required by your Offer (so that if the property appraises below the s... 02/08/2009