Walking Trails at RiverbedThe Santa Maria Sun reports that local officials have secured an additional $6.7 million to repair the Santa Maria levee. Without repair, Santa Maria homeowners are faced with having to buy flood insurance. In its current state, the levee would not hold fast against a “once in a hundred years” severe flood and homes are at risk. This is great news as it brings santa Maria a step closer to repairing the levee and removing the threat of mandatory flood insurance on homeonwers. Flood insurance would greatly increase the cost of homeownership — edging monthly costs up as much as $160 at a time when budgets are already tight. Prior to securing these funds, I watched an interview with Mayor Lavagnino in which he speculated that the imposition of flood insurance might push even more homeowners in Santa Maria into foreclosure. Santa Maria has already been hard hit in by the housing boom and bust. If the 2009 Omnibus Appropriations Act is approved, the Army Core of Engineers will conduct the repair.
If you would like information or a list of available home foreclosures, condos, or short sales in the Santa Maria – Orcutt CA 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.
*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.
So many of the first time home buyers in the Santa Maria market today are concerned about whether they will qualify for the $8000 tax credit. Short sale purchases can qualify for the credit , so long as the buyer qualifies for the credit in general. (You should check withb your tax professional on this issue). However, because the timelines on short sales are somewhat undetermined, they can fail to close by the deadline for the tax credit. Right now, it is my understanding that in order to qualify a buyer must have a confirmed contract by April 30th. In the case of a short sale purchase, this means the buyer must have a signed contract and bank approval of the short sale in hand in order to qualify for the tax credit. And, the transaction must close by June 30th.
Although not a gated community, Las Brisas offers a private setting for those who desire relative seclusion. There are two entrances into Las Brisas and the streets curve into an artful collection of cul-de-sacs and private parks. Importantly, there are no thoroughfares so traffic cannot cut through the community. The location of the community is convenient for those who are commuting as you are only a short skip to Highway 101's Santa Maria Way exit/onramp. One story and two story plans between 1100 square feet and 1800 square feet are offered with concrete tile roofs and two car garages. The lots are smaller with some exception here and there; but you definitely have enough room to keep Fido happy without having to spend your entire Saturday on yard work.
1) Be prepared for an “as-is” purchase. Many times there is deferred maintenance on short sale listings. Often owners in financial distress stop performing maintenance on the home either willfully and because they lack the funds. You can ask a short sale seller to make repairs, but often they are unable or unwilling to do so since they are losing their home. You can also approach the short sale lender and ask that they allow the cost of the repairs to be deducted from their “net” but often the answer will be no, even if the repairs are required by your lender in order to originate your new loan.
