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Santa Maria short sales

Buying An Approved Short Sale in the Central Coast Market

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.
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The Traditions & Classics at Bradley Square Update (Santa Maria CA – Orcutt CA)

These homes are within walking distance to shopping centers which include popular new restaurants such as Panera Bread, Starbucks, Natural Cafe, and Yanagi Sushi. Also close are Albertsons, Food Maxx, Wal-Mart and Home Depot. The Traditions and Classics developments are at the center of some of the best new shops in Santa Maria. Both Homeowners Associations have a relatively low association fee under $200 per year, and the community is also host to a new fire station, Robin Ventura Field, and Rotary Centennial Park. The Bradley Square area is truly a great place to live on the Central Coast of California.
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Central Coast of California Short Sale Seller Tips

Short sales are common these days. Santa Maria has 255 active short sale listings, Lompoc lists 72 short sales on the market, Nipomo has 14, and Arroyo Grande also has 14 active short sales. The difficult part is obtaining “lender approval” which adds delays to the process. Because approvals attach to a specific buyer, it is vital to find a committed buyer for your short sale. Often lenders require the process to start over if the buyer abandons their offer. This can draw out the process even further. But it is important to note that short sale transactions are closing all over the Central Coast. In the month of December, 18 short sales closed in Santa Maria (2 of these were my listings), 2 in Lompoc, 2 in Nipomo, and 1 in Arroyo Grande.
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Santa Maria CA & Orcutt CA Homes For Sale

There are currently 528 homes for sale in the Santa Maria CA (and Orcutt CA) area. Approximately 250 of those homes are short sales where bank approval is necessary to complete the sale. About 141 of the remaining homes are bank owned / foreclosure listings. Thus, approximately 50 percent of the Santa Maria inventory is short saled, and about 25% is bank owned (REOs). You can search for short sales and REO Santa Maria homes at www.iLoveSantaMaria.com and www.iLoveOrcutt.com.
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Santa Maria CA & Orcutt CA Bank Owned / Foreclosure Market Update

The Santa Maria/Orcutt CA market for foreclosure properties is certainly not unique. However, because of media reports on overall trends in the national real estate market, many who venture into the local home buying market are under the misimpression that there are hundreds of cheap houses sitting out there for the picking. That is not exactly how it is currently working. I might say that about the local condo market — but not the market for homes. That is not to say that there are not bargains out there. There clearly are. But, the local market for foreclosed properties is extremely competitive. On one particularly choice recent bank owned listing, the listing agent reported 28 offers in 5 days.
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