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Nothing in this blog should be construed as a solicitation of properties currently under contract with another broker.
Nothing in this blog should be construed as a solicitation of properties currently under contract with another broker.
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Buying a new home is a dream come true. In today's world, it is also an extremely complicated process. During the past boom cycle, developers and home builders were able to sell their inventory of homes easily without buyer's agents. They simply threw up a sign and the buyers came in droves. The market has returned to some normalcy and builders and developers are again cooperating with buyer's agents.
The Santa Maria & Lompoc CA real estate market is as diverse as its setting. Whether you enjoy having your backyard sit atop cliffs overlooking the dazzlingly blue ocean that stretches out as far as the eye can see, or if you prefer the coziness that a more suburban neighborhood has to offer, the Central Coast areas of Santa Maria and Lompoc are your California destinations.
In my area, we are finally seeing a small decrease in the number of foreclosure (REO) properties sold. Given the state of the economy and the ever-present and ever-threatening "shadow inventory, " I'm not sure that the number of foreclosures sold is headed downward permanently. However, I do see another interesting trend - buyers snubbing REOs!
Many homeowners who are severely underwater ask this question. Generally, the reason a bank accepts a short sale is due to the hardship of the seller. It is not because the short sale offer is close to or far from the loan balance. Once hardship is established, the issue becomes the market value of the asset.
If you have one mortgage loan on your California home the answer is no. So, if they approve the short sale and it closes, you will not owe your lender any additional money, even though you have not paid back the entire loan balance. In fact, in my opinion, that is the entire goal of a short sale. You definitely should discuss the impact of Senate Bill 931 with your attorney when considering a short sale.
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