Foreclosures & Bank Owned

Feb 7th	New Luxury Bank Owned Opportunity – Montecito Foreclosure with Great Views $3.5 Million
2010	Categories: Foreclosures & Bank Owned, Luxury Real Estate, Montecito

One of the few luxury banked owned homes to come onto the market happened this last week.  The bank will be taking a look at offers early this coming week.  Wonderful ocean, harbor and city views on roughly 1.3+/-acres.  Currently under construction although much of the home is complete.  3 bedrooms, 2.5 baths with a guest home, 3 car garage which is still under construction and in the beginning stage of being converted into a 2 bedroom guest home.  Can be converted back to garage or will need to submit permits to continue work.  This is a true opportunity. View Listing Further... Read more

Tags: montecito foreclosure, montecito luxury foreclosures

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Feb 7th	Pros and Cons of Buying Foreclosures in Santa Barbara, Carpinteria and Goleta CA.
2010	Categories: Carpinteria, Foreclosures & Bank Owned, Goleta, Santa Barbara

As a home buyer in today's market here in Santa Barbara, Goleta and Carpinteria, you may be able to get "deals" on foreclosures, but buying foreclosures can be risky as well.  If you are looking at foreclosures as an option for a home purchase, it is crucial to understand the many potential cons associated with the one obvious "pro" of buying a foreclosure. First, there are a few definitions of properties that are generally thrown around and become universally known as "foreclosures." A "pre-foreclosure" for example is a home which is in danger of falling into foreclosure, but is still owned... Read more

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Oct 15th	The Secret of Santa Barbara CA. Foreclosures – Update October 2009
2009	Categories: Foreclosures & Bank Owned, Santa Barbara

Where is the real estate market today with regards to foreclosures here in Santa Barbara CA?  The answer to this really depends on the specific areas of Santa Barbara you are talking about as well as specific price points.  Santa Barbara is simply too unique of a town to pinpoint a "foreclosure label" at any level, on any certain part of our real estate market.  You really have to look at the individual markets and areas within our community. For example, lately in the national news we have been bombarded by information and statistics about how the high end luxury real... Read more

Tags: santa barbara bank owned, santa barbara foreclosures

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Oct 12th	How to Find All the Goleta and Carpinteria CA. Foreclosures and Short Sales Statistics
2009	Categories: Carpinteria, Foreclosures & Bank Owned, Goleta

Just read below... Here are the latest statistics on short sales and foreclosures in both Goleta and Carpinteria CA. Carpinteria Foreclosures - 2009 year to date In Carpinteria CA., year to date there have been 28 bank owned / foreclosures that have come to market. Roughly 10% of all listings in Carpinteria year to date have been foreclosures. The lowest sale was a 2 beds 1 bath mobile home that sold for $60,000. The highest sale was a 5 beds 3 baths home located at 5427 Cameo Road that sold for $700,000. Currently there are 6 Active foreclosures for sale in Carpinteria CA. Carpinteria Short Sales - 2009... Read more

Tags: carpinteria foreclosures 2009, carpinteria short sales 2009, goleta foreclosures 2009, goleta short sales 2009

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Oct 9th	How is the Hope Ranch CA. Real Estate Market Holding Up with Foreclosures and Short Sales?
2009	Categories: Foreclosures & Bank Owned, Hope Ranch

  With the reality of the overall real estate market in the U.S. here in the last 2 years, it is inevitable that I am asked about short sales and foreclosures.  Most of this though is generated from people interested in the entry level price points up to about $2 million.  Here and there though I am asked by someone about the state of foreclosures and short sales in Hope Ranch and our other luxury areas here in Santa Barbara CA. and Montecito CA.  Being that there is so much doom and gloom across the U.S. with the housing market and... Read more

Tags: hope ranch foreclosures, hope ranch short sales

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Oct 6th	Any Luxury Homes in Foreclosure in Montecito CA?
2009	Categories: Foreclosures & Bank Owned, Montecito

  A few times a month for the last year or so I have been asked by someone about the state of foreclosures in Montecito and our other luxury areas here in Santa Barbara CA.  Being that there is so much doom and gloom across the U.S. with the housing market and lately a lot of this effecting the high end neighborhoods, this is a very normal question. So what is the state of foreclosures in Montecito and our luxury areas? Not too dramatic if you ask me.  I have talked with many title reps, lenders and searched myself on several "foreclosure sites"... Read more

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Feb 20th	President Barack Obama’s Plan to Stem Foreclosures
2009	Categories: Foreclosures & Bank Owned

Yesterday, in Phoenix Arizona, President Obama laid out a bold $75 billion, three-part plan that is a major step in trying to halt the huge number of foreclosures occurring nationwide.  A major part of this plan is to encourage homeowners with homes that are now worth less than their current mortgages to refinance to a lower debt load.  This lower debt load is part of the incentive plan thus provided to banks and lenders in hopes of stemming future foreclosures.  The Homeowner Stability Initiative, which this new plan is being called by the Obama administration, seeks to address possibly the... Read more

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Oct 7th	Bank of America Today Annouces an Aggressive Foreclosure Prevention Effort
2008	Categories: Foreclosures & Bank Owned

Here is a very important article that I just read about some of the processes taking place to deal with all the foreclosures going on.  Bank of America just announced this today. Further Reading: Articles on Foreclosures Articles on Short Sales For information on Santa Barbara Real Estate, Montecito Real Estate and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty. Thank you for reading.  I hope you find Santa Barbara Real Estate Voice informative.  Please feel free to contact me or comment below with any thoughts.  Subscribe to... Read more

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Oct 4th	The Consumer Bailout For Home Owners That Nobody Seems to Know About
2008	Categories: Foreclosures & Bank Owned, Short Sales

Here is a great article I just came across that I wanted to pass on to potentially help some home owners that are struggling right now here locally in Santa Barbara as well as nationally. I have copied and pasted below the first section of the article exacty as it appears on the RISMEDIA website. "RISMEDIA, Oct. 1, 2008-As congress considers various bailout proposals for the financial system, there is a little known ‘bailout’ for home owners that has already been enacted into law, according to Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. Section 1403... Read more

Tags: bailout for home owners, consumer bailout

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Aug 21st	Strategies to Buying a Home in Foreclosure Here in Santa Barbara CA.
2008	Categories: Buyer's Resources & Advice, Foreclosures & Bank Owned, Santa Barbara

If you are hoping to purchase a house on the cheap by buying a foreclosed property here in the Santa Barbara area, you are not alone?  It is a natural instinct to want to look into this as an option as the market has slowed and the constant bombardment of negative media news regarding real estate continues. There are some good deals out there here locally, but the process can be complicated and risky and you need to be educated on what you are getting into. Here are a 2 Quick Points you need to know firsthand with regards to foreclosures here in the Santa... Read more

Tags: bank owned goleta, bank owned santa barbara, carpinteria foreclosure, foreclosed property santa barbara, foreclosure in santa barbara ca, foreclosure stages, goleta foreclosure, goleta reo, santa barbara reo, stages of foreclosure

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Feb 13th	Potential Negatives to Buying Santa Barbara Homes in Foreclosure
2008	Categories: Buyer's Resources & Advice, Foreclosures & Bank Owned

Most buyers that get lured to looking only at Santa Barbara homes in foreclosure are often thinking about a cute cottage with a white picket fence, priced well below market price, located in a good neighborhood, needing simply a little work because the unfortunate owner has fallen on hard times.  Although this is a rosy picture for the investor or first-time buyer (not for the owner), the reality is often very different. Condition of Foreclosed Homes I have read article upon article about foreclosures the last several months as well as spent several days looking at homes in foreclosure that are on the market... Read more

Tags: buyers santa barbara, buying santa barbara homes, realtor, santa barbara homes, santa barbara homes in foreclosure

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Feb 5th	Any Great Deals on Homes in Foreclosure in Santa Barbara?
2008	Categories: Buyer's Resources & Advice, Foreclosures & Bank Owned, Santa Barbara

This seems to be a common question I get here lately in Santa Barbara and Montecito, mainly from first-time home buyers and investors.  Like many things in life though, it simply depends. The common myth out there seems to universally be that homes in foreclosure must be the best opportunities to buy a cheaper home or get a "great deal".  Here is the big problem with this line of thought, at least in a town such as Santa Barbara or Montecito. First, when you see statistics in the newspapers or online about foreclosures in the Santa Barbara area, it almost always refers to... Read more

Tags: Carpinteria, experienced full-time realtor, First-time Home Buyers, foreclosure in santa barbara, Goleta, homes in foreclosure in santa barbara, Montecito, realtor, Santa Barbara, santa barbara proper

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