Foreclosures & Bank Owned Category

Are Bank Owned Sales Prevalent in Montecito? August 2011 Update

Here are the latest statistics for real estate sales in Montecito for August 2011.  The shaded area with an ‘X’ states whether the property was a bank owned (REO) sale or not.  Although many people would love to find bank owned foreclosure properties in Montecito, the reality is that almost all of the sales are still traditional sales in Montecito.  Additionally, most of the REO’s tend to be at the lower end of the price scale.   View: Santa Barbara / Montecito Real Estate... Continue Reading >

What Part of the Santa Barbara Real Estate Market Sees the Most Foreclosures and Short Sales?

Since the peak of our real estate market in 2007 and 2008 (Montecito until 2008), property values have fallen on average here in Santa Barbara around 35-38%.  Certain unique homes have fallen somewhat less in value, while certainly other pockets of the market have fallen more in value upwards of around 40-45%. Because of this reality, many people have unfortunately lost all their equity in their homes and have had to go the route of foreclosing on their homes or trying... Continue Reading >

What are The Most Crucial Components when Buying a Short Sale or Foreclosure here in Goleta, Santa Barbara and Carpinteria?

The obvious lure from a buyer's perspective of both short sales and REO (real estate owned) properties is the chance to get a property at a discounted price. Here in Carpinteria, Goleta and Santa Barbara, this opportunity does exists, but not without its pitfalls.  The best way to deal with these pitfalls is to get educated about the most common "issues/nightmares" that come with these deals.  Although there are many factors to consider...the biggest for most tends to be TIME. TIME - ... Continue Reading >

Where do I Find The Least Expensive Real Estate in Santa Barbara CA?

A few times a month I am contacted by people (especially from out of town) who are interested in the most affordable areas of real estate here in the Santa Barbara area.  Most often these people are very aware of the higher real estate prices here in our town and are expecting the prices to be what they area...but this is not always the case. To us that live here, real estate prices are high, but we do understand the quality... Continue Reading >

Are you an Ideal Candidate for a Short Sale here in Goleta CA?

Tips to Avoiding Foreclosure: Who is the Ideal Candidate for a Short Sale? The reality for people that are unfortunately facing foreclosure is not something that is taken lightly.  The prospect of not just losing your home, but dealing with all the emotional and financial realities that come with it can be more more than overwhelming. Fortunately, certain people may be in a position to avoid this legal, financial, and emotional turmoil by going the route of a short sale. Do you qualify... Continue Reading >

Basics of a Short Sale with Regards to Real Estate in Santa Barbara CA.

If you are in a financial position that you are behind on your mortgage payments or are simply considering not making these payments because the value of your home has dropped below the open market value, then you are most likely considering the potential option of a short sale of your home.  If so, then most likely you are also wondering how the whole process exactly works and how it will unfold.  There is no need to feel confused... Continue Reading >

Tips to Avoiding Foreclosure Here in The Santa Barbara, Montecito, Goleta and Carpinteria Areas

As a Santa Barbara real estate agent, one of my main focuses is to keep people first.  As I have grown in this business the last 9 years and the community as a whole, I have become more dedicated to my clients than ever before.  A great example of this is my desire to help clients who have found themselves in a financially distressed situation with the possible loss of a home that they have worked so hard to earn. In... Continue Reading >

Positive Real Estate News – California Home Defaults Going in the Right Direction

A 40.2% drop in the first quarter foreclosures A very much hoped for and somewhat surprising large drop in first quarter defaults suggests that the overall foreclosure crisis is easing here in California as a whole.  New data suggests and supports evidence that the federal government and big lenders are doing their part in stepping up efforts to keep troubled borrowers in their homes. "Mortgage default notices -- the first step toward foreclosure -- plunged 40.2% statewide in the first three months... Continue Reading >

New Luxury Bank Owned Opportunity – Montecito Foreclosure with Great Views $3.5 Million

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... Continue Reading >

Pros and Cons of Buying Foreclosures in Santa Barbara, Carpinteria and Goleta CA.

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... Continue Reading >

The Secret of Santa Barbara CA. Foreclosures – Update October 2009

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... Continue Reading >

How to Find All the Goleta and Carpinteria CA. Foreclosures and Short Sales Statistics

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... Continue Reading >