Foreclosures & Bank Owned

How is the Hope Ranch CA. Real Estate Market Holding Up with Foreclosures and Short Sales?

  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... Continue Reading >

Any Luxury Homes in Foreclosure in Montecito CA?

  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... Continue Reading >

President Barack Obama’s Plan to Stem Foreclosures

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... Continue Reading >

Bank of America Today Annouces an Aggressive Foreclosure Prevention Effort

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... Continue Reading >

The Consumer Bailout For Home Owners That Nobody Seems to Know About

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,... Continue Reading >

Strategies to Buying a Home in Foreclosure Here in Santa Barbara CA.

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... Continue Reading >

Potential Negatives to Buying Santa Barbara Homes in Foreclosure

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... Continue Reading >

Any Great Deals on Homes in Foreclosure in 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... Continue Reading >