One of the worst things that distressed Santa Maria homeowners do is waiting until the clock is ticking before contacting a short sale agent. When does the clock start ticking? I tell people it starts ticking when you stop paying. Ideally, if you know a financial hardship is imminent, you should begin exploring your options, including a short sale, before any payments are even missed. In its recent Open Letter on Short Sales, the California Association Realtors reports that according to surveyed California Realtors® only about three out of five short sales close. Certainly there is much more that lenders can do to improve the process and closure rates. However, potential short sale sellers can also improve their odds of a successful short sale by acting swiftly. Some aspects of your short sale cannot be controlled by the distressed homeowner, but I believe that beginning early improves your chances.

There are plenty of stories about people living in their home without paying a mortgage for months (and sometimes years) on end. Certainly that does occur, but you really can’t know that it will happen to you. From the outside looking in it can seem like a bonus to a person in financial distress, but after interviewing people in that situation, it seems to me to be more of curse than a blessing. Typically, their credit is being drug through the mud month and after month, they can’t justify moving out until the foreclosure takes place, and their entire financial life is on hold because they are allowing the bank to decide what to do next – instead of taking charge of the situation.

Eventually, in some of those situations, people become so accustomed to living on the edge and getting extensions from the bank, that when they are finally denied an extension, they really can’t believe it. They have been lulled into complacency and panic can ensue as they realize that their home will be auctioned in less than a week. If you wait until that point, I do believe it decreases your chances of short sale success. It may be possible at that point to temporarily stop the auction, but it is certainly not guaranteed, and your options are severely limited. If a short sale is the course of action you decide to pursue, the time necessary to get an acceptable offer and the time needed to close the sale is severely shortened. Any bump in the process, such as losing a buyer (which happens frequently on short sales) and you have virtually no time recover and put the deal back together again. Many of the failed short sales I’ve seen and heard about have similar facts – they simply run out of time. If you want to increase your chances of a successful Santa Maria short sale, start early.

Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent and Certified Distressed Property Expert (CDPE) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California. She can be contacted at (805) 878-9879 for a short sale consultation.

*Nothing in this blog article is intended to solicit listings currently under contract with another broker. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Not affiliated with the government. A lender may refuse to change a loan.

Copyright © 2011 Tni LeBlanc *How Time Can Run Out On Your Santa Maria Short Sale*

As I sit here with a newly found determination to blog my way to 100,000 points on Active Rain, I am suddenly hit with a philosophical question. Are real estate blogs creating a “litter-net?” Now when I am blogging about local market information, I definitely feel that I am adding value. In fact, many times I am publishing information that is completely unavailable online. But, what about other topics? Have you tried to do research on general topics like government loan programs, recently enacted real estate legislation or appraisal issues, lately? Inevitably, you are bombarded by a plethora of bogus websites from lead generators and blog posts from eager Realtors. Some of the information is useful, some is superficial and glib, and some is flat out wrong or misleading. Often when I attempt to find an appropriate link on a real estate issue, I have to go to page 3 or 4 to do it. Many times, the information from the “real” authorities gets buried. So when we advertise and blog for commercial purposes with the goal of being at the top of google, are we doing a disservice to the internet, to the search function, to neither or to both?

I know we all also complain that consumers come to us with a bunch of inaccurate information about listings, asking prices and the availability of homes — that is just a part of the new internet age. But are we contributing to the misinformation with internet litter? Does creating a facebook page for every listing we have ever had help our collective situation? Have you ever tried to remove some of this stuff? It’s virtually (no pun intended), impossible. Remember when your local paper became more ads than content? For me, that was about when I stopped paying to receive it, and eventually I stopped looking at it altogether. If you don’t understand what I mean, try using another search engine exclusively for a week and you will not only have a renewed appreciation for google and what it does, but you may also be able see why – if those other lesser search engines were the only option — people would not believe that search was the way to find what they needed online.

I am old enough to remember when you couldn’t search for anything on the internet, at least and hope to find it. The internet at that time was like a puppy. Lots of fun, but you had to put a lot of work into it to make it do something truly useful. Back then, you pretty much needed to know where you were going, or you needed a guide. Google made the internet useful in an unbelievable new way. You could actually find what you needed, without a guide and quickly. Given the popularity of blogging, etc. – it leads me to ask the question – will the day come that the internet is so chocked full of cyber garbage that consumers will abandon search as a resource?

What does the average home in Pismo Beach cost?  In the past 30 days, 10 homes have sold in Pismo Beach.  Home buyers in Pismo Beach have paid $550,100 for a home in Pismo Beach, and an average of $339 per square foot after 64 days on market.  Looking at the past 6 months, 36 homes have sold in Pismo Beach, the average was slightly higher at $580,726 and $361.06 per square foot paid, and days on market was about the same at 65. Are you looking for a home in Pismo Beach?  Email me at tni@mintprop.com and I will send you a list of available homes in Pismo Beach.  Or give me a buzz and set up an appointment to take a tour of homes (805) 878-9879.

Pismo Beach Foreclosures
Pismo Beach Luxury Homes
Grover Beach Foreclosures

* Excludes PUDS and Condos.  Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

  Copyright © Tni LeBlanc 2010 *What does the average home in Pismo Beach cost?*

1)      Letting the house fall apart.  Even though you are short selling your home you should not let your house fall into disrepair.  A house full of deferred maintenance is not appealing to buyers.  You can lower the price to compensate and attract a buyer, but ultimately the lender does have to approve the lowered price.   The short sale lender may not want to take a hit on the price just because you decided not to repair that leak in the roof.  Also, the buyer may be using FHA or VA financing and making those repairs could be required for the sale to go through anyway.

2)      Taking too long to present the short sale application to the bank.  Buyers are waiting for the short sale to be approved.  They have many concerns on their end as well, including when they are going to move, interest rate fluctuations, and the cheaper short sale next door that just hit the market.  Don’t delay submitting your short sale package.  Ideally, you should have all material for the short sale application ready to go when you put the home on the market.

3)      Making the home difficult to be shown.  Let’s face it many short sale home sellers are not happy about selling their home.  Some are angry because many efforts at a loan modification with the lender have failed.  They feel that the bank is pushing them toward losing their home.  However, making the home difficult to be shown will not help the situation.  If the bank determines that you are deliberately delaying the short sale, they will simply continue the path toward foreclosure.  A simple market twist and you may be unable to quickly get an offer that the short sale lender will accept.

4)      Waiting until the last minute to put the home on the market.  Many times sellers believe that they will work out terms with the bank and their loan modification will be approved, etc.  If you want a short sale you need to leave enough time for an agent to get an offer and present it to the bank.  I have seen more than one short sale listing fail where the sellers gave the agent two weeks or less to obtain an offer and have the short sale package presented to the lender in order to stop a foreclosure sale.  If you want a short sale you need to give your agent enough time to present it.  There are routine delays with short sales; banks lose documents and packages have to be re-faxed.  Don’t wait until it is down to the wire.

If you are looking for an experienced short sale agent that can help guide you through the process, set up a consultation with me by calling (805) 878-9879

Tni LeBlanc, Mint Properties
tni@mintprop.com

• Nothing in this article is intended to solicit listings currently under contract with another broker.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement – this article does not offer legal and tax advice.

Copyright © Tni LeBlanc 2010 *4 Biggest Mistakes Short Sale Sellers Make*

Santa Maria Homes up to $250,000

River Oaks is a community of newer homes for sale in northeast Santa Maria.  The neighborhood offers a secluded feeling and borders the Santa Maria Riverbed ad walking trails.  At the center of the neighborhood is Ida Redmond Taylor Elementary, and directly behind is a community park which includes a lake, playground, and picnic area.  These homes were constructed between about 1999 – 2003.  Because many of the homes were sold new during the beginning of the housing boom, many if not most of the current and recent sales in the development are foreclosures or distress sales.  In the past 6 months, there have been 6 sales in the River Oaks Development, 3 were foreclosures, and 1 was a short sale, and 2 were regular sales. The average sale price was $290,167 compared to an average list price of $290,965; average price per square foot paid by River Oaks home buyers was $149.15, with 77 days on market.

Santa Maria Homes $250,000 – $300,000

Ida Redmond Taylor Elementary in Santa Maria

So, sellers are receiving about 99.7% of their asking price in the River Oaks development, indicating that the community has much appeal for buyers.  There is currently 1 pending home sale in the River Oaks homes for sale in Santa Maria.  There are five contingent short sales currently, with a median asking price of $280,000.  At present, there are 6 active properties in River Oaks, indicating that there may be some bargaining room for buyers due to the increase in available inventory in this neighborhood.  The median asking price of available homes is $252,500, and the average is about $256,000, which is noticeably lower than the sold average in the past 6 months.  So, there appears to be some softening in prices in this neighborhood.  This may also be due to the fact that majority of homes sold in the Santa Maria River Oaks development continue to be distress sales at this time.

River Oaks is a charming community that offers a real retreat feeling to Santa Maria home buyers.  Other newer home communities in Santa Maria include Essex at Willow Creek, La Ventana, Sculptures, Villaggio, and Cherry Blossom Ranch.  If you are looking for a home in one of these Santa Maria or Orcutt developments, call me today for an appointment (805) 878-9879.

Tni LeBlanc, Mint Properties
www.MintProperties.net

*Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market

Copyright © Tni LeBlanc 2010*Santa Maria Homes*

Jackie Cabalka, is not just a Pilates expert, but she is also a doctor of physical therapy with years of experience and training in her profession.  Pilates Doctor Physical Therapy is her own studio where she works  in a private environment to rehabilitate and encourage clients.  I have been going to Jackie for over two years.  Initially, I went to her for physical therapy, but I continued because I saw such an improvement in my balance and posture.  Also, I was at the point where I really didn’t enjoy weight training any longer.  Pilates feels more natural and you get such a great stretch for your whole body.  I am definitely hooked.  I must admit I do not enjoy exercise classes either; working one on one with Jackie is a more enjoyable experience and keeps me going back.  She also offers sessions that you could take with a buddy and split the cost.  Give her a call if you have an interest (805) 934-6609.

• Last two years tax returns
• Last two paycheck stubs for each borrower
• Last two months checking statements
• Last two months savings statements
• Profit and loss statement year to date (if self employed)
• Last two months business account statements (if self-employed)
• Hardship letter (explaining the reason for the short sale request)
• Financial statement (lists income and expenses for your household)
• Signed form 4506 –T (allows short sale lender to pull tax return copies directly from the IRS)

I am a local real estate broker, attorney, Certified Distress Property Expert (CDPE) and Certified HAFA Specialist (CHS) and I specialize in short sales.  Contact me today at (805) 878-9879 for a free short sale consultation, or visit my website www.SantaMariaShortSales.com for short sale basics. 

Tni LeBlanc, Mint Properties
http://MintProperties.net
(805) 878-9879

* Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement – this article does not offer legal and tax advice.

Copyright © Tni LeBlanc 2010 *What information does a bank typically require for a short sale package*

The answer is no.  The Assessor’s records tell you only what the county assessor has discovered (through its many methods) about a property, it does not tell you if improvements have been permitted.  Just this past week, I investigated two properties in Lompoc for a client.  I always recommend that clients perform such an investigation.  Both properties had garage conversions.  In one of these cases, I investigated because the listing agent asserted that a garage conversion was permitted.  It was a foreclosed home and it did have covered parking in the rear.  Usually, the city will require covered parking in order to allow a garage conversion.  And, in both cases the county records included the square footage of the garage conversions.  However, when I went down and checked with the City of Lompoc, neither home had permits for a garage conversion.  It is important for home buyers to understand that they should check out permitting issues themselves, and that they should check the permit history, and not just rely on the Santa Barbara County Tax Assessor’s records when determining the permit status of improvements to a home.

Tni LeBlanc, Broker
Mint Properties

• This blog article does not offer legal advice.  The information provided is for informational purposes only.  Readers are advised to consult with an attorney regarding permit issues.

Copyright © Tni LeBlanc 2010 *Do Santa Barbara County Tax Assessor’s Records Tell You If an Improvement to a Home is Permitted?*

Currently, there are 233 active, contingent and pending short sales on the Santa Maria real estate market.In total there are 513 active, contingent and pending homes.  So, about 45% of the current market for homes in Santa Maria is comprised of short sales.  In the past 30 days, 85 homes have sold in Santa Maria, and 21 were short sales.  In the past 6 months, 476 homes were sold in Santa Maria and 122 of them were short sales.  So, although the percentage of short sale homes offered for sale is much higher, short sales comprise about 25% of the closed home sales in Santa Maria.

Tni LeBlanc, Mint Properties
http://MintProperties.net
(805) 878-9879

*Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.
   
Copyright © Tni LeBlanc 2010 * How many short sale homes are there on the Santa Maria real estate market?*

Arroyo Grande Homes up to $500,000
Arroyo Grande Homes $500, 000 – $600,000
Arroyo Grande Homes $600,000 – $700,000
Arroyo Grande Homes $700,000 – $800,000

*Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

Copyright © Tni LeBlanc 2010 * What does the average home in Arroyo Grande cost?*