Santa Barbara Real Estate Blog

BANK OF AMERICA SUBSTITUTE BUYER PROGRAM

Santa Barbara Homes | Bank of America Short Sale

Short Sales: the pros and cons seem to always be in conflict, but Bank of America is working to make things more workable for everyone involved. Working through the spider webs of short sales, Bank of America has implemented a new program this past month titled “Substitute Buyer” program, which is targeted for the benefit of those working with a short sale property. According to Bank of America, Santa Barbara buyers can submit a backup offer to Bank of America if the original buyer has walked away from the transaction. With this new program, a new short sale will not need to be initiated for a new buyer if you already have a back up offer when the original buyer cancels.  Buyers will work with the same transaction in equator and with the same short sale specialist.  Unfortunately, if there is no backup buyer ready, the property will need to be marketed again and the process must start from the beginning when a new offer is received.

If you have questions regarding this program or Santa Barbara short sales, contact us today by phone or email. (805-637-7148 | Daniel@ZiaGroup.com). Special thanks to Ed Soto at Bank of America Home Loans.

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Homes that are being sold as a “Short Sale” are often an absolute nightmare for all parties involved in the transaction process. Santa Barbara short sales are properties which are currently in the process of foreclosure, and in some cases it can take 8-10 weeks (or more) to get the banks final approval on the sale of these type of properties. That is why the Zia Group is so pleased that to bring our client this beautiful Santa Barbara short sale property on Micheltorena Street while waiting only 1 week for the banks approval on the sale. While it is very unfortunate for the Seller that such a beautiful home should fall into foreclosure, we were very happy that we were able to find the right buyer and bring the closing process together in such a short time.

Santa Barbara Short Sale

Buyers comments on working with the Zia Group – “Daniel was always a step ahead of each of the many obstacles current buyers are met with. He had a ready list of competent tradesman for the numerous reports and inspections that are required, and scheduled all of them as if directing a well-practiced orchestra! We will recommend Daniel’s services to friends and family, feeling confident in his patience, professionalism, and fully deserving of our trust.” – The Ray’s

Santa Barbara Short Sale

The Zia Group is fully prepared to assist you in buying a home in Santa Barbara, whether it’s a tricky short sale, or a Santa Barbara REO, we have the experience and expertise to deliver results. If you would like more information on Santa Barbara Short Sales or if you would just like to get more information on a specific property, please contact Daniel Zia (805-637-7148 – Daniel@ZiaGroup.com) or visit our website at www.theziagroup.com. Thanks again for visiting the Santa Barbara Real Estate Blog.

The Zia Group is pleased to announced the closing of this beautiful Santa Barbara Riviera home for our buyer client. This rare and serene Santa Barbara Short Sale property is tucked away in privacy yet open to a panoramic view of Santa Barbara’s ocean, city and harbor. This 2,850 square foot, 4 bedroom, 3 bathroom home offers tremendous potential, sitting on just over one half-acre with a detached three car garage below the Artist’s studio. Given that the original listing price of this property was $1,695,000 and the adjacent home on a smaller lot sold for $1,525,000 just over a year ago, this sale ($925,000) represents an excellent value secured for our clients with lots of upside potential with strategic remodeling and upgrades.

Santa Barbara Short sale

Ocean View from Eucalyptus Hill Estate

Congratulations Jeff and Eric on your new Santa Barbara home and thank you for choosing the Zia Group to help you in your real estate search. Our clients  were first time home buyers co-investing in this project home and had this to say about their home buying experience:

“Daniel proved to be an excellent real estate agent while assisting me in buying my first home. I was new to everything, and Daniel was quite helpful and explained the process very well.” Eric D.

“Daniel Zia is incredibly knowledgeable about the Santa Barbara area and always on top of the great real estate deals. We made several offers during the course of our search, and on several occasions he was able to frame our offer as the most appealing to the seller despite being priced lower.” Jeff S.

The ZiaGroup is ready to assist you in your Santa Barbara Home Search. We offer a comprehensive list of customized services for our clients and develop specific Santa Barbara MLS searches for your specific criteria. To learn more about the Short Sale process and how to navigate these complicated waters as a home buyer, contact Daniel Zia, your Santa Barbara Realtor, by email (Daniel@ZiaGroup.com).