Santa Barbara Real Estate Blog

This new Mesa REO (Bank-owned property) just came on the market and it is a great value for any Santa Barbara home buyer looking for something affordable and close to the beach. This turn-key home is only 1 block from beach access and popular Shoreline park, and the entire house has been updated with features like granite counters, stainless steel appliances, a recent bathroom remodel, and lush tropical landscaping.  The garage also appears to have been finished out as additional living space at one time complete with drywall, electricity, new windows, trim, etc. This property was last listed for sale in 2009 for $1.049 million and is currently listed at $748,680. To demonstrate the value of this property, no homes have sold on Shoreline Drive for under $1 million in the last 5 years and many of the bluff-front homes have ranged all the way up to $4.5 million: Shoreline Drive Sales for past five years.

Mesa REO

Please Click here for the full MLS listing details and photos for 1514 Shoreline Drive.

Thanks for visiting the Santa Barbara Real Estate Blog. Visit www.TheZiaGroup.com for your comprehensive Santa Barbara, Montecito, Goleta, and Carpinteria resource. If you have any questions regarding this property or other Santa Barbara homes, contact Daniel Zia today at 805-679-7148 or Daniel@ZiaGroup.com.

There are two REO’s (Bank-owned properties) that just recently came on the market which we wanted to make all of our clients aware of as they are sure to sell quickly.

569 Sweet Rain Place is a Storke Ranch townhome which just came back on the market yesterday, and currently is the lowest priced home in the development at $473,350.  With 3 bedrooms, and 2.5 bathrooms, this home offers a great location, newer construction, and excellent square footage for the price. This property has great proximity to USCB, Costco, an the beach and they make great rentals as well to younger families, USCB faculty/staff or students. This townhome also offer a 2-car garages, a private yard, and great shared community amenities like tennis courts and pools in the development. You can find the full details here: 569 Sweet Rain,Goleta, CA 93117.

569 Sweet Rain Place, Goleta, CA

7769 Wagon Wheel Drive is a large 5 bedroom, 3 bathroom single family home in Winchester Canyon (North Goleta). This property sold for over $1.1 million in 2005 so the current asking price of $610,000 is an incredible value. This is a rare opportunity to buy a large home located in arguably the most desirable high school in the area: Dos Pueblos High School district. Full property details are located here: 7769 Wagon Wheel, Goleta, CA 93117

7769 Wagon Wheel Drive, Goleta, CA

If you are interested in either of these Goleta REO’s please contact Daniel Zia (805-637-7148, daniel@theziagroup.com). Daniel and the rest of the Zia Group team are ready to assist you in your Montecito home search. You may also visit our website www.theziagroup.com for detailed information on Santa Barbara Neighborhoods as well as many helpful resources such as Automatic Email Home Finder. Thanks for visiting the Santa Barbara Real Estate Blog.

This is a unique opportunity to own the San Roque estate that was once home to the Jordano family who founded the well know national food and beverage distribution company bearing their family name. This classic hacienda style estate built in 1948 has 3 bedrooms, 3.5 bathrooms, beautiful hardwood and Spanish tile floors, custom tiled pool, detached 4 car garage, and horse facilities. At $1,795,00, this Santa Barbara REO, presents an excellent value on a truly unique offering as these type of old world estates are extremely rare in San Roque.  While the estate offers privacy and seclusion you are still only a short distance away from the shopping, dining, and amenities on Upper State street including the YMCA, Santa Barbara Pack & Post Office Solutions, Whole Foods, and Trader Joes.

Poolside at the Jordano Estate in Santa Barbara

If you would like to get additional information about this property or any other Santa Barbara Homes please contact Daniel Zia (805-637-7148 – Daniel@ZiaGroup.com) or visit our website at www.ZiaGroup.com. Thanks again for visiting the Santa Barbara Real Estate Blog.

This has been a very busy week for great values in the Santa Barbara real estate market (see previous property posts from this week).  This great Upper East listing just came on the market. It is a bank-owned REO, located in one of Santa Barbara’s most desirable (and expensive) neighborhoods that still offers great access to downtown, the historic Mission Santa Barbara and beautiful surrounding architecture with numerous homes with stunning old-world charm.

Santa Barbara Upper East REO

Property details:

-3 bedroom (technically 2+ den) 2 full baths,  and a detached bonus room w/ extra half bath.

-The current listing has it advertised as 1538 SF, but a past listing (perhaps including the bonus room and half bath) had it listed at 1909 SF.

-Spanish style home built in 1934 with some beautiful features to restore

-$729,000 list price

The last bungalow (REO) in this part of town (two short blocks away on a busier street) had multiple offers within a few days and sold for 6% over the asking price ($720,000).  That home was a much smaller 3/1 (only around 1100 SF) with no detached “studio”. As such, we would expect this one to sell quickly.

If you have any questions, would like additional photos and property information, or want to schedule an appointment to view the property, please contact me ASAP at 805-637-7148.

If you are interested in other Santa Barbara REOs, contact Daniel Zia (805-637-7148) and the Zia Group team. We are ready to assist you in your Santa Barbara real estate search.Visit our comprehensive Santa Barbara real estate website at www.theziagroup.com and thank you for visiting the Santa Barbara Real Estate Blog.

This property is one of the best values in Santa Barbara’s desirable San Roque neighborhood. It’s a  fixer-upper, with lots of upside potential, listed just under $625,000. The Spanish style Santa Barbara home is a 3-bedroom, 1-bathroom and has been reduced over $25,000 from it’s original list price before it fell out of escrow. The kitchen has been torn down to the studs (probably before it went into foreclosure and became an REO–bank-owned property) so it may not qualify for traditional financing (a construction loan or all cash could been needed).

San Roque REO | Santa Barbara Home

This Santa Barbara REO went into escrow quickly when it was originally listed so anyone with interest should contact the Zia Group for full listing details and photos. Thank you for visiting the Santa Barbara Real Estate Blog. Please contact Daniel Zia (805-637-7148) for any of your Santa Barbara real estate questions.

Foreclosure properties, which is a non-technical term used by today’s home buyers, are a very hot topic. As such, I wanted to address the two classifications and technical terms for foreclosure homes, and what each process entails if you were to pursue them as a home buyer.

Santa Barbara Short Sales:

Monetcito Listing | $1,055,000

Short sales are homes that are currently going through the foreclosure process, but have not become banked-owned yet. In this process, the homeowner has to classify for being in financial duress and can no longer make their mortgage payments. They approach their bank and a real estate agent and all three parties work to sell the home before it goes through foreclosure process and bank to the bank. These homes are sold for less that what is owed on the property, so not only is the homeowner losing all their equity, but the bank is also taking a major loss. Sometimes the bank is willing to do this though if they consider it to be the “lesser of two evils”. Often times, if they take a property back in foreclosure, they have repair/maintenance costs, legal fees, marketing costs, etc. They also are severely limited in the amount of money they can lend out based on the dollar amount of real estate they are holding in their portfolio.

While Santa Barbara short sales can be lucrative opportunities, the vast  majority of the time they are extremely frustrating for buyers, so I also caution my clients against moving forward on one of these properties. While the seller may approve the offer right away, the bank or banks may not give final approval until 8-10 weeks, or more. I had one recent client who waited 100 days for the Bank’s final approval until they told us “no”. It was an extremely frustrating process for all parties involved.

Further, there has been a rise in short sale fraud being committed by some banks with the allegation being that when holding a second deed of trust against a property, the banks are asking for extra money “on the side.” This is one of the many reasons to utilize an agent in your Santa Barbara real estate search or Montecito real estate search who can help you navigate the issues specific to your local market.

Santa Barbara REO’s (Bank Owned, Foreclosure Property)

Santa Barbara REO | $475,000

As to the owner foreclosure situation, these are classified as REO’s or Real estate owned properties (Bank-owned properties). These are properties that have gone all the way through the foreclosure process and are currently owned by the bank and on their books. The banks are very motivated to sell them and as a home buyer, the process of buying one of these homes is very similar to working with a typical seller. REO’s are some of the best deals on the market if you contact me, I can put you on a list to receive ALL of the weekly REO’s that come on the market.

There are  some caveats to working with a bank when buying a Santa Barbara REO. One of these is that they will counter your offer with a standard, typically 8-page, counteroffer/addendum that basically states that they know nothing about the property and that they don’t have to fill out the same disclosures as a typical seller. In addition, banks can be less flexible as far as creative offers and prefer “As-is” offers where items such as repairs, pest work, etc. are already incorporated into a lower offered price by the buyers. They can also be less flexible during escrow if issues arise, and can charge daily fees if escrow is delayed.

All-in-all, I highly recommend not pursuing short sales, but definitely pursuing bank-owned properties as well as properties listed by conventional motivated sellers.

We Know Santa Barbara Short Sales & Foreclosures

As highlighted above, there are many caveats to locating, analyzing, and pursuing bank-owned and other distressed properties, and as such it is critical to have representation that has the experience and expertise to assist you. Contact the Zia Group, your Santa Barbara Realtor, to help you locate the right distressed or bank-owned property, and to walk you through each step of the buying process. I have received the certification of Short Sales and Foreclosure Resource (SFR) from the National Association of Realtors and have been voted as the #1 Realtor in the Santa Barbara Independent’s “BEST of 2009 Readers’ Poll”. I’m ready to assist you in your REO and Foreclosure Search within the current Santa Barbara REO and Foreclosure Market.

Thank  you for visiting the Santa Barbara Real Estate Blog. Post your questions as a comment, via email (Daniel@ZiaGroup.com), or by calling 805-637-7148. Also, visit our Montecito Real Estate Blog for the latest market updates in Montecito Home sales and unique properties.

This 2-bedroom condo is a REO – FORECLOSURE in the desirable beach community of Summerland (located between Montecito and Carpinteria) just came on the market for $359k!  This condo is not large, but it does present an excellent value for an investor (rental) or and end-user as it’s nearly impossible to find any kind of real estate in Summerland under $500-600k.  The unit has been upgraded in the past with a pergo-type synthetic wood floor, entry-level kitchen remodel (now needs to be touched up and appliances added), basic bathroom remodel, etc.  The unit has a peaceful, quiet setting, several balconies/decks, a 1-car garage, and additional off street parking.  With a very minimal investment this unit could be readily enjoyed as a home or rented easily.

Summerland Real Estate-- REO FORECLOSURE

Here are more details, though the one picture does not do the property justice: http://www.flexmls.com/link.html?riqiyvg8xr3,1,1

This condo sold for $433k back in 2002 and we are currently in between 03 and 04 prices, so it’s undoubtedly a great value. Please call or email for more details or a showing: 805-637-7148 or Daniel @ZiaGroup.com

For more on Summerland Real Estate visit our website: www.ZiaGroup.com

Desirable Mesa REO under $790,000: Phenomenal location down on the Mesa in the desirable Marine Terrace pocket of homes. Literally 1 block from the water and a couple blocks to Shoreline park and beach access or the romantic little shopping areas on the Mesa. This may be an opportunity for cash only buyers as it is supposed to be in fairly rough condition. Large lot for the neighborhood though, so lots of potential.

Mesa REO | Santa Barbara Real Estate

Santa Barbara Mesa REO under $650,000: REO’s rarely come up for sale in Santa Barbara’s desirable Mesa neighborhood, but this happens to be the second this week. It’s a 4 bedroom, 2 bathroom house that sold for $923,000 a few years ago and is now on the market for under $650,000. This property needs paint and some minor remodeling, but offers a great location with easy access to the beach, Douglas preserve and Elings Park.

Santa Barbara REO | Mesa

Santa Barbara Foreclosure

If you’re interested in learning more about the Santa Barbara Foreclosure market, there are some quality resources available to become educated about the foreclosure process. Visit the Zia Group website’s page on “Santa Barbara REO’s, Short Sales and Foreclosures” for more information or email Daniel (Daniel@ZiaGroup.com) to be added to the Zia Group’s twice-monthly REO email update. The following is an excerpt form an CNNMoney.com article published this week. It provides a good primer to understanding the three stages of foreclosure.

CNNMoney.com: First, you have to decide at what stage of foreclosure you want to buy. There are three options: 1. pre-foreclosure; 2. sheriff’s auction; 3. repossession, called REO (for real estate owned by the bank). “The safest and best way to buy is when it’s a bank-owned property,” said Rick Sharga, a spokesman for RealtyTrac, the online marketer of foreclosure properties.

1. Pre-foreclosure: These homes are in the foreclosure process, but they have yet to be sent to auction. Owners are typically trying to unload them because they are “underwater,” owing more on the homes than they are worth.

As a result, potential buyers must negotiate a deal with the lender as well as the owner. That makes buying at this stage of foreclosure complicated and slow. But, you have the advantage of being able to inspect the home before purchase — which isn’t the case in other types of foreclosure sales. Sharga warned, however, that prices are usually higher than at other stages of foreclosure.

2. Sheriff’s auction: These sales yield the lowest prices, but they are fraught with difficulties. Often the house is unavailable for inspection, leaving buyers with a long list of expensive repairs — and much larger bill than they intended. This stage is usually best left to the professionals, the contractors and investors who regularly bid on these places and know what they’re doing.

3. Repossession: This occurs after the home has gone through a sheriff’s auction but does not sell and the bank gains possession of the property. Homebuyers may not get the best bargains during this stage, but they can nearly always perform a thorough inspection before closing, minimizing costly surprises. Plus, the property comes with a clear title.

In addition, the banks selling these places may extend preferential financing terms to the buyers and may have made some repairs before putting the property on the market. Even in this safer stage, though, homes are still usually sold in “as is” condition. “That means the bank won’t pay for cosmetic issues,” said Adam Wiener, a spokesman for the Redfin, the online real estate marketer. “Although, they will often pay for some or all of repairs that are health and safety issues. That makes the home inspection even more critical.”

He also pointed out that, since you’re buying from a corporation, not an individual, the buying process can be faster, so be prepared to move quickly. Many times a listing goes on sale on a Friday and is sold over the weekend.

“The buyers and their agents need to be on top of everything from the inspection to the financing,” said Wiener. “Some banks will even charge a per diem fee for late closings.”

For the entire article, visit CNNMoney.com.

If you have a question about Santa Barbara Foreclosures, contact Daniel Zia, your Santa Barbara Realtor, at (805) 637-7148. Thank you for visiting the Santa Barbara Real Estate Blog and we hope this is a resource for you on your Santa Barbara real estate search.