BANK OF AMERICA SUBSTITUTE BUYER PROGRAM
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.
If you are just visiting our blog for the first time, make sure to visit our comprehensive Santa Barbara Real Estate website where you can Meet our Team, Search the MLS, see how we Spend Our Commissions, get updates on REOs and Foreclosures, and more. We appreciate the opportunity to serve you and your real estate needs, and our website is our first step in serving you.
We like to keep our blog updated with a mix of new Santa Barbara properties for sale, as well as tips and recommendations for all Buyers and Sellers of real estate. Click on the link at the top of our page to follow our Blog or contact me direct by email (Daniel@ZiaGroup.com) or by phone (805-637-7148) and stay up-to-date with Santa Barbara real estate.
The Santa Barbara Riviera is one of the most desirable Santa Barbara home locations for prospective buyers and the top choice of our blog readers poll for the “top neighborhood” that locals wanted us to highlight with routine market updates. Homeowners on the Riviera experience the breathtaking views of the city and Pacific Ocean and residents can catch a stunning vistas of the water as they drive along APS (a locals abbreviation shorted from the street’s name Alameda Padre Serra), as well as mountain views north from Foothill Road to Sycamore Canyon Road while driving through the backside of the Riviera. The majority of the Riviera is fairly steep, which provides the foundation for hundreds of mostly two and three-story custom homes tucked into the sloped landscape. While these homes command higher than average real estate prices, there have been some excellent values in 2010. Some of these excellent values were featured in the Santa Barbara Real Estate Blog.
For prospective Santa Barbara buyers, here is a summary of and links to June-November 2010 market activity for the coveted Santa Barbara Riviera*.
Do you have specific questions about the Riviera market? Contact Daniel Zia and the Zia Group team by email, phone, or on Facebook with your questions or to set up a viewing appointment. Our team can search the Santa Barbara MLS and set a customize email-based home search for you to track Riviera and other Santa Barbara properties at your leisure. Thank you for visiting the Santa Barbara real estate blog and we look forward to serving you and your real estate needs.
*Includes Upper and Lower Riviera
This great new Santa Barbara home listing at 622 Juanita Avenue just came on the market this morning for $665,000. It is a 3/2 house with 1,315 SF that needs some remodeling, but is in an excellent location in the desirable Mesa neighborhood. The owners have priced it to sell and given the two homes a few houses away that each sold for over $900k earlier this year, it will probably be in escrow by the end of the week.
Current Santa Barbara MLS property listing: http://www.flexmls.com/link.html?rnp6gof3062,1,1
If you are interested in the comparable Santa Barbara properties that have sold in the surrounding Mesa neighborhood, or if you, or anyone you know, may be interested in this property, please call (805-637-7148) or email me (email@example.com) ASAP. This will definitely be one of the best values on the Mesa this year.
Thank you for visiting the Santa Barbara Real Estate Blog. Continue your real estate search at our website: www.theziagroup.com.
Prudential California Realty Voted #1 Real Estate Firm by Independent’s “BEST OF 2010″ Readers’ Poll
The Zia Group is proud to be a part of Prudential California Realty’s Santa Barbara office who was recently voted #1 Real Estate Firm by the Santa Barbara Independents BEST OF 2010 Readers’ Poll. This is the second consecutive year that the Santa Barbara Prudential office has been voted #1 by the Readers’ Poll. Here’s an excerpt from the Independent:
“We are very ecstatic about winning,” said Prudential district manager Kyle Kemp, who insists that it’s the service rendered that makes his realty company popular even in straightened times. “There’s a dedication to the customer that we have here,” he said, explaining that the 140 Prudential agents in three offices are all full-timers. An estimated 1 in 52 Californians has a real estate license, “but nowhere near that many make a living at it. It makes a big difference that these are full-time people. I’m very selective about who I let join and this is a very good group.”
The Independent’s Poll is in addition to Prudential being awarded the J.D. Power & Associates award for “Highest Overall Satisfaction for Home Sellers Among National Real Estate Firms.” Watch the video here. As a full-service professional real estate group, the Zia Group (of Prudential California Realty) provides the following services and more when assisting in the sale of your home or investment:
- Santa Barbara CMA (Comparative Market Analysis)
- Announce listing to Santa Barbara’s top real estate agents
- Putting your Santa Barbara property into the Santa Barbara MLS
- Inspections & Disclosures
- Photographing & Virtual Tour
- Custom Advertising for Your Home
- Open Houses & Showing Your Home
Prudential California Realty is also #1 once again in total number of sales and Santa Barbara real estate market share with the fewest number of agents of any major Santa Barbara real estate office (as of Nov. 8, 2010). Congratulations to all of the Prudential Santa Barbara agents.
If you are interested in more information about any or all of these seller services, contact Daniel directly at 805-637-7148 or by email (Daniel@ZiaGroup.com). For potential buyers looking at Santa Barbara real estate, visit our real estate website for a list of services we provide to our buyers here. We are eager to serve your real estate needs and show you why others have selected Daniel Zia as their Santa Barbara Realtor.
In July, the Zia Group brought the right buyer for this great Santa Barbara Mesa REO property. Finding this type of housing in Santa Barbara can be challenging at times, but this transaction proved that patience and diligence pay off when good opportunities arise. This property was featured on the Santa Barbara Real Estate blog as an “REO Alert” back in May.
Here is what our client had to say about his experience working with the Zia Group:
“As a real estate professional of over ten years, I was impressed with Daniel’s recollection of our specific needs, the names of the members of our family, and of course bringing to us the right property. His command of the principals of real estate investing, his professionalism, and his integrity are impressive, and a rare combination in this industry today. Additionally, Daniel’s patience is unwavering. It took us 16 months and countless offers (>10) to secure a property here is Santa Barbara. At no point in time did Daniel waver in his generosity with his time and sage advice. In fact, he kept encouraging us even when we felt discouraged with our prospects. Once finally in escrow, Daniel kicked into overdrive to meet the aggressive closing schedule and challenging financing environment. We even through in a curve ball and went on vacation during escrow! I wholeheartedly recommend Daniel and his dedicated support team to represent his clients’ as a bona fide fiduciary. You will truly be in “good” hands” – John M.
The Zia Group is fully prepared to assist you in buying a home in Santa Barbara. Our dedicated team of real estate professionals is prepared to assist you make your next Santa Barbara home purchase or sale. If you would like more information, please contact Daniel Zia (805-637-7148 – Daniel@ZiaGroup.com) or visit our website at www.theziagroup.com. Thanks for visiting the Santa Barbara Real Estate Blog.
The First-Time Home Buyer Tax Credit was a significant motivating factor for Santa Barbara home buyers up until its expiration earlier this year. The tax credit resurfaced in the news recently regarding IRS errors that you, or anyone who utilized the tax credits, should be aware of. An audit by the Treasury Inspector General for Tax Administration (TIGTA) found some individuals receiving the First-Time Home Buyer Tax Credit had incorrect purchase dates recorded on the IRS system. This can cause some taxpayers to receive incorrect notices and for other taxpayers to not be identified that are required to repay the credit. Anyone who received the credit should be aware of this potential incorrect notice in the event that they did have the correct purchase dates.
The IRS is developing a comprehensive strategy to identify individuals with First-Time Home buyer repayment requirements as a result of the TIGTA’s recommendations. Here is what Santa Barbara home buyers need to know about the incorrect notices:
- An estimated 4.1% (73,119) of the estimated 1.77 million individuals receiving the Credit had incorrect purchase dates
- Of those who had incorrect purchase dates, an estimated 59,802 had purchase their homes in 2009, but the IRS incorrectly recorded the purchase as 2008 or the years were not recorded
- If a receiver of the Credit falls into this category, they could incorrectly receive a notice requiring repayment
Additionally, the TIGTA report found that the IRS made an error in had providing the credit to approximately 800 fraudulent tax claims using social security numbers of deceased citizens. A full copy of the TIGTA’s report can be found here.
If you’d like to learn more about the now expired home buyer tax credit program, visit one of the many blog posts on the Santa Barbara Real Estate Blog posted prior to the expiration. If you would like to begin a new, customized Santa Barbara real estate search, contact Daniel Zia (805-637-7148 or Daniel@ZiaGroup.com) or visit our comprehensive Santa Barbara real estate website. Thank you for visiting the Santa Barbara Real Estate Blog.
July 2010 Santa Barbara Real Estate Market Update (including surrounding areas of Goleta, Caprinteria, Isla Vista, Hope Ranch and Summerland)
Overall, July 2010 sales volume was equal to or decreased from the same period in 2009. While we saw median prices drop year over year in Santa Barbara, Hope Ranch and Summerland, the surrounding areas of Goleta, Carpinteria, Montecito, and Isla Vista saw increases in median prices. We’ve provided sales volume, average sales prices and median prices going back to 2005 for you to review and compare.
If you have interest in more details about the Santa Barbara real estate market, please contact Daniel Zia (Daniel@ZiaGroup.com or 805-637-7148). Daniel can send you full listing details on any Santa Barbara property and schedule a viewing appointment. The Zia Group team is ready to assist you in your Santa Barbara real estate search and our website is our first step in serving you. Visit today to research Santa Barbara and Montecito neighborhoods, local real estate trends and more.
Tomorrow is the last day to vote for the Santa Barbara Independent’s BEST OF 2010 Readers’ Poll. You can vote for all of your local favorites by visiting the voting page here.
*Real estate stats for Santa Barbara County provided courtesy of First American Title.
The Zia Group is proud to be a part of the #1 Residential Real Estate Company in the Santa Barbara MLS for the fifth consecutive year. Prudential agents have successfully closed the largest percentage of homes of any Santa Barbara real estate office every year since 2006, with almost 400 closings already in 2010 (as of 7/20/10).
The Zia Group team is also proud to be with the highest ranked national full service firm, as ranked by a J.D. Power & Associates Annual 2010 Home Buyer Seller Study measuring customer satisfaction of home sellers with national real estate companies. Factors that were included in the determination were Agent (44%), Marketing (30%), Office (15%) and Services (11%). Congratulations to the entire network of Prudential agents throughout the country. For more information, visit www.jdpower.com.
REMINDER: Santa Barbara Real Estate Blog readers have just two days left to sign up for the Santa Barbara Blog Raffle where readers can win one of ten $10 gift cards to PINKBERRY or BLENDERS. Just visit the Raffle Post to see how to enter and check back during the first week of August to see the winners.
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 next week for our monthly Montecito Market Update on Montecito Home sales and unique Montecito properties.