About Santa Barbara County, CA

The Senate this week passed an extension of the $8,000 Home Buyer Tax Credit for new home buyers and added on as a "kicker" to the plan a $6,500 bonus for those who are buying a new home and have lived in their old home for 5 of the 8 previous years. From everything that we are hearing and reading, The House of Representatives is expected to pass this new bill and the White House has also given every indication that they will sign it once they receive it.

So what does it mean to us here in the Santa Barbara area?

Here are the details...

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Further Reading:

1. $729,750 Conforming Loan Limit Extended into 2010
2. What do Buyers and Sellers Want Most from Their Santa Barbara Realtor?
3. Is Zillow's Zestimate a Reliable Guide to your Santa Barbara Home's Value?
4. Working with a Blogging Realtor - Advantages
5. Are Trulia and Zillow the Best Place to Search for Santa Barbara Real Estate?
6. Buyer's Resources for the Santa Barbara area
7. Seller's Resources for the Santa Barbara area

For information on Real Estate here in Santa Barbara, Montecito 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 to contact me or comment below with any thoughts.

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Tax Credit Extension Info - Hot off the press:

Go to: http://news.yahoo.com/s/ap/us_homebuyers_tax_credit

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.

This is EXCELLENT news, not only for First Time Homebuyers - to help stimulate our economy!

Would love to get local feedback on local hauntings here in the Santa Maria Valley. Many have heard of the White Lady who haunts the trees near Pioneer Park, the hauntings at The Santa Maria Inn and Santa Maria High School Ethel Pope Auditorium. Please feel free to add your own here and, have a Happy (and Safe) Halloween!!

Fannie Mae and Freddie Mac have adopted the new HVCC guidelines, which basic purpose was to protect the consumer from buying property that was over valued. Keeping the appraiser, realtor, loan officer "honest" so that the client bought a home for the True value and not over pay for a home due to an inflated appraised Value.

What I find odd is that in a recent transaction on a foreclosed condo here in Santa Maria, Ca. which happened to be a Fannie Mae owned property they would not accept the appraised value and were insistent that my cleint buy the home on the accepted purchase price not the appraised Value. The appraisal came in 10k shy of the purchase price.

I tried to reach someone in Fannie mae since I could not talk to the asset manager about the inconsistent policy they seem to have. But was given the run around I tried to email someone there still waiting on a response after two emails and several phone calls. Its not hard to see why we have issues in real estate when those that make the rules for others do not neccessarily follow the rules themselves. If they are to dictate the guidelines on to which and how the loans are to be done in order for them to buy the loans on these properties. Logic would dictate they follow them as well.

The frustrating thing is that this is a govt. sponsored corporation that the taxpayers now own but have no real say and it seems to be business as usual.

The postive thing out of all this is my client was going to sign the amendment stating that he would agree to buy the condo regardless of the appraised value or forfiet his deposit, but I convinced him not to. He was sure the price and the appraised value could not be more than 2-3k.

Something to keep in mind when buying a home especially a forclosed property. The listing agent represents the seller or bank, for their best interest. The buyers agent represents you the buyer. Something to think about when buying that home.

Gene Perez, 01321588

Buying or selling a home or property in Santa Maria CA, or a Santa Maria foreclosure, or a property on the Central Coast, my goal is to provide you with resources you need.

Santa Maria Loans - Loan losses on the rise

According to a newspaper article that I read last week, Bank of America lost 2 and a quarter Billion dollars as loan losses rose during the third quarter. This just goes to show that we have certainly not hit bottom yet during this recession. Even though it may seem that the worst might be over (and I don't want to be the bearer of bad news here), with a decrease in homes for sale and people being able to remain in the houses, people are still struggling with paying their bills. That is plainly evident here in Santa Maria.

Bank of America wrote down almost $10 billion in loans just during July and September. Banks had already predicted that their loan losses would keep rising. Unemployment keeps rising. In Santa Maria, unemployment has hit 12.5%. Along with this, notices of default are at record highs.

With this in mind, we have to remain hopeful that 2010 will be a better year. What does this mean? It means that we have to try to stay productive. We have to try to stay positive. We have to limit negativity in our lives, whether is be people at work, family members or not wanting to exercise. Be Positive!

If you have any questions about buying a home or a loan in Santa Maria, CA or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net

Buying or selling property in Santa Maria CA, or Santa Maria Homes, and Santa Maria Foreclosures on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better information please let me know. Gene Perez DRE 01321588