Steps in a Foreclosure - Some Helpful Vocabulary

So what exactly is a foreclosure? Well for starters, it is more of a process than a one time event. While none of the steps outlined below are in anyway positive, the later stages are definately more dire than the first.

NOD- Notice of Default

The first official stage in the foreclosure process. While a lender has a right to file the NOD as soon as there is a late payment, usually they wait until 2~4 late payments before it’s done. The NOD is a recorded notice that the loan is “in default”. However, the borrower can still pay the amount due plus late fees and all will be well. Most NOD will get cleared up prior to advancing to the next step: a NOT.

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Median Home Prices Increase in Santa Barbara?

There was a very interesting article on Noozhawk recently that featured statistics showing a year over year increase in the first quarter median home price in Santa Barbara. While these numbers are admittedly skewed by the still hot high end of our local market, it does make one wonder who is writing all of those doom and gloom articles in some of our local publications. To read the article, go here: link.

Featured Listing - 1172 Palomino Road

O.K. I may be a little biased (the listing agent is my SO), but this property is an amazing deal. The views are spectacular, the house is big and roomy and did I mention the spectacular views?

Listed at $1,595,000, you will be hard pressed to find a better value. For photographs and details, click here.

Featured Listing - Polo Field Condo

This is a shameless plug for my own listing in the Polo Fields. For those of you unfamiliar with the Polo Field condominiums, you should take a look at my photographs, linked below. In my opinion, there isn’t another development in the South Coast that can touch it for the price. You get a beautiful setting, ocean and mountain views, and real live world class polo in your front yard!

Click here to view photographs and a detailed property description.