In the current real estate market the term “As-Is” is becoming a common issue most Ventura County home buyers might encounter in a real estate transaction.  The status “As-Is” is usually offered on homes that are for sale by banks/REO, investors, or sometimes even a standard home seller.

So what does “As-Is” really mean:

A property sold “As-Is” simply means that the seller of the property will not provide the home buyers any disclosures, warranties, or repairs on that particular property.

In a case where the home is sold by the bank/REO or an investor the only repairs they would perform are those mandated by the state of California and local government such as: water heater bracing and working smoke detectors.  It is hard for sellers such as banks or investors to disclose anything about a property in which they have never lived.  Most Ventura County home buyers have come to terms with the non-disclosure standards, but it is the no repair clause that has many Ventura County home buyers worried.

Nevertheless, Ventura County home buyers need to know that the “As-Is” status on a property does not take away their right to perform a thorough home inspection.

In the California Residential Purchase Agreement the home buyer is encouraged to perform their own inspection of the property they plan to purchase.  The home buyer’s inspection and their request for repairs are submitted to the home seller for consideration.  The home seller may or may not agree to execute any or all of items in the home buyer’s request.  In some cases the home seller might credit the home buyer at the end of escrow for the cost of one, some, or all the repairs.

In an “As-Is” home sale condition the home buyer can perform their home inspection, submit their findings to the home seller, but the home seller will not perform any repairs or present the home buyer with credit for the repairs.

Hence the importance of finding a reliable home inspector to warn you of any structural or material problems with the Ventura County home you are planning to purchase.

In most cases, your Realtor can provide you with contact information of some trustworthy home inspectors in Ventura County.  The final decision is yours to choose which home inspector should perform your home inspection.

If you need any help with buying or selling a home in Ventura County please don’t hesitate to contact me, Mana Tulberg: (805) 443-8898.

According to the Ventura County Association of Realtors, VCAR, an unofficial website has many HUD customers provide personal and confidential information.

In a message released to all Ventura County Realtors, VCAR announced today that the deceptive website known as Home Affordable Modification Program, http://bailout.hud-gov.us, is nothing but a scam to collect individual’s confidential information.

The official look of the Home Affordable Modification Program has many believe they are visiting a Us Government website.

Please be informed that HUD’s official website for the American Recovery and Reinvestment Act of 2009 is www.hud.gov/recovery.

Despite all measures taken by banks and the California legislators 80,755 foreclosures were filed in California in February of 2009.  The foreclosure report provided by Realtytrac indicates a 5% increase in foreclosure filings from January to February 2009.  RealtyTec studies show that California’s foreclosure turmoil increased 51% compared to California’s foreclosure activities in February 2008.

What does this increase in Foreclosure fillings mean to Ventura County residents:

Ventura County Home Buyers: With an increase in foreclosure fillings in California Ventura County home buyers should expect more great deals in Ventura County’s real estate market in months to come.  A great number of homes that go through the foreclosure process come back on the market for sale as Bank owned/REO homes.  As banks need to liquidate these assets, the homes that banks own are usually priced below the market value for a quick sale.

Ventura County Home Owners: With an increase in foreclosure fillings in California Ventura County home owners will see a further reduction in their property value.  Home prices in Ventura County are dominated by many factors.  The most significant factor effecting home prices in Ventura County in 2009 is the number of short sales and bank owned homes for sale.

Ventura County Home Sellers: With an increase in foreclosure fillings in California Ventura County home sellers have to compete with the incredible low prices that banks are offering Ventura County home buyers.  If your home is currently on the market for sale a further reduction in price may be needed in order to keep up with all the bank owned homes offered for sale in your neighborhood.

If you need any more information on foreclosure homes in Ventura County or if you would like to purchase a bank owned home in Ventura County feel free to contact me, Mana Tulberg: 805-443-8898.

Currently there are 50 homes for sale in the city of Fillmore.  Of these 50 homes for sale in Fillmore, 15 homes are listed as short sale and 9 are bank owned or REO homes.

Below is a real estate market report for Fillmore for the month of February 2009.

Fillmore Real Estate Market-February 2009

Single Family Homes in Fillmore:

• Homes listed for sale in February: 10
• Homes sold in February: 18
• Average home sale price: $251,861
• Median home sale price: $232,500
• Average days on market: 60
• Average selling price % of list price: 95.96%

Condos and Townhouses in Fillmore:

• Condos/Townhouses listed for sale in February: 1
• Condos/Townhouses sold in February: 2
• Average Condos/Townhouses sale price: $114,500
• Median Condo/Townhouse sale price: $114,500
• Average days on market: 94
• Average selling price % of list price: 88.61%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Fillmore Real Estate please don’t hesitate to call Mana Tulberg: (805) 443-8898.

Currently there are 67 homes for sale in the city of Santa Paula.  Of these 67 homes for sale in Santa Paula, 21 homes are listed as short sale and 19 are bank owned or REO homes.

Below is a real estate market report for Santa Paula for the month of February 2009.

Santa Paula Real Estate Market-February 2009

Single Family Homes in Santa Paula:

• Homes listed for sale in February: 11
• Homes sold in February: 11
• Average home sale price: $254,514
• Median home sale price: $254,514
• Average days on market: 28
• Average selling price % of list price: 99.61%

Condos and Townhouses in Santa Paula:

• Condos/Townhouses listed for sale in February: 5
• Condos/Townhouses sold in February: 2
• Average Condos/Townhouses sale price: $142,500
• Median Condo/Townhouse sale price: $142,500
• Average days on market: 78
• Average selling price % of list price: 97.20%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Santa Paula Real Estate please don’t hesitate to call Mana Tulberg: (805) 443-8898.

There are currently 195 homes for sale in Port Hueneme.  Of these 195 homes for sale in Port Hueneme, 33 are short sale homes and 10 are bank owned or REO homes.

Below is a real estate market report for Port Hueneme for the month of February 2009.

Port Hueneme/Oxnard Beaches Real Estate Market-February 2009

Single Family Homes in Port Hueneme:

• Homes listed for sale in February: 32
• Homes sold in February: 8
• Average home sale price: $731,236
• Median home sale price: $642,495
• Average days on market: 43
• Average selling price % of list price: 94.34%

Condos and Townhouses in Port Hueneme:

• Condos/Townhouses listed for sale in February: 11
• Condos/Townhouses sold in February: 4
• Average Condos/Townhouses sale price: $339,025
• Median Condo/Townhouse sale price: $367,500
• Average days on market: 33
• Average selling price % of list price: 100.83%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Port Hueneme/Oxnard Beaches Real Estate please don’t hesitate to call Mana Tulberg: (805) 443-8898.

Currently there are 472 homes for sale in the city of Oxnard.  From the 472 homes for sale in Oxnard, 252 homes are short sale homes and 123 homes are bank owned or REO homes.

Below is a real estate market report for the city of Oxnard for the month of February 2009.

Oxnard Real Estate Market-February 2009

Single Family Homes in Oxnard:

• Homes listed for sale in February: 77
• Homes sold in February: 131
• Average home sale price: $287,409
• Median home sale price: $270,000
• Average days on market: 51
• Average selling price % of list price: 99.01%

Condos and Townhouses in Oxnard:

• Condos/Townhouses listed for sale in February: 33
• Condos/Townhouses sold in February: 32
• Average Condos/Townhouses sale price: $158,669
• Median Condo/Townhouse sale price: $139,575
• Average days on market: 44
• Average selling price % of list price: 94.90%

Source: Ventura County Regional Data Share

If you wish to receive updated information on Oxnard Real Estate please don’t hesitate to call Mana Tulberg: (805) 443-8898.