The Santa Cruz Real Estate Blog

Looking for news,  Santa Cruz County real estate trends, and general information about the real estate market in Santa Cruz County? You have come to the right place.  Stay informed of local Santa Cruz real estate market information with The Coastal Bay Team. We are proud to offer you our blog which will be loaded with information to assist you in your search for that perfect home in the Santa Cruz real estate market as well as local communities in the Santa Cruz Area.

Jan. 14, 2012

Santa Cruz has a Second Home Market

Every market in the nation has a second home market, including the communities in Santa Cruz County. The Santa Cruz real estate market has a plethora of second-home buying opportunities for you. Whether you are looking for a second home, vacation home, or investment property you will find the many communities in the Santa Cruz County real estate market can offer you many choices that can satisfy many needs.

You have a child who is looking to attend the University of California Santa Cruz and they need a place to live.

Not a problem. The Westside of Santa Cruz real estate market offers many affordable older homes and even apartments. Get invested and start your child’s future off bright.

You find yourself pursuing your dream of spending your days at the beach and surfing every chance you get.

Not a problem. Most Santa Cruz communities will offer you a great home to reside close to choice surf spots. We recommend that you check out: the lower Westside of Santa Cruz real estate market, the Capitola real estate market, as well as the lower Eastside of Santa Cruz real estate market.

Not sure about a Second Home in Santa Cruz?

So you realized that you can't surf all year round. Not a problem. Even if you are only planning on surfing in the summer or spring months in Santa Cruz and then returning to your primary home for the rest of the year; you still can own a second home in Santa Cruz and enjoy it when you can. During the months that you are unable to enjoy it you will find that you can rent it out as a vacation home.

Many people across the nation and many international travelers come to Santa Cruz every year to enjoy the surfing, hiking, visiting the redwoods, and Santa Cruz’s beautiful beaches. As a result, Santa Cruz has a demanding vacation rental market.

Posted in Real Estate
Jan. 14, 2012

Freddie Mac Amends Short Sale Affidavit Policy

On Nov. 18, 2011, at the request of NAR and the American Land Title Association (ALTA), Freddie Mac amended its policy regarding its mandatory short sale affidavits.

The purpose of the affidavit is to prevent fraud by requiring the buyer, the seller, the real estate brokers, the escrow/closing agent, and any transaction facilitator to make various certifications (including that the short sale is an arm's length transaction and the buyer will not resell within 120 days unless there are substantial improvements).

Servicers are required to implement the changes by Jan. 1, 2012, but are encouraged to do so immediately. Each servicer covered by the policy must update its forms to comply with the revised policy. NAR members are encouraged to make sure they are signing an updated form and, if presented with an old form, are well-advised to request the servicer to update or allow amendments to the form before they sign, to avoid potential liability issues.

Here are the key changes:

  • The certification is made based on "the best of each signatory's knowledge and belief." Freddie has retained the statement that a signatory making "a negligent or intentional misrepresentation" agrees to indemnify the servicer and Freddie Mac for losses. The addition of the knowledge standard significantly reduces this liability.

 

  • Only a signatory who makes a negligent or intentional misrepresentation, based on the best of his or her knowledge and belief, is responsible for indemnifying the servicer and Freddie Mac for any loss. No signatory is responsible for the certification of any other signatory.

 

  • Although Freddie Mac is requiring all signatories to sign one affidavit, the amended policy no longer allows the affidavit to be an addendum to the sales contract. NAR members are advised not to sign a document implying they are parties to the sales contract. NAR appreciates Freddie Mac's willingness to listen to the serious concerns raised by REALTORS®.
Posted in Foreclosures