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Welcome to our REO Wednesdays Broadcast speaking about the foreclosure Markets. Here is the current recap:

Bank Owned real estate inventory: 133 real estate properties are bank owned.

Pre Foreclosures:  130 properties are in the Pre Foreclosure Status, having notice of defaults filed on them.

Real Estate Auctions:  88 real estate properties are scheduled for auction.

Los Angeles Luxury Foreclosure Numbers

Just for your knowledge – we have the Los Angeles Numbers reported and links so you are able to see those “distressed” real estate listings With opening bids over 1 million dollars.

There are a total of 271 real estate properties in Los Angeles with a distressed nature and a published opening bid of over $1,000,000.00.

130 pre foreclosure real estate listings with opening bids over 1 million dollars.

101 LA properties headed to the auction block with minimum bids of over 1 million dollars.

We also have 158 bank owned real estate properties that have the Estimated Bid Numbers at over 1 million dollars.

Click on the links to see the actual real estate intel we pulled this morning from our Foreclosure Radar Resource.

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We have been searching the foreclosure and short sales – other distressed real estate inventory and have come up with the following new Foreclosure Listings that have been posted in the Santa Clarita Valley Cities.

Santa Clarita Foreclosure Real estate agentsDuring the past couple of weeks REO and Foreclosure reports, we have seen the real estate listings diminish in quantity during the past several weeks. Not to mention cutting by almost 50% in 2013 within the Santa Clarita Valley Cities.

We did a bit of a break down with regard to the newest Foreclosure and REO listings. REO stands for Real Estate Owned, typically depicting a line from a banks accounting sheet – REO.

With the current five REO listings in the SCV cities, we see that we do have “shrinkage”.

Looking at the Days on Market timeframes and how to best “hit” the current reo inventory with “lower than asking price” offers, we see three properties fitting that criteria.

Crosspath Ave – Raintree Lane – Dickason Drive #39

Each of these Santa Clarita REO listings are getting close to a bank reduction guideline. Not all banks operate in the same “exact” way. While most banks have their reductions at the 30, 60 and 90 day (cut and reassign) marks in time, some don’t attend the same school of thought.

It is also the case with regard to how much “power” their listing agent has and with their relationship with the Asset Manager at the bank in question.

Most banks do their reductions at the 30 and 60 day point. When I mentioned the 90 day cut and reassign, that means that at the 90 day point, if the REO has not sold with their current agent, the property is snatched from the current listing agent, who only had a 90 day contact to begin with, and reassigned to a new REO Realtor.

Crosspath – has been on the market for 69 days. It’s getting close to being reassigned, so the agent may go out farther than normal in their attempt to convince the bank they need to take any offer submitted.  (That is how we’d approach a sale with these numbers related to Days on Market for our Foreclosure and REO buyers)

RainTree – that one is coming up in 50 days on market – close to 60, now would be a grand time to fire off a less than asking price offer if you were interested in it.

Dickason – This one is getting close to 30 days on market. They already may have a price reduction strategy in place and a number in mind. An offer of 3-7% below FMV would be on target for this REO listing.

Reach out to my Team when you are ready to make your dream of homeownership a reality and we will be there for you and yours. Ask for us by Name at REMAX of Valencia – We are The Paris911 Team of Realtors.

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