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This call comes in several times a week to our REMAX of Santa Clarita CA offices. Callers have looked online, but don’t want to tie up with a lender at this point, they just want information.

So, this is pertinent to those of you with the question of when you are able to buy again after going through the trauma of a Foreclosure or Short Sale, here is the intel from our BEST Santa Clarita Lender. Thanks to Dwayne Okpaise with Augusta Financial for his intel pertaining to this article.

Dwayne at Augusta Financial Santa Clarita Lender

Here is the Meat!!!

Most “sponsored” loan and lending programs are going to treat Short Sales and Foreclosures, somewhat the same, with regard to “timeframes” after the Distressed Seller has their, previously owned, property liquidated.

Only when the “conventional” loan(c below) enters the picture, is where the waters start to get a little muddy.

- FHA requires 3 years after a short sale or Foreclosure

The FHA Loan, 3.5% down, is one of the most written loan and lending programs around. The clients that are using this loan product are definitely the majority.

However, to use an FHA loan, the property has to fit certain requirements. Single Family Homes need to be in some semblance of “good repair”. Condo and Townhome Complexes have to be FHA certified.

Contact us so we can explain more – but it’s hard to argue with buying real estate, only needing a 3.5% down payment.

- VA requires 2 years after the short sale or Foreclosure

The shortest timeframe yet. We have had our Military friends deployed, thereby losing their homes before the “rules” were strengthened to protect them. Most of these clients were in the early days of the last distressed real estate market.

Police Officers, Highway Patrol and Deputy Sheriff’s, that were still in the “reserve corps”, with one of the Military Branches, being activated to go and fight in the war, experienced their fair share of hardship.

Those “activations” stressed” their earnings, in some cases, thereby causing them to have to short sale. Those “activations” also caused their unfair share of Divorce and Death – unfortunately :(

- Conventional requires 4 years after a Short Sale

With a 10% down payment, 4 years has to elapse between a Short Sale and the time you want to “finance” real estate again.

Conventional Loans with 10% down – with regard to Foreclosure – Take 7 Years to heal, between the time the foreclosure is discharged and the time you want to obtain a residential real estate loan.

(so hence the advantage of a short sale – shorter time frames)

- Another Option?

How about buying a home 1 day out of foreclosure?

There is another option that real estate buyers can consider:

Buying 1 day from having a Foreclosure Discharged – there are some “rules” that have to be abided by:

  • This option is not for a Fannie/Freddie or HUD Loan Product.
  • Requires at least 20% down and no gift funds are allowed.
  • Borrowers must qualify without a co-signed and the max debt ratio is 43%.
  • You can obtain 5/1 and 7/1 ARM’s only – ARM – Adjustable Rate Mortgage
  • Rates are higher than typical rates today (as of the date of this SCVRE article – 7.25% with a cost of 2% or 2 points.
  • No prepayment penalty, so the client can refinance once they are in a position to qualify for a re-finance. (per Dwayne, this works well with borrowers that can refinance in a couple of years once the short sale or foreclosure has been seasoned)
  • Multiple Foreclosures/Short Sales are not allowed.

Reach out to us here at REMAX of Santa Clarita when you are ready to “roll” toward your housing purchase and Thanks for taking the time to read and share!

 

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Zip Code 91354 Distressed bank ownedZip Code, 91354

Valencia CA Foreclosures, Bank Owned, Auctions and Pre Foreclosure properties.

Some of, in fact most of, these homes, condos and town-homes are not on the market for sale.

We have a process in place to assist our Santa Clarita real estate clients with approaching, and potentially purchasing, properties like these and those that are on and off the market within a particular neighborhood or in a specific city.

Running the Foreclosure stats, including Auctions, NOD (pre foreclosures) and the properties that are changing from being privately owned to bank/corporate owned.

This is the latest intel for the SCV Valencia CA City Zip Code 91354.

Including most of the geographical area north of Newhall Ranch Road – Northbridge, Northpark, Creekside, Tesoro Del Valle and More.

If you want to search for the homes that are for sale in the Cities Mentioned – click the links:

Tune into our Daily Real Estate radio show by heading to the Top Santa Clarita real estate website.

In the center of the home page, you will see “click to listen” so do it :)

The listings below are coordinated in the following columns and organized in numerical order:

  1. Address
  2. City
  3. Square Foot of the Improvement
  4. Numbers of Bedrooms
  5. Numbers of Bathrooms
  6. Estimated value
  7. Estimated equity of improvement and land
  8. Sale time
  9. Sale Date
  10. Estimated Bid starting point
  11. Which loan/lender defaulted
  12. Loan Date

Stage Address City Sq Ft Beds Baths Est. Value Est. Equity Sale Time Sale Date Est. Bid # Loan Date

27903 CROWN COURT CIR # 92 VALENCIA 1,260 3 3 $393,697 -15% 9:00 AM 10/01/14 $353,553 First 06/08/05

27002 RIO PECOS DR VALENCIA 2,014 3 3 $416,756 5% 9:00 AM 09/18/14 $394,677 First 05/22/06

23720 CAMERON CT VALENCIA 1,445 2 2 $470,615 52% 9:00 AM 09/11/14 $6,236 Second 09/05/12

27676 COBBLESTONE CT SANTA CLARITA 2,366 3 3 $571,823 -25% 9:00 AM 09/15/14 $688,390 First 08/31/05

29366 HACIENDA RANCH CT SANTA CLARITA 4,005 6 5 $907,469 -38% 11:00 AM 09/24/14 $1,114,447 Third 05/24/07

24096 AVOCADO LN SANTA CLARITA 1,120 2 2 $329,805 100% 9:00 AM 05/09/14 $305,000 01/14/05

29387 CALLE PRIMAVERA SANTA CLARITA 2,680 4 3 $661,898 -147% 11:00 AM 09/22/14 $650,327 Second 06/29/07

28045 PROMONTORY LN SANTA CLARITA 2,906 5 3 $726,404 -86% 10:00 AM 08/27/14 $910,526 First 07/28/05

29214 AVENIDA AVILA VALENCIA 2,846 4 3 $673,519 39% 11:00 AM 08/21/14 $431,470 First 03/01/12

24250 ENGLISH ROSE PL VALENCIA 2,906 5 3 $679,156 -212% 11:00 AM 09/23/14 $795,599 First 08/06/06

27110 VISTA ENCANTADA DR VALENCIA 1,529 3 2 $418,069 -36% 11:00 AM 08/29/14 $620,949 First 10/14/05

24483 GABLE RANCH LN SANTA CLARITA 3,563 5 4 $785,887 -39% 10:00 AM 08/08/14 $1,193,514 First 07/12/06

27924 CROWN COURT CIR # 115 VALENCIA 910 2 3 $342,082 6% 11:00 AM 09/22/14 $475,959 09/11/06

23048 VISTA DELGADO DR SANTA CLARITA 2,508 4 3 $499,472 15% 9:00 AM 09/02/14 $445,072 First 10/13/05

27459 PAMPLICO DR VALENCIA 1,485 4 2 $443,521 11% 4:00 PM 08/21/14 $528,945 First 10/14/04

27115 RIO PRADO DR VALENCIA 2,014 3 2 $393,934 -43% 4:00 PM 09/06/14 $250,586 Third 06/05/09

23882 BENNINGTON DR VALENCIA 1,445 2 3 $447,610 -3% 4:00 PM 09/16/14 $336,622 10/26/04

27618 SUNNY CREEK DR SANTA CLARITA 2,073 3 3 $512,150 -2% 4:00 PM 09/12/14 $336,310 First 08/18/04

23438 ABBEY GLEN PL VALENCIA 1,377 2 3 $353,647 1% 4:00 PM 09/17/14 $395,283 First 11/27/07

24012 MARIPOSA PL VALENCIA 1,761 3 3 $467,816 -22% 11:00 AM 09/19/14 $744,571 First 12/09/05

22971 SYCAMORE CREEK DR VALENCIA 1,470 3 2 $422,003 19% 4:00 PM 09/24/14 $379,223 First 11/25/08

23044 MAGNOLIA GLEN DR SANTA CLARITA 1,624 4 2 $470,777 0% 4:00 PM 09/26/14 $183,701 Second 11/17/05

28331 ESPLANADA DR VALENCIA 2,562 5 3 $598,138 23% 4:00 PM 09/27/14 $3,873 03/12/07

28720 CALLE PLATA VALENCIA 2,141 4 3 $534,376 7% 4:00 PM 09/27/14 $3,810 03/12/07

27921 BROOKHAVEN PL VALENCIA 1,763 4 3 $546,185 71% 9:00 AM 08/26/14 $6,889 Second 08/22/13

27814 SUMMER GROVE PL SANTA CLARITA 1,866 3 3 $542,859 -4% 4:00 PM 10/09/14 $572,062 First 06/27/05

27934 DICKASON DR VALENCIA 1,349 2 2 $365,813 100% 11:00 AM 07/07/14 $360,000 11/16/04

27051 ALABASTRO DR VALENCIA 1,625 4 2 $426,164 -32% 4:00 PM 10/14/14 $670,089 First 02/23/10

26971 HILLSBOROUGH PKWY UNIT 80 VALENCIA 863 2 2 $291,150 56% 4:00 PM 10/11/14 $7,009 Second 05/01/14

23939 FRANCISCO WAY SANTA CLARITA 3,152 5 3 $701,847 33% 4:00 PM 10/15/14 $490,106 First 04/20/06

27461 COLDWATER DR SANTA CLARITA 1,352 2 2 $373,456 -14% 4:00 PM 10/17/14 $543,403 First 06/07/06

27613 DANTON CT VALENCIA 2,667 4 3 $710,863 6% 4:00 PM 10/23/14 $789,309 First 08/23/10

28067 MEMORY LN VALENCIA 1,841 4 3 $554,668 24% 9:00 AM 08/21/14 $11,270 Second 02/26/13

23023 GARZOTA DR SANTA CLARITA 2,241 4 3 $489,154 -8% 4:00 PM 11/07/14 $419,260 First 06/15/04

27422 LAUREL GLEN CIR VALENCIA 1,884 3 2 $499,228 32% 4:00 PM 11/07/14 $364,735 First 08/03/10

23803 VIA CAMPANA SANTA CLARITA 2,129 3 3 $482,388 -20% 9:00 AM 09/11/14 $625,671 First 07/19/05

23826 VIA CAMPANA SANTA CLARITA 2,021 3 3 $452,238 16% 4:00 PM 11/07/14 $388,564 First 07/01/08

24011 VIA SERENO VALENCIA 2,388 4 2 $569,820 51% 9:00 AM 09/25/14 $260,400 First 08/06/04

24050 AVOCADO LN SANTA CLARITA 1,420 3 3 $395,369 19% 4:00 PM 11/08/14 $406,092 12/29/04

Data provided by ForeclosureRadar.com and subject to

the terms of ForeclosureRadar.com’s User Agreement.

24262 KIRBY CT VALENCIA 2,307 4 3 $566,433 -40% 4:00 PM 10/10/14 $633,674 First 07/25/05

27841 SUMMER GROVE PL SANTA CLARITA 1,720 3 3 $444,787 -28% 4:00 PM 11/12/14 $488,575 First 05/10/06

29044 OLD ADOBE LN SANTA CLARITA 2,780 4 3 $650,298 7% 4:00 PM 11/20/14 $650,753 First 10/02/07

24266 PALO VERDE DR SANTA CLARITA 4,800 5 5 $943,619 31% 11:00 AM 09/19/14 $804,049 First 04/15/04

23904 CLAYTON CT VALENCIA 1,488 3 3 $517,171 25% 9:00 AM 08/28/14 $387,975 First 01/14/05

23320 GLENEAGLE CT VALENCIA 2,285 5 3 $663,346 0% 4:00 PM 12/05/14 $644,931 First 01/18/07

27542 SYCAMORE CREEK DR SANTA CLARITA 1,263 3 2 $406,153 -6% 4:00 PM 12/10/14 $379,527 First 07/15/05

27181 MANOR CIR SANTA CLARITA 1,506 4 3 $483,607 -17% 9:00 AM 09/11/14 $451,194 First 05/18/06

Foreclosure List Report Presented By:

Connor T. MacIVOR

661-400-1720

connor@paris911.com

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Foreclosure Activity in Zip Code 91355 – Valencia in Santa Clarita Valley

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Foreclosures and Bank owned properties, when they do not sell, they typically have their prices decreased. In this way, the banks adjust with the current market.  They typically do this in their pricing strategy. The banks pricing strategy depends on what type of real estate market we are within. Today, the Santa Clarita Valley real […]

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Foreclosure Auction scams are out there just ask your Realtor

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Today in the Foreclosure Realm within Santa Clarita Valley cities real estate we have 11 Foreclosure listings that are currently on the market for sale. Resource: What are the different statuses in Residential Resale? One of those is an Auction that is based online. Some of the Auctions that agents post into the MLS can […]

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