When venturing around the world wide web looking for distressed properties and homes, you will come across a lot of bad intel related to them.
You will also find that the internet is not so “transparent” when it comes to verifying information.
So hence our Real Estate Radio Show.
Today, as is typical, we spoke about the current real estate inventory in the SCV cities. We see that during the past seven days we have hit a high mark for new real estate listings. If you want to view all of the new real estate listings that are still with us that have been added during the past seven days type in the word: new – into the macBoX where you find it. Resource: MacBoX at the Paris911 Home Page
Within the local SCV real estate market we are returning to “pre fall” foreclosure and bank owned levels.
We are getting to very close to 1% active foreclosures on the market for sale in Santa Clarita Valley cities.
Today we ran in at 13 real estate listings that are of the Foreclosure and REO variety. This does not include the approx 150 Short Sale listings which are in varying stages of foreclosure(in the active status).
Some of the Short Sales in Santa Clarita are currently in a NOD state. Meaning, they have had Notice of Defaults filed on them. Some are Short sales, being sold as such, but don’t have a NOD filed on them yet.
Heading into the Foreclosure market, you want to make sure you have all your bases covered.
So hence our Wednesdays real estate and Hump Day broadcast referencing Foreclosures and the Distressed real estate inventory.
Today we are having our Foreclosure and Real Estate owned Broadcast. This is where you get the full Distressed property recap for the SCV Cities and others that we frequent with our client representation business.
For homes, condos and town homes of course. Some of the questions we have received this week have to do with “how is the Santa Clarita Real Estate market Doing?”
We also had a caller that was interested in finding out how the Real Estate syndication websites operate and why they are viewing listings that are not for sale any longer when entering addresses on their systems.
During this past 7 days in the SCV Cities I have been monitoring those real estate listings that entered escrow or had their status changed to pending. Both Back up and Pending Statuses in the SCV cities.
Good Day everyone – thanks for taking the time to check out our Santa Clarita, Valencia and Stevenson Ranch California foreclosure update.
We are going to cover the bases as they relate to the Foreclosure Inventory then get into the bank’s pricing strategy.
By you understanding how the bank’s price their Foreclosures, you will be better equipped to buy them.
First – We have covered several key Santa Clarita real estate radio shows already this week.
Monday – We had our market mondays broadcast. We uploaded some of the Data Reports for all of the SCV Cities concerning the local Housing Market. Resource – View the Santa Valley Housing Market Reports
Tuesday – We had our Travel Tuesdays Broadcast. This is the time during the week where we travel to some, or many resources online that will make your search for homes, property valuations, or foreclosure searches easier. These are systems we build unless they are not “connected to a specific housing realtor”. Example is the VA website where you are able to search for the VA approved complexes in the United States!
This Tuesday we spoke about two new real estate sites that I put together that do specific things:
– SCVowners.com This is a site that has it’s purpose for the owners of Santa Clarita and Southern California real estate. It allows someone to keep tabs of their home’s specific value. It allows for you to track your own property values:
What we did was to take a system that is tied to the local Multiple Listing Service in the SCV cities, and expand it online. You will now be able to get weekly emails as to the happenings in your specific neighborhood.
You will know if your neighbor’s home was listed in the middle of the night. What homes are distressed. How much your neighbor’s home really sold for and more intel.
We also built SCVreports.com This is the way that we monitor the Santa Clarita real estate market. This is the data where we derive our Market Update real estate radio show intel.
One of the things that we wanted to speak about on our Foreclosure Report Update Wednesdays is how the Banks continue with the pricing strategy.
Listen to our Daily Santa Clarita real estate radio show at the start of this Foreclosure Blog Post by Connor MacIvor, me, of the Paris911 Team at REMAX of Valencia.
We have a seven day a week format for Santa Clarita and Greater Los Angeles Areas Real Estate intel.
During this week, up to this point, we have completed our Market Mondays real estate broadcast.
That show was a doozie with intel dropped on the current state of the Santa Clarita Valley home and realty markets.
Yesterday – Tuesday – We broke into our Travel Tuesdays broadcast, speaking about the levels of Santa Clarita housing for sale. We also covered something that I have been working on reference to granting access, in an unlocked format, to the Multiple Listing Service.
Today – is our Foreclosure and REO Hump Day Broadcast.
Where is the Santa Clarita as it pertains to the “distressed” real estate inventory?
We have our fair share of Distressed real estate, even today.
Most of the inventory that is currently distressed in nature, does not have a “for sale” sign posted in the front yard reading “Foreclosure” or “Bank Owned” home.
It’s the off radar inventory. We are monitoring hundreds of these types of Foreclosure and Bank Owned assets.
We even have our sights focused on the Pre Foreclosures that have had recent Notice of Defaults filed on them.
Here are some of the latest numbers as they relate to the Foreclosures and Distressed Santa Clarita real estate inventory.
On Market Foreclosures and Inventory
Currently I am tracking 15 active Foreclosures on the Santa Clarita real estate Market.
These span the Days on Market timeframes from 5 Days on the market for sale to 436!
Yes, I typed that correctly – one of the Bank Owned homes has 436 days on market all total – There must be something wrong with that one! – I’d say “price”, then maybe “functional obsolescence” second.
Twenty Six total Foreclosures are either for sale, in pending or in back up status in the SCV Cities.
Off Market Foreclosures – Bank Owned – Notice of Defaults – Auctions and Sold To Third
I’m Currently tracking 299 – See Below!
Santa Clarita Short Sales and Pre Foreclosures
In the Santa Clarita Valley – We have short sales and pre foreclosures.
These “titles” are used interchangeably at times with the “professionals” involved in the real estate communities.
However, they can be completely different. Some of the Pre Foreclosures are not being sold as short sales.
Some of the Short Sales are not pre foreclosures – they are just being sold short.
Allow me to clarify – When a person cannot, or is unable to, continue making their mortgage payment, and if they are unable to get a “workout solution” from their bank, they may contemplate asking for our help in having their bank(s) approve them and to allow them to sell their home for less than what they owe to the bank.
Of course, this requires expertise, finesse and the Bank’s Approval!
Some of these “short sale sellers” remain current on their payments until the very end. It’s Rare – but it happens. Most have not made a payment in quite a while.
Some of those real estate owners that have allowed their payments to the bank on their mortgage to lapse, don’t want to do a short sale. They would rather their home go into Foreclosure.
There maybe some circumstances where Foreclosure may be a better option for a particular type of property owner, but that question needs to be answered by a Professional!
Currently I am tracking 168 total short sale properties. These include those homes that are Active on the Market for sale, those in BackUp position in escrow and those that are in the pending status of escrow.
Four of these short sale listings have ZERO days on market – they have just been listed for sale. Sometimes, the short sale process can take months. However, it really depends on how “aggressive” their listing agent is and how seasoned they are with the handling of the “specific” bank.
If you are approaching a short sale for purchase, ask your agent to ask the listing agent several questions:
Have you submitted a “complete package” to the lender?
How many lenders are there on the home?
Does your short sale seller keep you updated with current paperwork?
Do you have an assigned short sale negotiator yet?
If there are multiple loans – then each of these questions may be asked in reference to both. When there are multiple loans the approvals have to be given by each within the short sale process.
Here are the latest numbers for the Santa Clarita Foreclosures, Bank Owned, Pre foreclosures, short sales and NOD listings.
Enjoy and let me know when you are ready for us to represent you with a short sale or with the purchase of a Foreclosure or Bank Owned property.
The City of Stevenson Ranch is not apparent in the report for the Santa Clarita Valley Cities. Even though it is inside, for purposes of the bank owned feed and the pre foreclosures – when running Santa Clarita – it’s not present.
Here are those numbers as they relate to the City of Stevenson Ranch in the Santa Clarita Valley:
In Stevenson Ranch CA I am currently tracking 24 real estate listings of the distressed kind
14 of those are of the pre foreclosure variety – meaning they have had NOD’s – Notice of Defaults – filed on them
2 of those real estate listings are headed to the auction block
7 of those homes are currently bank owned – no immediate fate
1 of those homes sold to a third – good chance that will re-enter the for sale market in SR
Buying Foreclosures and Distressed properties like a Boss!
First thing you are going to need is a crash course on Buying and investing in distressed properties.
Also, if you are are a large investment group, we are not a good fit for you. We want individual investors. We want those who we can prove to that we are the “bees knees” and that will refer us to their local sphere of influence.
We get calls all of the time from the “pivot points” for large investment outfits, wanting us to give them the inside track to any of our personal listings that fit their criteria, call me crazy – but I’m not interested.
I would rather work with the couple or single person that wants to get their hands on a “good deal” when it comes to distressed and REO inventory.
BTW – before I get any deeper into the subject of “buying Foreclosures like a Boss”, may I say this; When it comes to all of our real estate buyers, distressed inventory is always a part of our method.
“Method” – the way we hunt for our real estate clients all of the “available” real estate listings for sale, distressed or not.
For the Foreclosure and Distressed investor – we only search the Distressed properties – whether on the market or not.
Bank Owned – These homes are not all on the market for sale. That is when your Realtor is able to hit them with you as a buyer. Running a title search takes time, but the owner and mailing address can be found. It maybe Wells Fargo, the question is whether or not your Realtor has a previous connection with Wells Fargo they can call to pave the way for them to accept an offer from you?
Non Bank Owned – Hedge Fund, investment group and other owners: This type of ownership can be approached with less “bloat” that we run into with the “big 5 banks”. They want to get a “deal” that makes sense and that will allow them to appease those in their investment group. Getting them to open the letter is the hardest part.
Pre Foreclosures – Some are actually on the market as short sales. Short sales are those homes where the owners are wanting to sell them at less than what they owe to the bank. The approach is simple, just write the offer that is accepted and submitted to the bank for review. Keep tabs on the real estate market and if prices go up, and Fair market Value exceeds the amount you wrote the offer for, expect an increase by the bank.
Paris911 – Paris is for a person, not that person and not a place – but one of the team leaders of our RE/MAX Realty Team.
The “911”, that would be me after serving and protecting the people in Los Angeles for so many years, earning myself a Honorary Retirement – Proud to have served – 17 years full time – quit – then signed up to be a reserve for an additional 5 years…
Foreclosure and Hump Day REO Update
Today is our Foreclosure update and REO real estate radio show. We are going to get into the numbers as they relate to the distressed homes, condos and townhomes.
Some of what we are going to cover is not on the market for sale as of yet. Some are. Some of the homes are bank owned with no “end date” or “final disposition” on the chart. Others have final dispositions and will be heading to the “resale” or “auction” market in the next few days.
We covered the “off market” distressed inventory and those 167 homes, condos and townhomes that are currently for sale or currently wanting back up offers, of the short sale variety.
Santa Clarita Cities
As you can see we have 289 properties that are in some type of distress throughout the Santa Clarita Cities.
These include Castaic, Canyon Country, Newhall, Saugus, Valencia, Acton and Agua Dulce.
117 of these homes are of the pre foreclosure type in Santa Clarita Valley. That means that there has been a “real and actual” notice of default filing on these homes. The bank is telling the court they have not received the “agreed upon” payment from the person they lent the “mortgage money” to in the first place or the one who’s paper they bought at a later date.
Some of those homes will be saved. Some won’t. Some of those pre foreclosures will be approached by me and I will let the homeowner how I am able to help them by Short Selling their home.
Some of our real estate buyers will benefit from my efforts too.
74 of these homes are headed to the auction block. Auctions are held in one of two places – Either Norwalk or Pomona. They are cash deals. You will need to take a cashiers check with you and that is your Max Bid Amount.
Going to the auction is not something you should take lightly. You have to be teamed up with a professional and to make sure they have completed their due diligence on the home you are about to bid on.What is there are due property taxes on the home – they are your responsibility after you buy it at the auction. What if there are people living on the home you just bought at auction – they may have to be evicted. What if you ran into the “pacific heights” scenario with those living in the home after you bought it at the auction?
There are so many things to think about when buying real estate at the auction – a lot of preparatory work and a lot of due diligence by all involved in the process.
81 of these Santa Clarita homes are bank owned. When we are working with our real estate buyers, we monitor this channel for each of them individually. If there is something that can be purchased from the bank, we make that an option and let our clients know. That is why this is so very important to include for those who are looking to purchase real estate. Just by today’s numbers – 198 homes are up for grabs that are not on the “typical residential re-sale market” which is the local Multiple Listing Service.
First Steps in Foreclosure and Distressed Procurement
We will need to meet. My office, at a pre scheduled time. When we do I will walk you through our buyer representation process and give you the insight that I have gleaned from representing buyers and sellers since 1998.
You and I will develop your very own real estate game plan at that time.
Thanks for taking the time to read up on our Wednesday REO and Hump Day Foreclosure Broadcast.
Good Day everyone – I’m your host of the daily real estate radio show for the Entire Santa Clarita Valley Cities. In fact, you will see that we have a 7 day a week format and talk about the local markets on every day, with little exception.
Before we get into the “shadow inventory” rumors that I will dispel, I’d like to get into the radio shows we have concluded to this point during this week.
Are Foreclosures really better deals?
Santa Clarita housing Market updates:
Santa Clarita Foreclosure Update
Our Wednesday Foreclosure Update for the Santa Clarita Valley Cities includes the cities of Acton, Agua Dulce, Castaic, Canyon Country, Newhall, Saugus, Stevenson Ranch and Valencia.
In the City of Santa Clarita – including the Cities of Acton, Agua Dulce, Valencia, Saugus, Newhall, Castaic and Canyon Country – I am currently monitoring 291 distressed real estate listings, whereas a majority of those are not on the market for sale.
These properties consist of the following distressed profiles:
118 properties are in the Pre Foreclosure status in the Santa Clarita Valley Cities.
76 of these homes, condos and townhomes in the SCV are headed to the auction block.
79 are Bank Owned listings (reo’s), real estate owned, in the Santa Clarita Valley
18 of the Santa Clarita homes have been sold to a third at a trustee’s sale – where they will be coming back onto the market, being offered for sale, in most cases.
Stevenson Ranch Foreclosure Update
The City of Stevenson Ranch, while is is located within the Santa Clarita Valley, the distressed real estate numbers are tabulated separately when I run the Numbers in our Foreclosure Search Engine.
Here is how Stevenson Ranch is stacking up compared with the other cities in the Santa Clarita Valley:
I have been monitoring 27 distressed Stevenson Ranch real estate listings.
Of these I am keeping tabs on 16 which are pre foreclosures in Stevenson Ranch.
3 of the homes I have been keeping an eye on in Stevenson Ranch are headed to the auction.
7 of the Stevenson Ranch real estate listings are owned by banks.
As far as those that have been sold to a third at a trustee’s sale, I have three I have been monitoring.
Shadow Inventory Rumors
It’s easy to write something that knee jerks people into talking about it. Such is the case with Shadow Inventory.
This is the term that is used to talk about some “secret” distressed real estate that is going to hit the market causing advantages to real estate buyers of the world.
These “advantages” are usually in the “price” as they pertain to real estate listings and the home prices.
While you can see we have some “shadow” inventory in the Santa Clarita Valley. There is no means enough units that will cause this current market harm.
Prices will be steadily increasing in value with stagnant points throughout the rest of this year and into next.
The next time you hear “shadow” inventory and then someone wants you to give up who you are – be careful!
As you can see – there are homes and properties that are in some semblance of distress. Contact my Team when you are ready for us to take the helm and assist you with your real estate needs.
Good day everyone, this is Connor MacIvor, with the RE/MAX of Santa Clarita and RE/MAX of Valencia Paris911 Real Estate Team.
Serving the Santa Clarita Valley cities and the Surrounding Los Angeles areas with regard to real estate representation.
Paris is for a person – I was an LAPD cop for a long time and together we are Paris911!
Our concept was simple – make sure everyone that uses our team is protected in the best ways possible. Never throw a real estate client under the bus and always keep them informed during every step in the process.
Today is our Foreclosure and REO updates for the Santa Clarita Valley Cities and we are currently tracking over 300 distressed pieces of real estate in the Santa Clarita and Stevenson Ranch areas within Southern California.
A little bit of panic from a Seller!
Within real estate, we get questions from buyers and sellers of homes. Yesterday we had a couple of our sellers who wanted to know what a buyer can be expected to pay in closing costs.
I responded that it’s about 3% – most of the time a bit less. I then continued to say that the buyers closing costs include the buyer’s title fee, the buyer’s escrow fee and the buyer’s lender fee.
I was curious why they were asking, because we did send them a counter for an offer that was received on their home.
After we went over it with them, we had them sign and sent it off to the other agent representing the buyer.
They are having to sell for their break even amount. Meaning there is no “fat” to trim. The home and amount they have in equity is very thin.
In real numbers, the amount of the buyers closing costs on their home would be about $12,000.00.
However, I was still confused because, if my memory served me right, we countered for the buyer to pay their own closing costs.
I was miffed while on the phone, I was driving, and I said, “I’m in a quandary… Please read to me where you are seeing that you are paying the buyers closing costs.”
I told the sellers to look on the counter offer and read to me what it says…
The seller said, “Seller to pay buyers closing costs…”
I said, do it word for word…. The Seller read, “Seller not to pay buyers closing costs…”
Wow – A word like “NOT” – being missed can create a lot of stress.
I’m glad that was cleared up.
The Foreclosure and Distressed Numbers
During the Foreclosure Update we are watching that Valencia CA proper – has 96 total distressed real estate listings across 4 different type variations.
Total of 96 Distressed Listing in Valencia
42 of those are properties that have had notice of defaults filed on them (pre foreclosure)
25 of those listings are headed to the auction
20 of those real estate listings in Valencia are bank owned listings
And 9 of them have been sold to a third at a trustee’s sale
If we take a look all over the Santa Clarita Valley cities – we see the following numbers of “in process” distressed real estate listings:
We have a total of 289 real estate listings in some sort of “distressed state” in the Santa Clarita Valley Cities
In Santa Clarita I am currently tracking 116 pre foreclosure listings for our clients
We are also monitoring 75 properties in Santa Clarita that are headed to the auction
79 real estate listings in the Santa Clarita Valley are bank owned
19 have been sold to a third at a trustee’s sale.
Searching out of the box!
All of this data is important for those of you looking to purchase real estate in an “out of the box” fashion.
The location where I go on a daily basis is within our Foreclosure search engine that is located at the home page of Paris911.
Tomorrows Radio Show
Tomorrow we will be talking about our Truth in Lending Broadcast. We will have the information uploaded to the SantaClaritaLending.com website and we hope it serves you well.
As always we will have a tip or two to share about hiring lenders and getting the best deals on borrowing money.
I’m Connor MacIvor with REMAX of Santa Clarita and we are glad to be of service to you and yours.