2013 will be known as the “year of the Short Sale”

    Here is what I contributed for an article for our local Newspaper, the Signal.  We have been in touch with one of their top news reporters for the Local Santa Clarita real estate market.  Jana Adkins has several top producing real estate agents that contribute often to her requests.  She is the only local Reporter that I know that is working for a Top News Paper who cares about how the current real estate market is fairing.  Good for you Santa Clarita – Check out Jana Adkins at the Santa Clarita Signal News Paper – They have an on-line resource – click here for that.

    Short sales in Santa Clarita CAHere is the information that I provided about the Short sale market in the Santa Clarita Valley Cities.  This entirely is about short sales with the real true numbers provided for the amounts of Notice Of Defaults that are current as of 1/4/2013.

    Most of our short sale sellers that were in process during 2012, were very concerned whether or not this, the debt forgiveness act, was going to be renewed.  Some, that were not within contract with a buyer, mentioned that they might want to cancel if the debt forgiveness act is not re approved.  That is when we talked about the “control” being better and the credit profile being easier to recover from are two other reasons of why short selling is better than foreclosure.
     
    The Debt Forgiveness act being re approved until December and will equate to more Distressed Sellers choosing to short sale their homes. We will also see an increase of the “strategic” short sale seller step up to the short sale plate.  We saw an increase during the third and fourth quarters of 2012 from the Strategic Short Sale Sellers – This trend will continue through Q3 of 2013.
     
    However, in most bank’s cases – Q3 will be too late to have a short sale completed by December 31, 2013.  That is something that people out in the world, that may be contemplating a short sale, need to know.
     
    As far as buyer’s inventory – it really depends on the agent that is handling the short sale on the sellers side. While most are GREAT at the short sale process and pressure the bank(s) to get the short sale completed.  The balance needs to be the application of “strategic” pressure while not upsetting anyone at the bank that has the power to put the file at the bottom of the stack 🙂  If a buyer ties up with a short sale being listed by an agent that does not know what they are doing, the process will be painful to say the least.  Not to  mention how the seller could increase their chances of being put in the “unapproved short sale” pile.
     
    2013 will be the “year of the Santa Clarita short sale” – We will see a huge increase in short sale listings.  Here are some current numbers of Notice of Default’s in each of the Santa Clarita Valley Cities.  Some of these properties are listed as Short Sales currently(data as of 1/4/2013)- Most are not listed as of yet, as short sales or regular sales.
     

    Castaic:  45

    Canyon Country:  69

    Newhall:  22

    Saugus:  13

    Stevenson Ranch:  16

    Valencia:  64

     
    As you can see from those numbers of Current Notice of Default Filings, those homeowners that have not made their payments for 90+ days, there are quite of few homeowners in the Santa Clarita Valley that are distressed.
    Some advice, if you are about to miss a payment on a mortgage – you need to speak with someone that handles short sales.  Start off with some googling then make a few appointments with specific agents that are updating and writing about the short sale process.  Choose who you think the best fit is and let them help you!
    Be Safe – Work smart and if you are contemplating having a short sale negotiated on your behalf – let us, or  your current real estate professional, know…

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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