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    Almost 1/3 of the properties that went into escrow fell out last week

    How did we do this last week in Real Estate

    Good Day everyone – we hope youd weekend, although 1/2 over, has you and yours hanging in there and happy.  And if you are working, like a lot of our clients are, be safe.

    Looking at the numbers for Santa Clarita real estate inventory, we either have some “wishy washy  buyers or the sellers are not giving the buyers what they are requesting while they are in escrow on their homes.

    How indecisive are you?  Are you one of those types of folks that gets distracted easily?  When at the register at a clothing store, immediately after you made your purchase, do you see something else that you like better?  I suppose that is fine with shoes – but when it comes to residential real estate, a word of advice – be careful.

    I don’t mean you cannot get what you want and if you change your mind you cannot cancel or should not cancel the transaction.  I mean, make up your mind from the beginning and do not accept for the sake of accepting.  Never settle for second best.  If you start settling with something that’s as big of a investment as a home is, you are going to have to experience at least a few years with some form of regret.

    If you view last week’s Santa Clarita market’s performance – you will see that we had 42 Santa Clarita valley residences enter into Back-Up Status and Pending Santa Clarita residential property listings at 60 – If I did the math right – that would be 102 total properties entering escrow in the Santa Clarita valley cities during this past 7 days.

    Then The Santa Clarita Valley had 32 properties that fell out of escrow.  This reasons for the Santa Clarita real estate listings not completing escrow only to “fall out” could be several.

    • Rejection of repairs by the seller – Sometimes when buyers want items to be fixed or modified per their official “request for repairs” request, the seller rejects it.  That “Rejection” is sometimes all it takes for a buyer or seller to decide they don’t want to continue.
    • Discovery of something bad during the home inspection – Maybe the home has a crack in the foundation.  It could be that the home inspector found those “black mold spores of death” within the walls of the kitchen.
    • Home  List price not supported by the appraiser – You love the home, you write an offer at what you and your Realtor consider the home to be worth and the appraiser, that is working for the bank that is loaning you the money, says that the bank will only loan you $400,000.00 and not the $450,000.00 you offered.
    • Bank’s denial of the Short Sale – This happens from time to time also.  When negotiating the Santa Clarita short sale it could come to a point that the bank that owns the paper on the home to be sold short denies the short sale from being approved.

    There are more scenarios of course – more than you can shake a stick at.  The bottom line is to make sure you are working with a Realtor or Team of Agents that know the potential struggles you are going to encounter to bring you up to speed on them.  Hopefully, Your Realtors will have the expertise to avoid them when it comes to you buying or selling Santa Clarita real estate.

    Be Safe – Please check out Santa Clarita HUD.  The real estate listings that have been categorized as HUD foreclosures that are located within the Santa Clarita Cities.

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