Of course, if we all did everything “like a boss”, we’d get everything that we ever wanted.
Sadly, that is unobtainable, however, when it comes to Foreclosures, Bank Owned and Short Sale properties – I maybe able to help you wrap your mind around the “like a boss” thing.
First – the Update for Santa Clarita Valley Cities:
My Santa Clarita foreclosure team is currently tracking 286 REO, Foreclosures, Pre Foreclosures, properties headed to auction and properties that were sold at a Trustee’s Sale.
The exact breakdown for the SCV Cities – including Acton, Agua Dulce, Castaic, Canyon Country, Saugus, and Valencia is:
- 286 Total distressed real estate properties in the SCV
- 115 are pre foreclosures – notice of defaults have been filed on them
- 76 of those real estate listings are headed to the auction block
- 80 of those homes are bank owned currently – fate has not been decided on by the bank
- 15 of those properties had been sold to a third at a trustee’s sale
Stevenson Ranch Foreclosure Update
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
Active Foreclosures in the Santa Clarita Cities
We have included Stevenson Ranch with the rest of the SCV Cities in this update for the active real estate inventory that is currently distressed in some way, shape or form.
Currently we are tracking the following “active” foreclosures and bank owned inventory in the SCV:
- Total of 25 distressed real estate listings are currently on the market for sale
- I am tracking 13 Active Foreclosures in SCV
- 10 of the 25 are in the Pending Status of Escrow
- 1 of the real estate listings that is a Foreclosures is in the Back Up Status
Resource: View these Foreclosure Listings Now!
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.
I’m Connor with REMAX of Valencia and REMAX of Santa Clarita – Glad to be of service!