On Wednesdays, we produce our REO and distressed Wednesdays radio show, where we speak about any and all foreclosure activity within the Santa Clarita Valley Cities.
We also talk about something that is very close to our hearts and that is the pre foreclosure, aka short sale property.
Not all pre foreclosures are listed as short sales in the Santa Clarita Valley, or elsewhere for that matter.
And, believe it or not, not all short sales are pre foreclosures. Some go through the short sale process, never having the loan late ever enough to necessitate the bank to file the Notice of Default on the property.
We have seen this in some the hundreds of Short Sales we have handled for our friends, past clients and relatives. We have had some where the sellers did not want to miss payment number 1. While they knew how much the “charge off” was going to reflect on their credit, they only wanted that to be shown, and no late or missed mortgage payments.
We noticed that those types of Short Sale Sellers did recover a few months faster from having fico scores that would allow for big purchase items, minus the home loan of course.
However, all short sales harm the “short sale sellers” credit rating. Some for only a couple of months, some for 6 or more, depending on each one’s particular circumstances.
This type of short sale seller is quite rare. In fact, some banks will not even entertain a short sale unless the seller has been late enough on their mortgage so they can record a Notice of Default on the home in question.
Sometimes, it’s not a matter of wanting to keep making your payments until the short sale has concluded, you may not be able to if you want to short sale.
Late last night, I posted up an instagram photo showing my Foreclosure App that I use to keep tabs on the local Distressed real estate inventory. Most of what I am looking at is not on the market, It’s under the radar, if you will. (c – distressed photo left)
Foreclosure Resource: Use our Paris911 Foreclosure Tool to Search properties like these!
For Stevenson Ranch California, zip code 91381 – here is where the distressed home recap is: 59 total distressed properties. 31 of those are of the pre foreclosure variety, where there has been a Notice of Default filed on them. 15 of those properties are headed to auction. 13 of those listings are bank owned and 3 of those Stevenson Ranch properties have been sold to third parties.
However, I’m seeing “real bank owned”, “real real estate owned (reo)”, “real pre foreclosures” and “real properties to be auctioned…”
3 Santa Clarita Zip Code Foreclosure Recap
Here is the Foreclosure Recap for the Santa Clarita Valley Cities for today at 0617am by zip code.
Valencia CA 91355: 27 pre foreclosure listings, notice of defaults on them. 13 properties headed for the auction block and 22 real estate listings are bank owned with no human ownership at this time. 9 homes, out of the 71 total, have been sold to third parties.
Valencia CA 91354: 32 homes are in the pre foreclosure status, having active notice of defaults. 18 of these Valencia 91354 properties are headed to the auction. Another 30 are bank owned and we have 5 that have been sold to thirds. This is a total of 85 distressed real estate listings, currently in process within Valencia CA Zip Code 91354.
We have a lot Foreclosure, Short Sale and Auction information to share with those of you who are interested.
Call me today to schedule an appointment to see how we will be able to help you. If you need to short sale a home, if you have a notice of default filed against your property, maybe you have received a foreclosure notice and don’t have anyone to explain it to you. Call me – I’d be glad to help. Thanks, I’m Connor, owner and operator of the Paris911 Team of Realtors with RE/MAX of Santa Clarita. Talk soon!