Santa Clarita real estate never had it so good and it would appear that we are on our way to recovery – from most circles anyway.
I have been reading some “less popular” blogs lately, those “off of the beaten path” and some are opining that we have created a secondary real estate bubble that will be bursting during 2013. I understand what they are saying, however there is one critical component that needs to be in place for this to “potentially” happen. That’s High Interest Rates. They are 3.4ish and will probably come down even lower this year….
We concluded our real estate newsletter by video – the video I recorded in my Santa Clarita Clarita offices yesterday is attached to this posting. This is what you’d get if you subscribed to our conversation. I only send it out ever two weeks – no more no less. On the 1st and the 15th of each month.
We are going to start with conducting Google Hangouts – Today will be our first – We are going to talk about “hunting the foreclosure”. I’ll cover some “traps and tricks” that some of the real estate syndication websites use to get you to give up your personal and private information as well. All of the information you see can be obtained without placing yourself at risk. If you want to tune in – Head over to my Google Plus profile page and circle me – you will then get the notification – We will having it set up and start the Santa Clarita Foreclosure hangout around 10am pacific standard time.
Yesterday, we received a notification that one of the short sales we are negotiating was approved by the primary lien holder. In fact, with this particular short sale there is only one bank involved. Both our seller and the buyer’s agent was elated to hear the news. After the “written approval” is received on a short sale then escrow is opened and the escrow time frame is that of a typical real estate transaction.
That “typical” escrow time frame depends on the loan the buyer of obtaining and how “savvy and motivated” the lender is. Example, if the buyer is utilizing a FHA loan – it could take up to 45 days to have the transaction close escrow. If the buyer is using a VA loan – it could take longer depending on how fast the Veterans Administration is moving and when in the month closing is supposed to take place. Conventional Loans with 20% down are closing somewhere in the 30 day range. Conventional Jumbo Loans are back up to 30-45 days.
Ask your lender how long your loan will take to close. Keep them motivated to get it closed within a comfortable time frame. BTW – your real estate agent can help keep your lender Motivated Too!!! Just make sure you are getting them what they want during the escrow process and also make sure you are not out buying anything! The “buying of anything” between when the financial institution last pulled your credit report and until your home closes could be a “deal killer”.
We hope you have a GREAT week. Reach out to The Paris911 Team at REMAX Realty and Associates for Santa Clarita Cities. We will be glad to be of assistance. The First Step is a one on one meeting in our real estate offices. We call it our “Crash Course of Real Estate”. It’s necessary and very refreshing, as we have been told, due to us covering all aspects of the current real estate cycle. It is an informational meeting with a great Q and A session between ourselves and our prospective clients. Some recent feedback by a Santa Clarita real estate buyer was that the nicest thing about it was the fact it had nothing to do with selling anything. It has everything to do with you getting a firm grasp on the current real estate market and how we are going to find you what you want.