On Today's real estate and Foreclosure Radio show, we started with our YouTube Broadcast of the Santa Clarita real estate news. http://tophousingnews.com
Giving you in real time the current real estate and housing market happenings for the past 24 hours.
While we are not even close to setting records for the local housing market, properties are still selling fast when priced at FMV, fair market value, or just below.
This is expecially the case when there are no other Santa Clarita properties in competition with yours.
Most real estate sellers don't have any idea as to where their equity happens to be in today's real estate market. http://scvequity.com
To the dismay of some of the potential Santa Clarita real estate sellers, they are asking a “non real estate professional's” opinion of what their home is worth in the current market.
What happens next is where the “dismay” comes into play. They have their phone and email blowing up as if they sent out a volley of hate mail on facebook that was gender/race or religion oriented.
It's horrible, and something that real estate sellers should be aware of before asking a computer Algorithym what a specific piece of real estate is worth.
Via email – we had a question pertaining to the “off market” Foreclosure and REO inventory.
To establish our terms – a Foreclosure is any piece of real property that has undergone the foreclosure process with the court. The foreclosure process usually involves a lender (bank), the one that originally loaned the money on the property and the owner, the person(s) that originally borrowed the money on the home.
REO – Real Estate Owned. Typically, this refers to a line item on a bank's accounting sheet.
They had a spot reserved for “REO” meaning the bank's properties that had foreclosed.
The emailer wanted to know how we could buy a property such as this.
There are two ways to approach this as a real estate buyer.
Now, fyi – the banks are more “kind” to the owner occupant buyers. That is unless the “investment buyer” is purchasing a block of REO's or a Portfolio of the same.
However, we are taking about a one time purchase, of a singular property, and taking about having the property as being owner occupied.
If the property is on the market for sale as a Foreclosure, HomePath, REO or other distressed property type. As a buyer, you are going to want all of your ducks in a row. You are going to want us to send in a complete package. The Offer, The proof of Funds, the pre approval letter, the deposit check and maybe a personal letter about your intension. http://paris911.com/foreclosures
If the property is not on the market and if you found it on our http://paris911.com/ForeclosureRadar system, then the story is a bit more complicated.
It's going to take some groundwork by us and some money in the form of mailing letters, certified and not.
Our mission is to find the handler from the bank, representative of the “owner”, that has this property in their ledger.
Once we find that out, we may be able to work out a “different” option between the bank and our client.
My suggestion is for you to contact our team to attend our Crash Course on real estate where we cover the Distressed real estate inventory and the best way we are able to help. http://paris911.com/crashcourse
Thanks for checking out our Wednesdays Foreclosure and Humpday Broadcast realted to distressed real estate.