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    How the loan modification eight equates to a white elephant being in the room

    Well, how are we doing today as a Santa Clarita real estate market?

    We been working with buyers and sellers of real estate since 1998.

    In that time, we’ve seen several different real estate market transitions. However, the most exciting transition has been the one we’ve watched developed since the decline of the real estate market.

    There are several issues concerning buyers today with our local inventory.

    Within this market we’re watching the
    inventory on a weekly basis. The absorption rates for real estate, avenue in some cases, been reduced down to less than two months of inventory.

    Frankly, it’s hard for me to believe that there are very few human sellers and the banks are doing principal reductions with regard to short sales.

    But that seems to be what is happening in our current market. The banks are determining that it is better served for their stockholders, and those that they’re representing with their shares, to have properties not sell as short sales, but to actually take the hit up front in the form of the principal reduction.

    What we are seeing by this, is that the short sale sellers, are being approached by the banks, some of which are under contract, in order to have them complete a loan modification which includes a principal reduction.

    The disheartening part of this entire process, is the fact that this opens up some of our short sale sellers to excessive liability. That is, if in fact they breach the real estate contract.

    The remedy to this situation is this. The banks need to have as part of their introductory questionnaire, “are you currently involved in a short sale with your property?” “and if you are currently involved in a short sale with your property, do you have an executed contract between yourself and a buyer?”

    This very simple line of questioning, would solve any issue with relation to the seller, falling prey to a lawsuit, after he has successfully completed a loan modification process while within a binding contract.

    Do yourself a favor, get the best short sale representative you can find in your local market. Make sure they have their credentials to perform the best job as your personal, short sale negotiator.

    If you want more information on the short sale process, or you have questions about how to hire the best short sale real estate agent possible, go to Paris911.com and type into the macbox the words short sale.

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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