Good Day everyone, I’m Connor MacIvor, your host for the Santa Clarita real estate radio show.
We have a seven day a week format for Santa Clarita and Greater Los Angeles Areas Real Estate intel.
During this week, up to this point, we have completed our Market Mondays real estate broadcast.
That show was a doozie with intel dropped on the current state of the Santa Clarita Valley home and realty markets.
Yesterday – Tuesday – We broke into our Travel Tuesdays broadcast, speaking about the levels of Santa Clarita housing for sale. We also covered something that I have been working on reference to granting access, in an unlocked format, to the Multiple Listing Service.
Today – is our Foreclosure and REO Hump Day Broadcast.
Where is the Santa Clarita as it pertains to the “distressed” real estate inventory?
We have our fair share of Distressed real estate, even today.
Most of the inventory that is currently distressed in nature, does not have a “for sale” sign posted in the front yard reading “Foreclosure” or “Bank Owned” home.
It’s the off radar inventory. We are monitoring hundreds of these types of Foreclosure and Bank Owned assets.
We even have our sights focused on the Pre Foreclosures that have had recent Notice of Defaults filed on them.
Here are some of the latest numbers as they relate to the Foreclosures and Distressed Santa Clarita real estate inventory.
On Market Foreclosures and Inventory
Currently I am tracking 15 active Foreclosures on the Santa Clarita real estate Market.
These span the Days on Market timeframes from 5 Days on the market for sale to 436!
Yes, I typed that correctly – one of the Bank Owned homes has 436 days on market all total – There must be something wrong with that one! – I’d say “price”, then maybe “functional obsolescence” second.
Twenty Six total Foreclosures are either for sale, in pending or in back up status in the SCV Cities.
Access Point: Get to our Main Foreclosure Page for Santa Clarita Distressed Recon
Off Market Foreclosures – Bank Owned – Notice of Defaults – Auctions and Sold To Third
I’m Currently tracking 299 – See Below!
Santa Clarita Short Sales and Pre Foreclosures
In the Santa Clarita Valley – We have short sales and pre foreclosures.
These “titles” are used interchangeably at times with the “professionals” involved in the real estate communities.
However, they can be completely different. Some of the Pre Foreclosures are not being sold as short sales.
Some of the Short Sales are not pre foreclosures – they are just being sold short.
Allow me to clarify – When a person cannot, or is unable to, continue making their mortgage payment, and if they are unable to get a “workout solution” from their bank, they may contemplate asking for our help in having their bank(s) approve them and to allow them to sell their home for less than what they owe to the bank.
Of course, this requires expertise, finesse and the Bank’s Approval!
Some of these “short sale sellers” remain current on their payments until the very end. It’s Rare – but it happens. Most have not made a payment in quite a while.
Some of those real estate owners that have allowed their payments to the bank on their mortgage to lapse, don’t want to do a short sale. They would rather their home go into Foreclosure.
There maybe some circumstances where Foreclosure may be a better option for a particular type of property owner, but that question needs to be answered by a Professional!
Resource Short Sales: Use our Santa Clarita Short Sale Calculator
Currently I am tracking 168 total short sale properties. These include those homes that are Active on the Market for sale, those in BackUp position in escrow and those that are in the pending status of escrow.
Four of these short sale listings have ZERO days on market – they have just been listed for sale. Sometimes, the short sale process can take months. However, it really depends on how “aggressive” their listing agent is and how seasoned they are with the handling of the “specific” bank.
If you are approaching a short sale for purchase, ask your agent to ask the listing agent several questions:
- Have you submitted a “complete package” to the lender?
- How many lenders are there on the home?
- Does your short sale seller keep you updated with current paperwork?
- Do you have an assigned short sale negotiator yet?
If there are multiple loans – then each of these questions may be asked in reference to both. When there are multiple loans the approvals have to be given by each within the short sale process.
Here are the latest numbers for the Santa Clarita Foreclosures, Bank Owned, Pre foreclosures, short sales and NOD listings.
Enjoy and let me know when you are ready for us to represent you with a short sale or with the purchase of a Foreclosure or Bank Owned property.
By the way – access is granted for the below properties by heading to our Main Santa Clarita real estate website and clicking on the Foreclosure Tab!