Santa Clarita Foreclosure Hunting has not stopped, but there are many games being played with the “John Q home buying public…” With Offer review time lines that have been mandated by most banks, from 7-21 days for first offer review, it opens the doors for many offers to be submitted. The banks then can choose the best and highest, or counter everyone with a “blanket highest and best”, to start a bidding war with regard to the sales price.
World on the Street is that Distressed property sales, namely short sales and foreclosures, should be easier in coming months. The painfully slow process of buying distressed property has turned many potential buyers off, unwilling to wait a year or more to close on a property that they intend on living in. Not many people have that kind of time, never mind patience.
Buyers are all in the same boat, having to wait on the sidelines while their Realtor makes contact with the bank and for the bank to contact their realtor through the listing agent. “It is enough to make you scream”, said Tylia – a client of a fellow agent while I was in the elevator with her and her Realtor.
We see the same “fallout” when it comes to any buyer wanting to approach foreclosures in the Santa Clarita Valley, and elsewhere in Southern California with a reasonable offer. “The banks are waiting for the Conventional or Cash offers…” FHA and VA buyers are left out in the cold when they are in competition with offers where the appraisals will not ask for much in the way of repairs.
The good news is that banks and loan holders have become seasoned enough that the process is quicker. this means that real estate investors looking for deals can find them and close on them in a speedier time frame.
Whether a buyer is looking for a short sale or bank owned property, the quicker time frame means that inventories can also be reduced, as more buyers will be drawn into the market. As inventories reduce, real estate markets will stabilize, a welcome ideal for today’s economy.
Everyone is looking for a real estate deal and today’s market conditions make it appear as if now is indeed the time to buy. Contact your local Santa Clarita REALTOR today to learn more about market conditions. It would be a shame to look back in a decade and think, if only I had bought then . . .
We have brought some of the best search engines to our clients when wanting to look for any of the Santa Clarita Distressed property types.
Here are a few links that were built for the specific hunting of Foreclosures, Pre-foreclosures, Short Sales and Bank Owned real estate for sale.
- Search Santa Clarita Foreclosures
- Find the Short Sales that are currently listed for sale in SCV and Beyond
- If you are looking for potential bank owned releases for future inventory – click here