Good day everyone, this is Connor MacIvor, with the RE/MAX of Santa Clarita and RE/MAX of Valencia Paris911 Real Estate Team.
Paris is for a person – I was an LAPD cop for a long time and together we are Paris911!
Our concept was simple – make sure everyone that uses our team is protected in the best ways possible. Never throw a real estate client under the bus and always keep them informed during every step in the process.
Today is our Foreclosure and REO updates for the Santa Clarita Valley Cities and we are currently tracking over 300 distressed pieces of real estate in the Santa Clarita and Stevenson Ranch areas within Southern California.
A little bit of panic from a Seller!
Within real estate, we get questions from buyers and sellers of homes. Yesterday we had a couple of our sellers who wanted to know what a buyer can be expected to pay in closing costs.
I responded that it’s about 3% – most of the time a bit less. I then continued to say that the buyers closing costs include the buyer’s title fee, the buyer’s escrow fee and the buyer’s lender fee.
I was curious why they were asking, because we did send them a counter for an offer that was received on their home.
After we went over it with them, we had them sign and sent it off to the other agent representing the buyer.
They are having to sell for their break even amount. Meaning there is no “fat” to trim. The home and amount they have in equity is very thin.
In real numbers, the amount of the buyers closing costs on their home would be about $12,000.00.
However, I was still confused because, if my memory served me right, we countered for the buyer to pay their own closing costs.
I was miffed while on the phone, I was driving, and I said, “I’m in a quandary… Please read to me where you are seeing that you are paying the buyers closing costs.”
I told the sellers to look on the counter offer and read to me what it says…
The seller said, “Seller to pay buyers closing costs…”
I said, do it word for word…. The Seller read, “Seller not to pay buyers closing costs…”
Wow – A word like “NOT” – being missed can create a lot of stress.
I’m glad that was cleared up.
The Foreclosure and Distressed Numbers
During the Foreclosure Update we are watching that Valencia CA proper – has 96 total distressed real estate listings across 4 different type variations.
- Total of 96 Distressed Listing in Valencia
- 42 of those are properties that have had notice of defaults filed on them (pre foreclosure)
- 25 of those listings are headed to the auction
- 20 of those real estate listings in Valencia are bank owned listings
- And 9 of them have been sold to a third at a trustee’s sale
If we take a look all over the Santa Clarita Valley cities – we see the following numbers of “in process” distressed real estate listings:
- We have a total of 289 real estate listings in some sort of “distressed state” in the Santa Clarita Valley Cities
- In Santa Clarita I am currently tracking 116 pre foreclosure listings for our clients
- We are also monitoring 75 properties in Santa Clarita that are headed to the auction
- 79 real estate listings in the Santa Clarita Valley are bank owned
- 19 have been sold to a third at a trustee’s sale.
Searching out of the box!
All of this data is important for those of you looking to purchase real estate in an “out of the box” fashion.
The location where I go on a daily basis is within our Foreclosure search engine that is located at the home page of Paris911.
Tomorrows Radio Show
Tomorrow we will be talking about our Truth in Lending Broadcast. We will have the information uploaded to the SantaClaritaLending.com website and we hope it serves you well.
As always we will have a tip or two to share about hiring lenders and getting the best deals on borrowing money.
I’m Connor MacIvor with REMAX of Santa Clarita and we are glad to be of service to you and yours.