Foreclosures and bank owned real estate are all the buzz, continually. It does not matter the state of the real estate market, distressed real estate listings always get a ton of attention and traffic.
A Normal level of foreclosures and distressed real estate inventory is 1% of the available real estate listing being distressed in nature. This is a “healthy market” statistic. In fact, we are getting to those levels currently in the Greater Los Angeles Areas.
The majority of foreclosure real estate listings are bank owned. Citi Group, Bank of America, US Bank, Union Bank, Chase and the others you know so well.
They hire real estate agents to sell their foreclosures, bank owned, real estate listings.
Those agents are working on the side of the bank. You will then be hiring your very own realtor to represent you and to be on your side during the transaction with the bank owned property.
A few things you should know
Not all Foreclosures are bank owned – some are corporate owned, hedge fund owned, private party owned, etc.
Most of the online foreclosures are not for sale – there have been great big and tricky websites that display “foreclosures” and “bank owned” real estate for sale. Some of those listings are not available and not current. They are using “tricks” to get you to give up who you are and to sell your personal and private information to real estate agents willing to pay for it.
The first offer in does not win – the banks don’t care who is first in. They have to represent their shareholders so they are going to pitt every offer received against the other.
It’s not always the highest offer that wins – the banks learned, around the bottom of the last real estate cycle, some buyers were writing offers at “way over” listing price to have the appraisal bring them down and to have the bank adjust. They were writing those “larger than life” offers to secure the property. After they got it, the appraisal would take place, the appraisal comes in at Fair Market Value, lower than they offered and the “foreclosure owner” would adjust.
If you are preparing to buy a Santa Clarita Valley home, we need to meet. We need to sit down and plan out your best way of doing so.
Paris coined this “event” as our “crash course on real estate“. We aren’t teaching you to be a real estate agent or agents, we are preparing you for one of the most important and stressful events in your life.
We cover the A – Z with our real estate clients and help them make educated and decisions based on the BEST real estate knowledge.
Having represented literally thousands of real estate buyers and sellers, we have your six when it comes to protection and security during the procurement and sale of real estate and homes.
I’m Connor and I’ll be here for you.