Connor MacIvor: 00:00 Good Day everybody. Welcome to our real estate radio show. You can find the show and the past episodes at s, scvNest.com, forward slash radio. That’s SCVnest.com, forward slash radio. We have published past real estate radio shows. We’re back on SoundCloud, which is exciting and we are syndicated on different places online, itunes as well. You can check for Santa Clarita real estate radio, and we will be there for you. Of course, I’m Connor Macgyver, your host, longest running real estate radio show host here for Santa Clarita Valley and podcaster and I’m your agent. Whenever you’re ready, I will be there for you. When it comes to you making those kinds of decisions that involve real estate, whether it’s buying or selling, I have a process in place that I like to call my top tier process for our buyers and sellers, which part of it includes an education about the market.
Connor MacIvor: 00:59 Online is so filled with bad intel and that’s because it’s such an easy and free space for people to post what they believe and what you believe could be one thing versus what’s actually factual and the truth. Looking at the real estate this week, I’ll give you the quick rundown and then we’ll get into something that you might have found when searching online and I’ll tell you kind of how to best protect yourself from that and then also give you a couple of different online resources to double check those numbers just to make sure that you’re looking at the most accurate renderings of real estate listings as far as what’s being offered for sale, what’s sold, what’s pending, what’s under contract, those sorts of things. Because realistically both for sellers and buyers, you knowing what’s going on in the local market is critical. It’s critical for you to make those best decisions and right now as we get into the holidays, we’re seeing real estate and morph into.
Connor MacIvor: 01:56 It’s somewhat hibernating state, which is very, very natural. Every year. We’ll talk about that, so let’s get into the new listings this past seven days here in Santa Clarita Valley. We’re going to cover the cities of CASTAIC, Kenny Country Newhall, Saugus, Stevenson ranch and Valencia. Fifty two new listings posted up. You can find all of those, that Scv nest.com right there. On the homepage. You’ll see the active listings for Santa Creative Valley. I do have that page rendering to show you the most recent additions to the market that’s updated every several minutes. Once an agent takes a real estate listing, puts it into the multiple listing service, hits the button to publish or enter. Then you will see it and you’ll see it right there at SCVnest. That stuff come 52 of those. We have 64 properties the past seven days. That’s by no means a record, but it’s not bad price changes, which is indicative of this particular market.
Connor MacIvor: 02:49 People that are out there wanting to sell the real estate, they’re not getting those bites that they had hoped for is they would have received during about midsummer, so now they’re starting to reduce their prices. We have 64 of those 23 properties that bomb falling out of escrow, that’s average and typical for this year, this time of year. These are people that for whatever reason, have decided not to continue with the real estate that they had written offer on, had that offer negotiated, and then Internet escrow upon this particular offer for this particular home. So they’re in escrow and it could be a lot of things. It could be that they’ve done inspections and they found out that there’s something wrong with this property. They don’t want to proceed forward. Maybe it is that they lost their ability to finance, not even having anything to do with the seller or the seller’s property that happens that way as well.
Connor MacIvor: 03:47 A lot of people, of course, always considered being the different reasons. That different reason being that, uh, the, the, the buyers found something wrong with the property, couldn’t proceed, couldn’t get it remedied, and so they had to cancel. That’s what most people think, but it’s not true. A lot of q and a lot of cases it has to do with faulty qualifications that are being done out there by lenders and the lenders telling you what you’re approved for and they’re willing to write you a letter without running any of the real numbers, like looking at your full credit profile, putting all of your information into a computer system to give an automated approval. If they’re not willing to do that or giving you a preapproval letter prior to doing that, I should say, it should make you a little weary because now they’re betting their reputation and their betting, your reputation as a buyer on the fact that there’s no glitch or issue with your credit.
Connor MacIvor: 04:53 And I’m not. I’m not talking about this stuff you know about. I’m talking about this stuff. You don’t know about those secrets that are floating around out there potentially on your credit report if you haven’t been looking at it. There’s all sorts of stuff that happened. We had a guy that came in, he has a brother and his brother apparently is kind of the, uh, the black sheep of the family. And the brother went ahead and applied for a couple of different credit cards without the person’s knowledge and had the credit cards and those statements going to a residence that his brother owned without the client knowing. And so everything was good for awhile. But then you started to see, this is why the gentleman that we had in our office until he could get this fixed, couldn’t buy real estate, is fico score was really, really substandard below where anybody would lend him money to purchase residential real estate.
Connor MacIvor: 05:48 Anyway, come to find out that the brother did great until he then, you know, shacked up with somebody according to our client. And that’s when everything went south and you could see it on the credit report. He got a 30 days, 60 days, then 90 days. And then the credit cards, both of them went into default so he couldn’t purchase residential real estate and I was got to get that cleared up and office fico. But in order to do that, he’s going to have to go after his brother. So he got a lot of issues there, but that person was unable. And if the beginning, if he would have gone to someone that said, you know, what’s your credit profile? He would have told him he didn’t know about those two credit cards that his brother opened fraudulent Lee against is the, you know, without his knowledge and so on. In his brother’s name. This is our client, right? So his brother opened it up in our client’s name, and
Connor MacIvor: 06:37 if he would have had that prequalification letter, potentially the agent, maybe not knowing the lender, not having a relationship, maybe there wouldn’t have been any communication between that agent in the lender, which is bad for them, but some real estate agents, they don’t have the gumption, intestinal fortitude, ability, strength, whatever you might the the, the word that fits to be able to make that phone call. Hey, a Latino Connor macgyver with remax. We have a client in common. John Smith, John Smith came to us wanting to buy residential real estate. I wanted to reach out. He said, you are the lender. And he also sent me your prequalification letter. Just a couple of questions, just wanting to know how available you are for John Smith when it comes to having letters of intent or preapproval letters written in different amounts. Also, what do you see any issues on his credit when you ran it?
Connor MacIvor: 07:28 Did you see any issues with the underwriting system or the automated approval? Anything we should be aware of as far as the prequalification amount? Does that include an Hoa? Some of the. Even the single family residence is out here in Santa Clarita Valley, have homeowner’s associations. Are you accounting for that? And then what about if it has Mello Roos, is that going to be cutting into his. So these sorts of. So these are good questions, right? So the TCM and respond. Oh, you know connor, I don’t. I don’t. I don’t know. I am sorry. No, actually I just did a phone approval with them. I haven’t gotten any of his information yet. No tax returns, no paycheck stubs. In fact, you know what? I don’t even have his fico or excuse me, his social security number and run his credit score. Nor do I have the approval to do so.
Connor MacIvor: 08:17 Oh
Connor MacIvor: 08:19 really? So if I wouldn’t have asked those questions, which all they just need to, if I wouldn’t have asked, we could have potentially gone out, saw a property he could have loved it, we could have written the offer and the seller and us go back and forth, back and forth through the seller’s agent, and then they have a deal. Then we go into escrow. Oh, it gets worse. The client pays for the appraisal report. The client pays for all of these things, the inspection and so on. We could get pretty deep into it before we find out his brother opened up to credit accounts in default on a both. Thereby now his credit is scarred to a point where he cannot be approved for a home loan. There you go. That’s the story. And I’m sticking to it. Can’t tell you anymore. I’ve already told you more than I heard anyway.
Connor MacIvor: 09:09 That’s funny. But please watch out for yourselves and make sure you’re making those good decisions. So those 23 properties and went back on the market, 32 properties, uh, went into the active under contract category. These are properties that are in escrow folks. So that’s 30 2:54 this week, went bending 72, actually sold and closed nine properties expired. Not Selling something to watch out for. I know the allow a lot of agents listen to the show. So thank God for that and Kudos to you for listening to the better part of the story. Hopefully you protect your clients like we do and it’s really, really honorable for me to have you listen in. Now of course, some of these properties that expire, there’s still, even though they’re expired, there’s still something in place between the agent and these clients. There are several of our clients that are going to do the 90 day reset, so those properties come off the market and then 90 days later going to be relisted in 92, 93 just to give it a little bit of a buffer, but then it’s going to come onto the, onto the market next spring as being brand new for sale.
Connor MacIvor: 10:14 Without having that cdom following it, showing that we have all of these days on market, that’s a strategy that’s used during the holidays, something that you should be aware of just so that you know that that’s part, that’s a possibility for those folks out there that are selling real estate, so when you see nine properties that expired, it could be those properties going to be coming back on next spring or maybe even now just depends on the why they expire and it could be they truly did expire. They didn’t sell within contractual timeframes. If that’s the case, then you’ll see those properties pop back on a 15 properties went under the whole category. That means they’re being hold, not, not shown right now. Could be for a lot of different reasons. Some of the stuff that comes up with listings that we post, you know, maybe there’s a flood in the house and stuff has to be cleaned up and invaded.
Connor MacIvor: 11:06 It happens. Maybe people are sick, maybe there’s elderly in the home that needs special care and something occurred. Maybe somebody fell and broke her hip. Lots of reasons. Maybe the kids are sick, maybe a the pets are sick, maybe they had a death in the family and there’s just a huge, huge amounts of, of reasons as to why a particular real estate listing might be being held. Not shown any more, but these are good questions and the agents that are out there working for you hard having your business giving you help, they should be the ones that are making these phone calls and causation. Say, Hey, listen, you know, we want to show your property. One, two, three, four, anywhere street. It’s connor mckeever with remax. Uh, is it, is there, what’s, what’s the reason it’s on hold and I’m going to be able to show it here.
Connor MacIvor: 11:56 What’s all. Yeah, yeah, no, no, they just have aunt annie flow from out of town visiting, but she’s going to be gone here in the next couple days. So you’ll be able to show it this Thursday old. Great. Wonderful. So I’ll call my clients and tell them that if there’s another reason. Well, they had an outbreak of hepatitis in the house. There are wet tuberculosis or whatever. We might not want to go see it right away, five properties also withdrawn, still under contract from the market, so that’s what’s going on in Santa Clarita Valley and again, we’re getting into that slow time during the holidays. We are in Thanksgiving week, so today’s Tuesday. This is your Thanksgiving update. I hope everybody has a great thanksgiving. That’s again more than I heard. I can’t tell you anymore and I hope your real estate week is wonderful. When you’re ready. I’ll be here always ready to serve you and your real estate needs as CV nest.com as cv any st com and I look forward to helping you personally. It’s always my pleasure, connor, MCI. Ever tell a friend. We’ll be seeing you on social media. Reach out instagram, Scv Nest, Linkedin, STV, nest, youtube, CV moves. Find us on facebook as well. Always a pleasure. Be Safe over now.