Why not consider a foreclosure when relocating to the Santa Clarita Valley? Foreclosures and Bank Owned real estate is typically priced at under fair market value. In the Santa Clarita Valley we are anywhere between 2 to 5 percent under market value when the foreclosures hit the Multiple Listings Service as being for sale.
Depending on the bank and tactics they want to impose, will depend on where their market price is set. Most of the banks are fans of the “multiple offer pricing strategy”. Which means that they want to go far enough below fair market value, with regard to list price, to spur multiple offers on the Foreclosure that is for sale. They then want to play each offer against one another to drive the price up. So, the end result is the foreclosure property selling at a price that is at Fair Market Value or slightly above.
When we encounter a price that is to far above fair market value – buyers and sellers run into problems with appraisal. Which is a great “fail safe” mechanism when purchasing real estate in today’s re-sale market. As a buyer you don’t have to concern yourself with the appraiser, that represents the bank giving you the money for the home, going higher than fair market value. They are watched and monitored with several levels of review being present with every loan that is processed. If anyone else see’s something that is awry – the appraiser is called on it and another appraisal is ordered post haste. This could also place the appraiser’s job in jeopardy.
The appraiser could care less for you “the buyer”, they do want to keep their position with their employer and know what happens if they “over value” properties on a consistent basis. (actually the statement “care less for you” is a bit harsh – I know that most care at a human level, the point I am trying to make is that they have a bigger “watch dog” over them and the appraisal they produce…)
Have a look at our REMAX Relocation blog and let us know if we can be of assistance with your Relocation Needs to and from the Santa Clarita Valley. Our Paris911 REMAX Relocation Ream operates within an approximate 35 mile radius from the Santa Clarita Valley – Click here to view.
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