Shadow Inventory: The REO inventory – Real Estate Owned – that is building behind the curtain. They are properties that have foreclosed but have not been released onto the market for sale.
It was thought they were going to flood onto the real estate ‘for sale’ market in 2012. There was not much in the way of foreclosures that hit during that time. We have Citi Bank that uses my team and I at REMAX to sell their REO inventory, we had 4 listings in 2012 and two were outside of the Santa Clarita Valley.
However, we have been watching as the auctions have picked up. We have also watched our Foreclosure Radar Resource to see that the “bulk sales” have also become much more prevalent. If you want to know more about the auctions and to see what homes are going to be presented at the Auction – head over to the Top Santa Clarita real estate website, paris911 dot com, and type the word auctions into the MaCBoX.
This can be some of what’s happening to whittle away at the shadow inventory within Real Estate visionaries. I have a feeling the worst is behind us and we are on our way to recovering.
Short Sales are going be the green of 2013 – we are going to see more Short Sale listings hit the market in the Santa Clarita Valley Cities. Those sellers are happy that the debt forgiveness act has been extended and come March – they are going to start to hire Short Sale Experts in the Santa Clarita cities.
First, most will start with a Loan Modification with their bank. The bank will work them through the trenches, only to let them down at the end. Upset, they will call our offices and do a little venting about the bank and the loan mod process. Most will ask us if we know of anyone that can help with the loan modification. To which we will respond, “No – we have not found any of those pay for Loan Modification services to be legit or worth their salt.” However, maybe we will find a good one someday.
They will then want to know if they can buy a home during this present time. I say they have to qualify for both unless they are a VA buyers. However, if they have not been making regular payments, then their credit is going to have been hit hard.
Here are the most recent Santa Clarita Short Sales that have been placed onto the market for sale. Every single short sale should be handled by an experienced real estate agent paving the way in their negotiation. That “negotiator” should be a licensed real estate agent. They should also be working “directly” for the agent you have hired to handle your short sale. You should not be farmed out to some other third party Short Sale Negotiator – the staff(short sale negotiator), of the agent you have hired, should be sitting inside of their direct office with the files and logs in hand…
When you hire a real estate agent, you should be working with them. If they are going to have someone else, on a full time basis, be the thorn in the banks side when it comes to handling your short sale – so be it. However, that person needs to be held to the standards of the Agent’s Short Sale Business. They need to be held accountable and they need to be licensed, as per the Short Sale Addendum.
Hire Smart – interview multiple agents and please, reach out to us so we can be on the “Short Sale agents to be interviewed” list.
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