When talking about foreclosures – it is important to also check the types of residences that are most impacted. As you can see from the Chart above – closing out Q3 – The third Quarter – the largest segment of the Santa Clarita Valley residences are 3 to 4 bedroom homes.
This type of data is key for those of you that are looking to buy in this real estate market. You can see what the odds are within your housing selection type of getting what you want via our One Party Show.
The green graphical lines indicate the Note of Default filings. Aka NOD’s filings take place when a homeowner stops making their mortgage payments. The timeline is typically 90 days from the point they stop making their payments to the time the Mortgage holder(bank) records a NOD with the court and title. However, this is not 100% the case. We have seen that some of the banks, who have bought bad paper via REO inventory, from other banks, have exceeded the 2-year mark from the time the owner quit paying until a NOD was filed.
Resource: Check out the NOD filings for the Santa Clarita Cities
The question comes in, if you are defaulting on your home, what type of loan do you have? Were you with a bank that sold off their paper to another bank? Was your bank bought by another bank? If any of those are the case in your personal scenario – you may be able to go quite sometime before you are hit with the NOD and the eventual sale date.
Notice of Sales is the next bar in the graph, the blue one. That is when they post to your door a notice of Sale. That gives you the date of potential sale at the Auction via a Trustee’s sale. As of the date of this post, we have seen that the frequency is increased when the first sale date applies. In the past, you could bet on a property to hit the auction block three times before it actually sold it at auction.
When wanting to approach a Short Sale or a Foreclosure with regard to sale or purchase – make sure you are working with local Short sale and or foreclosure expert. Not the self-proclaimed type, but those that can explain how they earned their wings.
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