When it comes to homes and real estate search. Foreclosures and the bank owned real estate still remain a bit elusive.
Some say to “use our foreclosure search” It’s the best. The question comes in to play when asking where they are getting their data. Is it coming directly from the source – the Real Estate Board of Realtors, or are they “making it up?”
Foreclosure results just got ugly!
Case and point – this morning I had a client’s hubby text me a photo of a listing that he found online. Looking at today’s real estate prices – this one was a “good deal”.
I also noticed from the photo he sent me that it was a short sale listing. There are a few other items worth pointing out. The banner across the property photo said “pending”.
Before I get too far – A Short Sale property is one that is distressed in nature, where the home seller decided they are going to approach the bank in order to sell the home for less than what they owe. Depending on the seller and depending on the bank, they may continue to make payments or not. Some banks won’t let the home be sold short unless the owner is in default.
Pending may as well equate to painful!
Moving back to the “pending” issue. The funny thing is that Pending in the MLS is supposed to mean that the property is “off market” for all intensive purposes and is not to be shown nor additional offers written on it.
It also means there is an executed offer that has been written and accepted by the human owner. That offer is in process with the “bank” who is the owners lending institution or “mortgage holder”.
On the photo that was sent – the photo is stamped with GAVAR MLS – this means this listing is being fed to this real estate syndication website by the GREATER Antelope Valley Board of Realtors. However – this listing is located on Gladesworth Lane in Canyon Country.
And the scam thickens…
GAVAR – while some of those agents take the Los Angeles listing they acquire and place them into GAVAR – there are also rules. If there is a property that is showing up as “pending” when it has been sold, the agent who has the listing is going to be fined by the board for “inaccurate data”.
3 Bedrooms – 2 Bathrooms 1,858 square feet and the LOT has no rendering of size.
What to make of this? I went to the “real MLS” and searched. I then sent him a photo that was in our MLS with the same frontal photo that was on his.
At least the photo wasn’t changed 🙂
When I pulled the data – I had to look low on the list because I was searching by property home number only. I did find it and it was sold. No big surprise, sometimes the agent waits a couple of days after it closes to report it to the board. That action is okay and allowed by the rules of the Local Board of Realtors.
Notice I said Couple! The listing I pulled shows a list date of August 3, 2009.
Then a bit farther down it says “Sold Date: June 25, 2010”
What do you mean 2010!?!?!?!?!?
Here is the breakdown – we have a real estate syndication website publishing a listing that had sold back in 2010 as being “pending” in escrow.
The frontal photo is the same as the original listing – same chevy truck in front and everything 🙂
All my client could say is he is glad he has me – he would have inquired and potential entered spam hell.
We have a couple of options on the link above. Search the Active foreclosures by photographs, this is the live Santa Clarita, Southern California foreclosure and bank owned real estate search engine.
Below the “continue” button, you will see the map rendering the current bank owned and distressed real estate listings from all across Southern California.
That’s is – I’m Connor MacIvor – REMAX of Santa Clarita and the longest running real estate radio show in the Santa Clarita Valley and within Greater Los Angeles Areas. I’m Connor and I’m proud to protect and serve your real estate needs.