Searching the Off Market Foreclosures and Bank Owned Real Estate
Some of the best tools are available as they are provided by my Santa Clarita REMAX Real Estate Team.
I have been building search systems since our start in real estate and have come to the conclusion people don’t want to be gamed when searching for anything online.
This includes the distressed real estate inventory. The Foreclosures, Bank Owned, Real estate owned and the pre foreclosures are all searchable with our Distressed Search system.
You will see that you will be able to search all of the zip codes in Southern California. You will also be able to curtail the foreclosure search by city name as well. In fact, you can dial down the results and just show pre foreclosures or the other types by clicking the various fields off and on.
Each of the listings is one that has been recorded with the court and shows the way the property is distressed.
Resources: Buy a Santa Clarita Home
Reach out to us when you are ready for us to include the Foreclosures and bank owned real estate inventory within your home search.
We will be there for you and please let me know when you are ready to MOVE!
Foreclosures are homes that have completed the foreclosure process. This is a court process which has to start with a Notice of Default by those who promised to pay the mortgage. After that, they have stopped paying their mortgage for anywhere from 30 to more days. At that time the bank or lender, the entity that owns the note on the home informs the court that they have recorded a Notice of Default against the homeowner who is not paying them what was agreed.
Back in the last foreclosure cycle – that was in 2007, we observed that the banks did not proceed with notice of defaults very quickly.
We also observed that a few of the big banks folded which allowed for the foreclosure process to slow dramatically. Some of the homes that Citi Bank has us sell for them hadn’t had their mortgages paid for over 1.5 years.
Do you remember Countrywide bank? They sold some of their bad paper to Bank of America. That delayed the process of Foreclosure. That also delayed the notice of default filings. They had some properties that went over 2.5 years before a Notice of Default was filed. We know, we handled those home as short sales.
When Citi Bank called for me to handle their foreclosure assets, it was not that simple. Of course I wanted the job, however – I had to be approved and go through some really tough training. I did it and scored high.
Foreclosure Sale Prices
In some cases, Foreclosures are on sale and is listed for sale at less than Fair Market Value. However, that depends on the current market conditions.
If the real estate market is increasing in value, the foreclosures that are being listed for sale are being listed at a price that is 90 days in the future estimate of value.
When the foreclosure repr