This week we heard that foreclosures were on the "low down" within the Santa Clarita real estate daily show. If you want access to the past shows - just go to the MaCBox at Paris911 dot com and type in the word "daily" without the quotation marks.
Popular opinion has become focused on bulk sales. Bulk sales are where 50-100 or more properties are purchased in one shot by a bank, investment company, hedge fund, private corporation or a single(wealthy) investor. They can pick up these properties between 40 and 60 cents on the dollar - after they pencil out the "gains and losses". Once they buy them, then comes the harder part of the work. That is verification of occupancy, examining the leases in place, rehabbing the properties and establishing fair market estimates of value.
When the Foreclosure or Bank Owned real estate is a one on one proposition, that is if one property is being picked up, there is usually an inordinate amount of time for all of that "Harder part of the work" to be completed. In the case of bulk sales - the portfolio is presented, the numbers have been compiled and it is about verification and acceptance.
Onto Inventory. Yes, there has been some intel dropped on the Santa Clarita Real Estate daily show about inventory. In fact, I am driven to say, "the news sources are just getting this now?" Where have they been for the past 7 months? They are all the buzz about how buyers are reporting they are not able to find a home to buy. How does that fit within the Santa Clarita home sales we have currently? It fits well and that is what we Real Estate agents have known for several months now.
It all comes down to financing. Who is going to give the most profit to the owner of the property and who has the best financing? What types of financing with the property that is for sale conform to? It is in GREAT shape and will finance for VA and FHA financing - where their appraisers are more critical than a conventional appraiser? Does it need so much work that a conventional loan will not be approved and Cash will be the only accepted form of payment?
Stand by your Real Estate agent. Be Strong, this will not be the way for that much longer in the Real estate market. The log jam is about to be loosened by Bulk Sale fallout in the way of real estate flips.
Here is the most current home where The Paris911 Team at REMAX is actively looking for an Awesome Santa Clarita Real Estate buyer:
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