This is true.  We have been working with some of our VA clients and looking for homes for sale in Simi Valley.  So, because the inventory in Simi is about the same as we are experiencing in the Santa Clarita Valley - new listings and inventory are very rare.  When one pop's, we have to move fast.  (Resource::  click here to see the current real estate inventory in the SCV)

During the last few days, one such property popped - it was a bank owned foreclosure - it was from "Wells Fargo" to be exact.  When looking at the "confidential remarks" and showing instructions on the Multiple Listing Sheet, I noted something that I would have found Santa Clarita real estate investingstrange in the past.  It said that the property was tenant occupied. (Resource: click here to view the active foreclosure listings)

This Foreclosure was being occupied by tenants???  I called the listing agent, per the instructions and inquired further.  This was one of those properties that went through a strange process.  The previous owner stopped making their payments on this rental.  The renters have a signed lease agreement in place with a specific expiration date in the future.  The tenants are happy to provide all this as proof and are willing to maintain their payments to the new owner(bank). (Resource: rentals in Santa Clarita)

The bank probably asked the tenants to move out and probably offered them some "Cash for Keys" to do so.  However, sometimes tenants don't want to move, rental inventory may be low and they may have to pay more money a month elsewhere.  The bank cannot do anything after the foreclosure - except list the home for sale but hold off on all showings and have all offers written sight unseen.

Some buyers don't care if the property is able to be viewed upfront.  However, most do.  Investors are a different story - they have cash and don't require financing.  In fact, some investors don't want the property to be vacant - with tenants in place, this type of property can be a "God Send" to certain investors.

Foreclosure Activity

Your New Foreclosures alert, Paris911's Santa Clarita Bank Owned Real Estate Alert, found a match.

 

Stage Radar ID Street City Zip State Type Sq Ft Beds Baths Sale Date Est. Value Est. Bid

Bank Owned 23772804 18209 SIERRA HWY 78 SANTA CLARITA 91351 CA CND 795 2 2.00 12/19/2012 $91,136.00 $108,707.59

Your New Foreclosures alert, Paris911's Auction Alert for Santa Clarita Valley, found a match.

 

Stage Radar ID Street City Zip State Type Sq Ft Beds Baths Sale Date Est. Value Est. Bid

Auction 517334821 28019 EAGLE PEAK AVE SANTA CLARITA 91387 CA SFR 1862 4 3.00 01/07/2013 $332,076.00 $543,353.00

Auction 127806 27531 DIANE MARIE CIR SANTA CLARITA 91350 CA SFR 1381 3 2.00 01/03/2013 $262,989.00 $544,903.00

Auction 500580949 27236 CAMDEN PL VALENCIA 91354 CA SFR 1799 3 3.00 01/08/2013 $428,108.00 $664,151.00

Auction 197941 28045 PROMONTORY LN SANTA CLARITA 91354 CA SFR 2906 5 3.00 01/03/2013 $550,612.00 $825,396.00

Auction 503205801 21455 PEGGY JOYCE LN SANTA CLARITA 91350 CA SFR 1546 3 2.00 01/07/2013 $291,976.00 $417,629.00

Auction 500603597 27529 SAFFRON LN SAUGUS 91350 CA SFR 1200 3 2.00 01/03/2013 $265,485.00 $360,728.00

Your New Foreclosures alert, All Santa Clarita Cities - NOD filings - Updated, found a match.

 

Stage Radar ID Street City Zip State Type Sq Ft Beds Baths Sale Date Est. Value Est. Bid

Preforeclosure 520347176 27003 KARNS CT 2605 SANTA CLARITA 91387 CA CND 1068 2 2.00 04/12/2013 $174,750.00 $322,689.00