REMAX Experts: 00:00 Good day everybody and welcome to December twelfth, 2018. I am Connor MacIvor or your local real estate, radio host and real estate agent headquartered in Santa Clarita Valley serving greater Los Angeles and beyond. This is your Hump Day broadcast for Wednesday, December twelfth, 2018. Said that. Then that here we are. Now we're going to talk about the bank owned properties, foreclosures and those distressed pieces of real estate. Everybody seems to have access to online. Whenever you do that inquiry, you're going to find all sorts of lead generation websites. These leads, now that I have for you, they're for the people that are willing to pay these entities to generate leads and get to these entities. Your personal private information, very simple so when you are searching online, just be wary and understand that there is no secret off the market lists. In fact, if you go to, you'll be able to see all of the bank-owned property for southern California, and if today is reflective of past real estate radio shows, you can find that at

REMAX Experts: 01:17 The top part, click on radio, past shows. If real estate inventory is running that same number or close to it, we are in a healthy real estate market, 148 out of a total 15,929 active real estate listings currently on the market. Still Normal folks. You'll see that if you scroll down top areas and neighborhoods, You'll see that there are 148 foreclosure bank owned listings. Now, these are going to include all distressed property types, so you're not just going to see the bank owned stuff. You're going to see bank owned is also known as real estate owned, real estate owned REO properties. You've heard of those. Those are also bank owned properties. To kind of give you an idea of foreclosure is a property, doesn't matter who owns it, it can be owned by a bank, it could be owned by a hedge fund, it could be owned by Connor MacIvor, it can be owned by you, John Smith or whomever you are.

REMAX Experts: 02:18 You could actually own the property and the property could have experienced going through the tumultuous, the painful process of foreclosure. And of course if it was our property, let's say you and I owned it together and we had a few rentals and one of, them, these people that are in this property would have stopped paying us at some point. At that particular point, you and I say, you know what, I don't think John and Judy are moving and they're not paying us. And I know they've been late in the past, but here we are coming up on 90 days. What do you think we should do, Connor? I say, well, just to be smart, just in case maybe they've fallen on hard times and they're going to be made able to make up $9,000 in past owed rent. But just in case at the three-month point, this is what banks do, folks, let's record it.

REMAX Experts: 03:13 Some banks, you can do it, you can do it as early as a day. Let's go to court and record a notice of default action against John and Judy. A NOD - Let's do it. Just say, Jane or Judy. Anyway, let's record a notice of default. So now we've notified the court. We've done all of the due diligence we need to do. At this point, we've said, okay, court, our tenants, the people that we trusted, we have a signed lease agreement. They said we're going to pay you $3,000 a month. It's now 90 days later, three months have gone by. We haven't received payment. We're letting you know "court" to that they haven't paid. So now you hire an attorney firm and you have to evict. At some point, you're going to have a court hearing so it could get even messier and even more expensive. That's how the process works.

REMAX Experts: 04:03 Once once, once all that's finished and it's going to depend on whether or not the property is vacant or not, but usually when you see it on my system, Scv nest dot com it's done and once it's finished, you'll see that it's now on the market for sales. They fixed everything. They've, they've gotten everything taken care of and you will be able to purchase that property not at auction, but from SCVnest, I've come auctions are a different animal. You'll be able to purchase it without any previous liens and encumbrances and issues. Let's say, uh, let's say, for example, John and Judy had, or even me with the, with that rental before it went foreclosure. Even at the time, it was kind of in the process of going that way. Let's say I had some contractor come out and remodel a bathroom that really needed it. Let's say Connor MacIvor decided, you know what, I'm not going to pay this cat just because Connor MacIvor said so, that way, right?

REMAX Experts: 05:02 Let's say that's the way it is. So Connor MacIvor was not going to pay the contractor when the contractor could go and he could place a lien. On the property, then it goes to foreclosure, this and that gets back on the market. Once it goes on the MLS, that lien's going to be cleared up. Somebody will have paid it. More than likely Connor Macivor economy. MacIvor can offload that asset, so that person, that individual that came and was due money who didn't get paid, he'll eventually get paid. These are those things that come up. A lot of people ask us, well, if I'm going to buy real estate, am I okay? Am I going to be buying this thing without liens? Also, folks, all that stuff's checked in escrow. Now, if you're going to the auction, whole different animal, a lot of times there is no seller component to that.

REMAX Experts: 05:49 Realistically that property's been captured, foreclosed on, and his going up for auction. A lot of times those that ownership entity, it's signed off on everything and say, well, it's up to the buyer so the buyer is going to have to go look at that property and find out what's going on with it and also have a title run. You'll have to have all of it checked out and it could be that that particular property that's going up for auction as people and say, oh my gosh, what do you do if it's a property, it's actually foreclose, but it's going to auction. Well, now it's going to be up to us to either go and make a deal with these people or hire somebody like me to go knock and notice it and say, Hey, listen, you're living in a house is foreclosed. Oh, well, we have a four-year lease agreement.

Foreclosures and Bank Owned update hack sites and watching out

REMAX Experts: 06:34 Here's a copy of it. Oh, well then what do you do? You're going to have to be really friendly. Hopefully get them out early by making a handshake and maybe making some brownies. If they don't go for it and they don't accept any money in lieu of the four-year point, you're kind of stuck, so they're going to be living in the property. If you choose to buy that one at auction. These are all those little nuances that people don't tell you about auctions, but when you're watching an infomercial at 3:30 in the morning, they will tell you, yes, you can buy properties for pennies on the dollar. Don't believe it, especially in a market that's gaining ground now, right now in the Santa Clarita Valley, even greater Los Angeles area, and it's going to depend. If you're talking about the platinum triangle there, Holmby Hills, Bel Air, and Brentwood and Beverly Hills.

REMAX Experts: 07:22 Those areas there, you're. You're still seeing a very good increase just because of its properties are so expensive. They maintain a premium mandated premium. A lot of people want to buy those properties over there, so we're not seeing a reduction in those areas. However, you back off to a normal where all of us other folks live type of market and you'll see that the real estate is actually pausing over the holidays and then that's going to be picking up here coming into next year. Some of that real estate fodder I've been reading out there online by even the local agents that are a stadium, oh, this is how it's going to change next year. Be worried. It's going to be a seller's market, it's going to be a buyer's market. We're going to have a ton more inventory. I don't see a lot of that happening. We had a ton more inventory coming up this July as we transitioned into August 2018 and we went from 300 units, thereabouts for sale to over 700.

REMAX Experts: 08:20 That's backed off too, in fact, this morning I'll give you that number that's backed off to probably somewhere around 600 I've been watching. So we're looking here in Santa Clarita, uh, real estate. We've actually crept back up to a 582. So that's where we are currently. So just below 600 and we're going to see that weaning off until we get back in July and probably beginning February. You're going to start seeing listings breaking loose. Is it going to be enough inventory to turn the market on its head and make it a buyer's market? Probably not. We'll probably see that an interest rate increase here, December, it's going to be modest, not going to be a big deal and then we'll see next year where we're going to be, but again, I don't see anything going nuts and crazy in the market. We have several deals in escrow now and they are good deals as far as for our buyers are concerned.

REMAX Experts: 09:14 They're looking at real estate and we found a couple that was at least $50,000 less than the last sold property. We're able to get them into those so there are good deals to be had during the holidays. It just comes up to what's your timeframe? We have another gentleman that's buying out and see me that we're representing them. It doesn't want to move during Christmas or new years. He doesn't want anything to do with that and now he's probably going to be pushed, pushed past mid January, 20, 19 as far as the closure, so now's a good time for that property creeps up, but as we track back to the mid or end of November, no way. He doesn't want to move during that time. Even said so, he's old enough, not old enough to move during Christmas, as he says, tongue in cheek. I'm Connor MacIvor from hope you enjoyed today's real estate radio show.

REMAX Experts: 10:02 You can check out more of us at the top of the website. Click on the radio and you'll be able to see all of our real estate episodes. If you are perusing as that's dot com and you're like, Gosh, I don't even see it. Then all you have to do is very simple. Up at the top part of the screen, you see three little lines and you can go here and click on the site menu. When you click on the site menu from your mobile device, then you'll see the radio. You Click on the radio, and then very simply you'll see the radio player, it'll give you an option. You could play it on SoundCloud, which is our radio station where we upload everything to. We also have a. we're also uploaded to the iTunes channel as well and Stitcher radio. You can find this there. Those are both those things are on that particular page, but if you want to play it in your browser, which means on your phone, instead of going to SoundCloud, you can do that.

REMAX Experts: 10:59 You Click on the listening browser and then it'll start playing for you and you can stop it and so on, but you'll see it the last one that we did very recently. It's going to be a fraud show regarding wiring money and that's super important. If you're involved in the real estate process and you get instructions from escrow and I'll. I'll give you the teaser. You get instructions to from escrow, an escrow email saying, okay, Connor MacIvor, you're buying this house at one, two, three, four, anywhere street. We need you to wire that earnest money deposit. That deposit was that handshake you discussed with your agent, so you've got a wire that in because you have an accepted offer and you already know that because you've already negotiated probably the heck out of it before you've even gotten to this point. The seller probably came back, said, no, we want this, and you came back and said, only give you this so and so forth, so now you're there and lo and behold, that email was intercepted, changed and then continued to be sent and you saw the change.

REMAX Experts: 12:02 The email got to be careful. Believe it or not, there are some very smart algorithms out there. It's a very dangerous people that do that sort of thing. So when you are looking at it, your money ready to be sent to make sure when you're looking online, you get a phone call to escrow that says, Hey, Sally, Jack said it escrow advantage. Listen, I'm Connor Macivor, I just received your email with the attached wiring instructions. I want to verify with you this is going in the right place, and so is it really going to union bank? Is it really going to account number five, one, four, five, five, five, five, five, five, five, five, five, five, five, five? And she'll say, yes it is, or no, it isn't. And if it's no it isn't. I suggest that you know, she ringing the bell on her end and you also ring the bell on her end and don't do anything without doing a person and be wary. I'm Connor MacIvor with Remax here in the Santa Clarita Valley. I look forward to helping you when you're ready. We're coming up on Christmas. If we don't talk before and I know I'll have some radio shows before that point. Merry Christmas and this has been your foreclosure Hump Day update here almost mid December. I'm excited. I'm starting my new year's resolution early. I've decided not to have any more, but I'm going to still do one anyway and we shall see how spelt I get by January 20, 19. Be Safe. We'll talk to you soon. Connor macivor over and out.