We hold these truth's to be self evident, that some Foreclosure Agents won't tell you unless you ask.  The question comes to us by Brittany.  Brittany is a buyer that has been working with listing agents with regard to Bank Owned inventory to purchase.  She called our team on one of our REO listings that we have for sale in Saugus CA.

While the Foreclosures and bank owned real estate is not our main business - we carry typically 5-10% listings from various banks, Citi, US bank, Wells and others.  In the Hottest part of the market - back 2008 and 2009 - it was not uncommon for Paris and I to carry 40-50 bank owned listings at one time, all being for sale.

It was quite busy for her and I, not to mention our staff.  Brittany called to find out if I would be able to show her the REO, real estate Santa Clarita foreclosure agentsowned, home we have listed for sale in Saugus.  I asked her a few pre qualification questions.  I wanted to know if she had been pre qualified.  I also asked her if she had been working with another real estate agent or any agent up to the point when she called me off of my real estate sign.

She explained that she'd had been pre qualified with a local lender, Augusta Financial.  We know them and work with them.  I asked Brittany how is it she qualified with them? She said her agent had her call and pre qualify.  I said, "That answers the second part of my question..."  Brittany responded, "What do you mean, I don't have any loyalty to them???"  She continued, "I want to buy this home and I have called on other Foreclosures, the agents tell me it's best to go through them, they can get my offers accepted because it's their listing."

I thought that was interesting, so I said, "How has that been going thus far, calling to work with the Foreclosure's listing agent - It would appear not so good?"

There was a bit of silence and Brittany responded in the affirmative.  She said that she was working with an agent but they were not able to get her a home.  She then thought it was the fault of her agent not being "on top of things", so she started to call the Foreclosure listings agents.

I explained about the Foreclosure Agent's role when it comes to the view of the Big Banks that give these local agents their Bank Owned inventory to sell.

"The large banks would rather have the agent they hire represent them only.  Most of the bank's don't like it when their agent also represents the buyers of their foreclosures.  There have been lawsuits that have come about from buyers that think their offer was not submitted so the REO listing agent could only submit the offer by their very own buyer.  In order for me to represent a buyer on a REO listing where I'm the listing agent, the bank requires Management Approval.  Let me tell you that my Asset Managers, none of them, like to get Management Approval.  In addition, with a traditional listing or a short sale, if I were to double end it, meaning representing both the buyer and seller that would equate to a larger commission paid to me.  In a Bank owned, with the banks we work with, that commission does not change when we represent both the buyer and seller.  It remains the total amount that was going to be paid to the listing side only.  Therefore, to take on double duty and to have double the risk, it does not pay for us to represent the buyer on our Bank Owned listings..."

I then asked, "Did your real estate agent, the one that turned you onto the lender, did they explain the market to you?"  She responded in the affirmative.  "When they explained how the market has changed and why inventory is like it is, what did you think?"  Brittany said that she thought her agent was making excuses.  I told her that those were not excuses, those were facts.

In closing I told Brittany to call her agent up and have another sit down with her.  If after giving her one more chance and having her explain what she has been doing to help Brittany find a home, she decides to jump ship, I'll have the net ready...

The New Santa Clarita foreclosure intel:

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 505485670 28711 PLACERVIEW TRL SANTA CLARITA 91390 CA SFR 2623 3 3.00 01/03/2013 $366,738.00 $425,395.00

Auction 963317b 22069 GOLD CANYON DR SANTA CLARITA 91390 CA SFR 3337 3 3.00 01/03/2013 $566,122.00 $815,745.00

Auction 24511691 19324 CEDARCREEK ST SANTA CLARITA 91351 CA SFR 1262 3 2.00 01/03/2013 $263,140.00 $265,030.00

Auction 854084b 19702 MATHILDE LN SANTA CLARITA 91350 CA SFR 3108 5 3.00 01/03/2013 $443,142.00 $746,306.00

Auction 500583758 25436 PARKWOOD LN SANTA CLARITA 91350 CA CND 1790 4 3.00 01/02/2013 $250,554.00 $464,732.00

Auction 40228 27016 ALABASTRO DR VALENCIA 91354 CA SFR 1529 3 2.00 12/31/2012 $309,937.00 $379,577.00

Auction 30690 24420 FLAXWOOD LN 103 NEWHALL 91321 CA CND 829 2 2.00 01/02/2013 $139,081.00 $226,672.00

Auction 517162213 32131 BIG OAK LN CASTAIC 91384 CA SFR 2590 4 3.00 12/28/2012 $384,240.00 $356,401.00

Auction 52373 27515 DEEPTREE AVE CANYON COUNTRY 91351 CA SFR 1080 3 2.00 01/03/2013 $235,306.00 $318,182.00

Auction 503062976 24266 PALO VERDE DR SANTA CLARITA 91354 CA SFR 4800 5 5.00 12/31/2012 $889,063.00 $718,364.00

Auction 507456416 25409 LONGFELLOW PL STEVENSON RANCH 91381 CA CND 2654 3 3.00 01/04/2013 $502,260.00 $143,429.00

Auction 503459533 40134 SAN FRANCISQUITO CANYON RD SANTA CLARITA 91390 CA SFR 1832 2 3.00 01/03/2013 $173,358.00 $246,295.00

Auction 707412 27849 LOST SPRINGS RD CANYON COUNTRY 91387 CA SFR 1316 4 2.00 01/03/2013 $243,550.00 $518,578.00

Auction 502393964 22618 PARAGON DR SANTA CLARITA 91350 CA SFR 1608 3 2.00 01/02/2013 $346,532.00 $403,603.00

Auction 23772525 18712 NATHAN HILL DR SANTA CLARITA 91351 CA CND 2214 3 3.00 01/03/2013 $320,102.00 $282,936.00

Auction 513124616 27563 WEEPING WILLOW DR SANTA CLARITA 91354 CA SFR 2366 3 3.00 01/03/2013 $389,972.00 $675,316.00

Auction 23774227 20552 SOLEDAD ST CANYON COUNTRY 91351 CA SFR 1000 2 1.00 01/03/2013 $182,819.00 $364,020.00

our 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 507505055 24700 ARCADIA ST SANTA CLARITA 91321 CA SFR 1226 2 2.00 12/17/2012 $207,618.00 $275,000.00

Bank Owned 520405005 27962 LASSEN ST CASTAIC 91384 CA SFR 1253 3 2.00 12/17/2012 $290,037.00 $317,969.38

Bank Owned 517157261 25665 FROST LN STEVENSON RANCH 91381 CA SFR 2289 4 3.00 12/17/2012 $488,327.00 $568,326.59

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 23817731 26010 MORENO DR VALENCIA 91355 CA CND 1259 2 2.00 04/10/2013 $309,903.00 $431,442.00

Preforeclosure 681435b 16643 GAZELEY ST CANYON COUNTRY 91351 CA MFR 1796 3 3.00 04/10/2013 $299,771.00 $263,675.00

Preforeclosure 500586766 28409 OAK VALLEY RD CASTAIC 91384 CA SFR 2627 5 3.00 04/06/2013 $370,740.00 $552,665.00

Preforeclosure 503350318 22813 BANYAN PL 375 SANTA CLARITA 91390 CA CND 1146 3 3.00 04/09/2013 $221,290.00 $332,106.00

Preforeclosure 512670488 27150 HIDAWAY AVE 7 SANTA CLARITA 91351 CA CND 1094 2 2.00 04/09/2013 $126,065.00 $169,793.00

Preforeclosure 20179 25707 PACY ST NEWHALL 91321 CA SFR 4303 4 5.00 04/10/2013 $745,600.00 $760,139.00

Preforeclosure 500586216 24141 DEL MONTE DR 250 SANTA CLARITA 91355 CA CND 835 1 1.00 04/09/2013 $323,299.00 $263,722.00

Preforeclosure 507446307 18752 MANDAN ST 1014 SANTA CLARITA 91351 CA CND 850 2 2.00 04/09/2013 $90,799.00 $235,555.00

Preforeclosure 505499661 19216 AVENUE OF THE OAKS A SANTA CLARITA 91321 CA CND 666 1 1.00 04/09/2013 $64,880.00 $429,276.00

Preforeclosure 509819009 20356 JULIA LN SANTA CLARITA 91350 CA LND 0 0 0.00 04/09/2013 $435,044.00 $588,935.00

Preforeclosure 23815481 23869 VIA JACARA SANTA CLARITA 91355 CA SFR 1463 3 2.00 04/10/2013 $348,726.00 $478,554.00

Preforeclosure 90063 25330 JOYCE PL STEVENSON RANCH 91381 CA SFR 2820 3 3.00 04/10/2013 $562,429.00 $506,410.00

Preforeclosure 520454432 18065 SUNDOWNER WAY 616 SANTA CLARITA 91387 CA CND 848 2 2.00 04/09/2013 $113,921.00 $263,845.00

Your New Foreclosures alert, Paris911's Sold to Third Alert for Santa Clarita Valley CA, found a match.

 

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

Sold to 3rd 509607015 23817 VALLEY OAK CT SANTA CLARITA 91321 CA SFR 3247 5 4.00 12/17/2012 $537,661.00 $470,700.01