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Santa Clarita Foreclosures

Santa Clarita REO's (REOS)

Santa Clarita Short Sales, and Short Sale information

Santa Clarita Notice Of Defaults (NODs/NOD's)

Santa Clarita Notice Of Trustee Sale (NOSs/NOS's)

Santa Clarita foreclosures have been selling extremely well over the last 4 - 6 months. Everyone is looking for a great deal, and that's what the majority of these bank owned foreclosures represent.

There are a few things you should know however. Often times when the banks put these homes up for sale, they put them at very low prices, which in turn creates frenzy, and buyers submit multiple offers. In an attempt to be the ONE person that actually gets the house, many of the buyers bidding for these Santa Clarita foreclosure homes, have been offering above the asking price. As you know, only one person will get the property, and this is leaving many-a-offers left unsuccessful, and destined for the trash bin.

It's also quite common that by the time the bidding up has taken place, the final sales price is essentially very close to where it should be - at the market value. Thus, a HUGE discount off of the market value is not always realized, even though many properties are being offered well below market values initially.

Buyers are basically feeling the pinch, that this may be as good as it gets, with respect to pricing and interest rates. It may be the perfect time to buy, maybe several months from now may be, but what you should know is that, in Santa Clarita, there is a lot of competition out there amongst home buyers right now, that coupled with the fact that the inventory of homes for sale is actually decreasing in the busy season! Don't expect to shop for the hot deals, and not run into other buyers vying for the same home. Sometimes they'll have more money that you down, and sometimes they won't have a dime to their name - but they'd be willing to offer 20K more than you would. Home buyers in Santa Clarita are finding that they're not getting their first home of choice all the time. Sometimes, they're ending up with their 3rd, or 4th home of choice, and a few unsuccessful offers are made the first and second time around.

If you have patience, then life is great. You may be fortunate, and end up with your first choice of home, or the more likely scenario if your hunting for bank owned homes in Santa Clarita, is that you'll end up with your 2nd, 3rd, or 4th choice home.

7 tips to get the Santa Clarita bank owned property you want:

1) Evaluate comparable homes in detail with your agent. If you determine that you can't find a better property, for less money, and it's clear this home's asking price is below its competition, then be prepared to offer above the asking price. The discussion needs to be how much you can afford, and how much is too much so you aren't over paying. It's important to realize that you MAY NOT get a counter offer. So don't expect one. Your first offer, especially on a hot property, should be looked at as the only offer you'll be able to make.

2) Have your agent establish a VERY good rapport with the listing agent who represents the bank. I can't say enough, for how important this is, and it's FREE.

3) Minimize your contingency periods (inspection time, loan time, appraisal time), to make your offer a bit more attractive on the surface, if it's not so pretty on the down payment, or offer price side of things. This is kind of minor, but it's something you can do to make your offer look better, and it doesn't cost a dime to do it!

4) Don't ask for a home warranty to be paid by seller - you can buy it for yourself if you wish. This is worth about $400 or less on the average to you, is that worth losing the house over? Probably not. Will they reject your offer because of the $400? Probably not. But just in case it's a real squeaker between someone else's offer, and yours...I'd be cautious about items like this. If it's going to be a dog fight on the Santa Clarita foreclosure you want, then you'll need to try to adjust what you ask for, in the hopes that it makes your offer that much more attractive.  

5) If you have the financial wherewithal and or your lender is VERY good, let the listing agent know that you can close escrow early. They like that, and so does the bank.

6) Be the first one to view the home if at all possible. Not sure how to do that? Make sure you're working with a full time Realtor who actually looks at the new listing inventory multiple times a day, and is able to contact you right away once these hot deals HIT the market. Being the first offer, can be crucial sometimes. NOT ALWAYS, but more often than not it will help.

7) If a property doesn't have any offers on it as of a Monday, or Tuesday, try to get your offer in on either of these days, so as to hope to get an answer BACK from the bank prior to the weekend. You never know if it's going to be excellent home buying weather "next Saturday or Sunday," which may bring out the entire group of house hunters looking for deals....BUT YOUR HOUSE may be off the market by Saturday since you negotiated over Wednesday, Thursday, and Friday!

Those 7 steps will hopefully be the lucky 7 steps for you...

A few more things...if you don't want to mess with "HOT" "LOW PRICED" foreclosure properties, (sometimes they're not even foreclosures), then I have one more tip for you:

7a) Focus on listings sitting on the market for about 3+ months, and try to induce a price reduction with your lower offer. At least you know you'll likely be the only offer on the table. You should know that trying to deal with owners who are either over priced, or are trying to sell a home that has a bad case of 'ugly', can be just as strenuous as trying to purchase a bank owned property with 15 other offers in on it.

You can locate us at www.TheScvAgents.com. We've sold a lot of bank owned foreclosure this year, and we'd like to help you as well.

Contact us anytime at info@thescvagents.com, or just Google The Scv Agents and you'll find us!