Santa Clarita Short Sale Myths Updated 2017

Certified Distressed Property Expert Matt GregoryAs we approach 2017 we decided it was time to again reveal the common misunderstandings surrounding pre-foreclosure property sales and Santa Clarita Short Sale Myths for 2017. Several years ago when the economy went to hell in a hand basket, the Santa Clarita real estate market consisted mostly of short sales and foreclosures. Thank the heavens, this is no longer the case but as we move toward 2017 we thought it would be a good time to review our old post series titled,  Santa Clarita Top Ten List | Short Sale Myths.

Looking Back at the Real Estate Market in Santa Clarita
Before we get started reviewing the Top Ten List of Santa Clarita Short Sale Myths, it’s important to understand what distressed homeowners were thinking and feeling a few years back. There were many highly trained and successful people without jobs. They had been laid off, not because of anything they did wrong, but because business took a huge downturn. Employers were suffering and had little choice except to cut back by letting some of their best employees go.

In the couple of years preceding horrible economic disaster, people were buying homes at higher values. When business went bad so did the real estate market, and prices dropped significantly. This situation left distressed homeowners and lenders in a horrible situation, because many consumers were completely upside down with their mortgage! The timing couldn’t have been worse!

What Happened
The next thing you know homeowner’s couldn’t pay their monthly mortgage payments and their homes were worth less than they owed their lender! Many of these homeowners had never been in this situation, never faced the possibility of foreclosure, and in fact some had never even been behind on their payments. Most real estate consumers, at least in Santa Clarita, didn’t even know what a short sale was. There was rampant fraud occurring, few people understood their options, and homeowner’s really didn’t know who they could trust. It was for these reasons we published our Santa Clarita top ten short sale myths. Our friends, clients and consumers everywhere needed accurate information and they needed it from a source they could trust. Our Gregory Real Estate Group team got together and we delivered the information consumers needed! Part of that information included our blog post series titled, Santa Clarita Short Sale Myths. See the original post publications here!

Review and Comments About Our Old List of Short Sale Myths
Upon our current review of our old list of short sale myths below, we still find them to be relevant and useful. Today real estate consumers are much more familiar with short sales and we know most people have a good general understanding of what a short sale is, there are still some who might find the list helpful. See the green text next to each myth, representing our comments as we approach 2017!

  • Short Sale Myth #1 – Buyers don’t want Short Sales – False! The truth is, given a choice, home buyers would prefer a standard sale transaction. It’s just faster and easier, but determined buyers can in fact enjoy a big savings when buying the right short sale property! First, you need a highly experienced short sale agent! It’s partly a matter of luck though, because it will depend on the lenders current financial situation, which changes regularly.
  • Short Sale Myth #2 – You must be behind in your payments to short sale your home – Not True! You do not necessarily have to be behind to short sale your home. Yes, in 2017 we still agree this is NOT true!
  • Short Sale Myth #3 – There’s not enough time to short sale your home – Not true! Others have received extensions even one day before the sale date! Still, that’s very risky and the longer you put it off, the harder it is to short sale your home. It’s best to start the short sale process sooner rather than later!
  • Short Sale Myth #4 – Short Sales never get approved – This is false! Many Santa Clarita short sales transactions are approved and closing everyday. Of course short sales get approved all the time, but it does take much longer than a standard sale transaction.
  • Short Sale Myth #5 – The bank would rather foreclose on your property than agree to a short sale – This is not true and in almost all cases, it costs the lender more to foreclose than to allow the Short Sale. In most cases the lender would prefer to approve a short sale.
  • Short Sale Myth #6 – Banks are no longer accepting short sales –  False! This was a rumor floating around at the time, possibly started by loan modification companies.
  • Short Sale Myth #7 – A Short Sale is embarrassing! False! Yes, this can be embarrassing but there’s no reason to feel such. Think of all the others homeowner’s that have come before you!
  • Short Sale Myth #8 – Any Real Estate Agent can work a short sale. Absolutely false! Be very careful of this one. It’s critical you use an agent such an agent highly experienced in short sales. Watch for our future post in our Santa Clarita Short Sale Myths series for detailed information. Even today, we are still adamant about advising homeowner’s to enlist the services of a Certified Distressed Property Expert when short selling their homes!
  • Short Sale Myth #9 – It’s smarter to walk away from your home than attempt a short sale – This is very wrong for a bunch of reasons. If you are a homeowner  and thinking about this option at this time, you need to come see us immediately. We will schedule an emergency, confidential and free meeting ASAP. A short sale costs nothing! Call now! 661-713-4799. Please don’t walk away and don’t wait! Call us today and we will help.
  • Short Sale Myth #10 – A short sale is not worth the effort – False! There is little extra effort by the home seller. As Certified Distressed Property experts, we handle everything! We use professional negotiators to deal with the lender on your behalf. We do it all so our clients can walk away with a fresh, clean start!

Schedule a Confidential Consultation

Matt and Meray Gregory

We hope you found useful our review of the old short sale myths and look forward to your comments about Santa Clarita Short Sale Myths for 2017.

How to Determine the List Price When Short Selling Home

Today we’re going to share how to determine the list price when short selling a home, in Santa Clarita, or anywhere in California. If you’re the homeowner planning to short sale your home, it’s important to understand your circumstances with regard to determining your listing price. For help buying or selling your short sale contact Matt Gregory today.
Call Matt at 661-347-6955.

Short Sale Home Listing Price and Offer Acceptance
When selling any home, the homeowner can set the listing price at whatever value they wish. It’s no different with a short sale, except the circumstances are much different than a standard sale. With a short sale transaction it’s the lender making the final decision to accept or reject the submitted offer. The homeowner has no impact on this decision. Yes, the homeowner makes the decision rather or not to submit the buyer’s offer, but once the offer is submitted to the lender, it’s no longer the homeowner’s decision to make. Contact us today and we’ll explain exactly, how to determine the list price when short selling a home.

When Buying a Short Sale It’s Best to Disregard Listing Prices
often times, the listing prices we see for short sale properties must be ignored. The listing prices for short sale homes are usually determined by the homeowner’s time frame. If he or she waited too long to short sale their home and is facing a foreclosure date, they will likely list their short sale home at a price well below market value. On the other side of the fence, home buyer’s need to be aware of this. Typically, lenders will not settle for prices too far below the market value, but you never know.

The Lenders Decision to Accept or Reject Offer is Sometimes Based On Hidden Factors
With lenders, you never know what their reaction will be to a short sale offer to buy. In fact, sometimes is seems like the lender is not interested in settling, and just want to foreclose! Other times, it’s completely the opposite. We believe the lenders actions are sometimes driven by their own behind the scenes business management strategies, and not so much on the market value for the short sale property. They’re playing all sorts of games with their assets, cash on hand, taxes, etc. You’d have to be a business wiz to even begin to comprehend their actions or understand the criteria used for making final decisions with a residential short sale property.

Get Help to Buy or Sell a Short Sale Property

As a certified distressed property expert, Matt Gregory and his Gregory Real Estate Group have helped many friends and clients to avoid foreclosure and short sale their homes. These transactions can be difficult, complex and time consuming, but the more challenging they are, the more we like it! Contact us today for immediate assistance!
Call Matt at 661-347-6955.

Short Sale Market Update for Santa Clarita

It’s been a while since our last short update so here’s a Short Sale market update for Santa Clarita as of August 2014.

Currently there are 44 homes for sale in Santa Clarita that are listed as short sales. The numbers are very similar to our last update for March, 2014, so the number of short sales on the real estate market in Santa Clarita remains almost exactly the same.

The following numbers include the City of Santa Clarita, Acton, Agua Dulce, Castaic and Stevenson Ranch. We have a total of 786 homes for sale as listed in our local MLS. That’s a pretty good number so as Realtors and Certified Distressed Property Experts, we’re encouraged and our local home buyers should be as well. Of the 786 homes for sale, 44 are listed as short sales and only 8 of the 786 homes are listed as Foreclosures.

  • 786 – Total number of homes listed for sale in the MLS for Santa Clarita and nearby communities.
  • 46 – of the 786 homes for sale are Short Sales
  • 8 – of the 786 homes for sale are Foreclosures
  • 724 – of the 786 homes for sale are Standard Sales
  • The remaining few homes fall in the miscellaneous category

Homeowner’s Trying Standard Sale First

Some of you might be wondering where the real estate market is heading in the future but we’re more interested in another important fact. There are a good number of homeowners offering their homes for sale barely scraping by having to short sale. Because in recent years many homeowners were so very upside down with their mortgages, they didn’t have a chance to sell their home as a standard sale. Now, with higher home values a good number of sellers are hoping to get out of their home by selling it as a standard sale, as opposed of a short sale. Since we have extensive experience with short sales and standard sale transactions, we can help. Contact us today.

How Did They Arrive at the Listing Price?

If you’re a prospective homebuyer, you might be wondering how it is some home sellers arrive at the listing price for their homes. Sometimes it doesn’t make sense, and this could be the reason. Raising the listing price of a home by 10K or 20K might be the difference between the homeowner having to short sale or getting by with a standard sale. It sounds great but if the home is listed for sale over market value, there needs to be a good reason to make the prospective home buyers want to bite. Regardless, if you’re a struggling homeowner it’s certainly worth a try at upping the price a bit to achieve a standard sale in order to avoid a short sale. What the heck, if it doesn’t work they can always short sale later.

We Can Help

If you have been struggling with your home mortgage, we can help. Certainly, if you have enough equity let’s take a shot at a standard sale. If that doesn’t fly, we’ll short sale your home. One thing to keep in mind however is, don’t let yourself get too close to a sale date or we won’t have time to give the standard sale a try. In fact, the closer you are to a sale date, the less likely it is we’ll be successful with your short sale.

We hope you enjoyed this post and we’d love to hear your thoughts about, Short Sale Market Update for Santa Clarita. Contact us today and let’s get started with your short sale. Call 661-347-6955 or email Matt Gregory at [email protected]

Image Source – Shutterstock Standard License – #19226743 Real Estate Sign – by robertlamphoto

Santa Clarita Short Sale Real Estate Market Update – Feb 2014

Santa Clarita Short Sale Home Buyers Discover Shortage

Prospective home buyers in Santa Clarita Valley currently searching for that great short sale or foreclosure deal, will likely be be disappointed to discover there’s not much available right now. As of the end of January, 2014 there are a total of about 521 homes for sale in Santa Clarita, and only 44 of those homes are short sale, or pre-foreclosures. Additionally, there are only 2 foreclosures and 9 bank owned properties on the market. Most of the homes available for sale in Santa Clarita Valley are considered to be of the standard sale variety, and home buyer competition for the good deals might be fierce! That’s simply because the inventory of homes for sale in Santa Clarita, though improved, remains low. See current short sale listings available in Valencia right now!

short sale listings

Where does this leave those prospective home buyers wanting that great deal? It’s not like a few years back when nearly 50% of the market was either a short sale or foreclosure. Back then, there were plenty of homes to choose from, but this is no longer true and isn’t going to change anytime in the near future. As with most Southern California real estate markets, Santa Clarita is no different. The market continues to shift, and those buyers that are best prepared and react quickly to these shifts, are usually the ones who win!

Santa Clarita short sale shoppers must remember, even though short sales and foreclosures total less than 10% of the real estate market, that doesn’t mean there’s nothing available. It only means buyers have less to choose from. It’s extremely important home buyers keep a close eye on any new short sale or foreclosures coming on the market, and be prepared to take action as quickly as possible! Make sure you have an Santa Clarita real estate agent that responds quickly and continues to keep you informed on new deals as they come on the market. If it’s a short sale or foreclosure you’re after, it’s also critical your agent is a certified distressed property expert and has a long track record of successfully closing these sometimes difficult and complex transactions.

Want to buy a Santa Clarita short sale home? Contact Matt Gregory today! 661-713-4799.