Archive for Santa Clarita Short Sales

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.

New Approval Requirements for SCV Short Sales – Fannie May

As of August 1st, 2013, SCV Short Sale properties must be listed in the MLS before submitting for Fannie May andVisit us our Gregory Real Estate Group on Facebook Freddie Mac approval consideration. Fannie Mae and Freddie Mac recently announced changes to their Standard Short Sale and HAFA guidelines that will require GSE approval. Beginning August 1, 2013 any Fannie May or Freddie Mac applicable property in Santa Clarita (or anywhere for that matter) being considered for short sale approval must be listed in the multiple listing service (MLS) for five consecutive days, including one weekend, prior to Fannie Mae or Freddie Mac approving a short sale offer. Here’s a copy of the announcement. Fannie May Servicing Announcement. Should you need any help with your Santa Clarita short sale we can help. Contact Certified Distressed Property Expert Matt Gregory at 661-713-4799. Here’ is a video for more information about short sales.

Listing a short sale property in the MLS is no longer an option if the homeowner has a Fannie May or Freddie Mac type loan. This is probably not an issue if the homeowner has listed their home through a real estate agent and  their  broker and because most properties. With this new requirement, don’t even think about submitting an offer to the servicer for approval unless the agent has followed the guidelines as set forth in this announcement.

The exact requirement reads like this: The property must be listed on the applicable MLS which covers the geographic area in which the property is located and a printed copy of the property’s MLS listing must be kept on file. If a property is located in an area that is not covered by an MLS, the property must be advertised in a manner customary for that real estate market for at least five consecutive calendar days, including one weekend.

If your home is in Santa Clarita and you’re considering a short sale, we suggest you pass this information on to your real estate agent to make sure they are aware of the new requirement. It’s likely not a problem, but it’s just one more task your agent must perform while negotiating the approval of a short sale offer.

For more information please refer to the Fannie Mae servicing guide announcement here. Fannie May Servicing Announcement