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Reuben Dunn, Real Estate Pro in Yorba Linda, CA

A question concerning Short Sale/Pre-Foreclosure inventory in Los Angeles and Orange County California

Asked by Reuben Dunn, Yorba Linda, CA Tue Oct 8, 2013

I could use some advise from anyone in the Southern California area.

I am transitioning from the Loan Modification side of the tracks, having worked at BoA, and Carrington Mortgage Services, and am wondering if the pre-foreclosure/short sale inventory is drying up. I have heard some conflicting things.

Would anyone be able to shed some light on this for me?

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Answers

7
I can do a loan with 20% down, ONE DAY after a short sale or foreclosure with reasonable rates.

I am not sure if this helps you Reuben. If you would like to talk some more about this product and our company, which is based in southern California, I would be happy to chat. In case you are looking for a way into this market.

I am getting phone calls from folks mostly down in southern California. I would save I average 1 call a week inquiring about purchasing after a short sale or foreclosure. It seems like most folks have a year of seasoning under their belt but still have to wait if they want to go Fannie or Freddie.
0 votes Thank Flag Link Thu Nov 7, 2013
The deals are still out there if you look hard enough for them! But yes they are fewer than before.
0 votes Thank Flag Link Thu Nov 7, 2013
At least you have some. Here, investors have pretty much bought up everything now.
0 votes Thank Flag Link Wed Oct 16, 2013
Drying up is not quite the terminology I would use. I would say it has diminished.
0 votes Thank Flag Link Sun Oct 13, 2013
Hi Reuben,

In Orange County, short sale listings are down from recent years. Currently, they make up approximately 15% of the inventory whereas in years past, half of the homes listed were short sales.

Hope this helps.

Best of luck,

Barbara Grandolfo
0 votes Thank Flag Link Thu Oct 10, 2013
Overall, we are seeing that ALL inventory remains incredibly low, although prices are on the rise, along with interest rates.
0 votes Thank Flag Link Thu Oct 10, 2013
It is very conflicting. There is still some "shadow" inventory, and it trickles out ever once in a while. Many investors have purchased foreclosures to hold, rent out or fix and flip, which drives the prices up. Many homeowners have done loan modifications. Many older loan modifications are now defaulting. So it is a hit and miss. Because the home prices have gone up, many homes that would have been short sales, now are standard sales. They have equity. There are more options for home owners.
0 votes Thank Flag Link Tue Oct 8, 2013
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