Thursday, January 24, 2008

Granada Hills Real Estate

I've noticed the number of homes labeled as a "Short Sale" has increased dramatically in the San Fernando Valley. If you don't know what a short sale is, it's when you owe more than what your home is worth and you would like to sell your home.

I randomly picked Granada Hills and wanted to display the number of short sales compared to bank owned homes and regular sellers.

Here is what I found.

Date: January 24, 2008
Time: 12:19am
Price: 400K-600K
Bedrooms: 3
Bath: 2
Status: Active
City: Granada Hills
Housing Type: Single Family home

Total # of properties: 118
Total # of short sales: 42

Wow! What this means is that 36% of the homes in Granada Hills are labeled as Short Sales. What most home-buyers don't realize is not only does the seller have to approve the deal, any lender who has placed a lien also must approve the deal - and their could be three. And lets not forget any mechanic liens or tax liens.

If your lucky and get everybody to cooperate, the success rate on a short sale can be slim at best. More problems can arise if your buying the home as an investor or if the owner files bankruptcy.

If your asking what happens to a home if the seller can't sell and ultimately can't afford the home, the answer would be the bank would foreclose on the home, then once listed with a Realtor, it would be displayed on the bank owned real estate site http://www.bankowned.la/ .

BankOwned.LA This site lists all available bank owned homes in the San Fernando Valley, Santa Clarita Valley and surrounding areas.

The safest route is to either buy directly from a seller with equity, or directly from the bank. You can find bank owned homes by visiting this link: http://www.bankowned.la/ .

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