Latest / Connor with Honor: AI, Real Estate and Real Life / Navigating Distressed Properties in Santa Clarita: Your Guide to Foreclosures, Short Sales, and Bankruptcies in 2025

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Navigating Distressed Properties in Santa Clarita: Your Guide to Foreclosures, Short Sales, and Bankruptcies in 2025 · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: Welcome to July 1st, 2025.
• 0:02
  SPEAKER_00: Good day, everybody.
• 0:03
  SPEAKER_00: Today we're going to get into foreclosures, bankruptcy, short sales, distress properties, bank owned stuff, just to kind of give you an idea where the market happens to be currently with regard to those listings and then what to look out for if you're looking to try to get maybe a better than average market deal.
• 0:18
  SPEAKER_00: We don't see a lot of uh competition in that realm just because there are very few of those properties that come on the market.
• 0:25
  SPEAKER_00: I mean, from a seller standpoint, the ones that have the short sales or the bankruptcies or the foreclosures.
• 0:31
  SPEAKER_00: However, on the other side of that coin, there is, of course, high competition for people that want to purchase those properties because they believe they're going to get a better than average deal when they go out there.
• 0:41
  SPEAKER_00: And I'll dispel some of those rumors, but let's look at the first one.
• 0:46
  SPEAKER_00: This is actually going to be a short sale.
• 0:47
  SPEAKER_00: So currently in the Santa Clarita Valley, and I pulled all properties, Acton, Aqua Dulce, Canyon Country, New Hall, Saga, Stevenson Ranch, Valencia, and Castac.
• 0:57
  SPEAKER_00: So I pulled everything, and there's eight total distressed properties.
• 1:01
  SPEAKER_00: One of those is a bankruptcy.
• 1:03
  SPEAKER_00: I kind of hedge that.
• 1:07
  SPEAKER_00: Bankruptcies could go out a little bit less than fair market value, but ultimately, in a higher ticket type property in a bankruptcy, there's going to be some kind of validation done by the bank, an appraisal, or at least a broker price opinion, otherwise known as a BPO.
• 1:23
  SPEAKER_00: It looks like it could be a better than average deal.
• 1:26
  SPEAKER_00: But the other thing to look out for is this agents that have particular property types for sale in the distressed fashion, sometimes they undercut the market quite a bit on their listing.
• 1:37
  SPEAKER_00: So you look at these properties, you see that, oh my God, there's it's$500,000 less than the last sold in the neighborhood.
• 1:45
  SPEAKER_00: The problem is that gives buyers a false impression, but it does help to build that agent's database because everybody that's calling that agent's going to try to convert them into being a buyer for them at some particular point.
• 1:58
  SPEAKER_00: Fair game, don't agree with it, but again, it does happen.
• 2:02
  SPEAKER_00: Understand this.
• 2:03
  SPEAKER_00: The bank at some point is going to do a valuation on that property.
• 2:08
  SPEAKER_00: They're going to try to find out what it's worth, and they're not just going to use the agent's word that's working for the seller.
• 2:16
  SPEAKER_00: They're going to have some independent agent that they have on their leash go out there and look at that particular property, be it a BPO, a broker price opinion, or even bigger still, they could actually have an appraisal, appraiser, go out to the property and appraise it and find out where that value is.
• 2:32
  SPEAKER_00: So when the dust settles, I know you think that you're going to be getting this fantastical deal.
• 2:39
  SPEAKER_00: And in some cases, depending on where the bank's located, maybe they have an agent from uh within the state in a particular area, but the bank's located in Texas or Delaware or somewhere else.
• 2:50
  SPEAKER_00: It could be that some of those valuations could slip through the cracks.
• 2:54
  SPEAKER_00: But at the end of the day, it comes out to be that you're going to be paying pretty much close to market value on the property.
• 3:01
  SPEAKER_00: Now, if you get it locked in and properties continue to increase in price, whatever that locked-in price you happen to get in on it, with, you know, that's going to ultimately ultimately be the sales price.
• 3:13
  SPEAKER_00: This is bank-owned foreclosure stuff.
• 3:15
  SPEAKER_00: Now let's go to the short sale realm.
• 3:17
  SPEAKER_00: And right now we have five properties that are short sales in all of Santa Clarita Valley.
• 3:23
  SPEAKER_00: I'll give you the numbers.
• 3:24
  SPEAKER_00: We'll look at them in a second.
• 3:25
  SPEAKER_00: We have one that's a real estate-owned property, a bank-owned property on Caraway.
• 3:30
  SPEAKER_00: I'll pull that one up.
• 3:31
  SPEAKER_00: And then one bankruptcy.
• 3:33
  SPEAKER_00: So a majority of these are short sales right now.
• 3:35
  SPEAKER_00: What a short sale is, if you don't remember from the past market, or maybe you never knew, and maybe you do, but I'll clear up any kind of um any myths regarding short sales.
• 3:45
  SPEAKER_00: Basically, the seller owes more than the property they're able to sell it for to be able to satisfy their loan.
• 3:52
  SPEAKER_00: And they've encountered some kind of distress.
• 3:55
  SPEAKER_00: Maybe job loss, death, divorce, disease, something of that nature.
• 4:00
  SPEAKER_00: Usually the short sales that are done now are true hardships.
• 4:04
  SPEAKER_00: Back in the day in the last real estate cycle, when we had that major foreclosure issue that happened late 2006, early 2007.
• 4:12
  SPEAKER_00: I believe it was March when the subprime bank fell.
• 4:15
  SPEAKER_00: New century, if memory serves.
• 4:18
  SPEAKER_00: They basically collapsed and it was like a domino effect.
• 4:21
  SPEAKER_00: And then a whole lot of other banks started to fail.
• 4:25
  SPEAKER_00: That's when that last foreclosure cycle was.
• 4:28
  SPEAKER_00: As far as the experts say, were way overdue, but they did do a lot of cinching up of that market.
• 4:34
  SPEAKER_00: People were getting loans that shouldn't have gotten loans.
• 4:36
  SPEAKER_00: Properties were going up in price in just such a dramatic way, nobody could keep up.
• 4:42
  SPEAKER_00: Appraisers were adjusting rather quickly, and there's been a lot of changes to the real estate world since that time.
• 4:47
  SPEAKER_00: Now, Jolly uh Jolly Green Giants.
• 4:50
  SPEAKER_00: That's a quote from uh anyway, full metal jacket.
• 4:53
  SPEAKER_00: But the appraisers had a lot of control back then.
• 4:56
  SPEAKER_00: They still do, but now there's other mechanisms in place to look at their valuations, their appraisals on property to make sure that they fall in line and they're using the correct comparables when establishing value.
• 5:08
  SPEAKER_00: So that's a big change.
• 5:10
  SPEAKER_00: Another big change since that last market collapse is that the real estate lenders have a lot more review processes, a lot more validation.
• 5:19
  SPEAKER_00: They look at, you know, the basically the income statements from the clients.
• 5:23
  SPEAKER_00: They look at employment verification at other times during escrow.
• 5:27
  SPEAKER_00: They recheck credit during the escrow time frame.
• 5:30
  SPEAKER_00: So if somebody goes out there and tries to buy something, or maybe they're using some kind of employment to justify income.
• 5:38
  SPEAKER_00: Now they're looking at tax records a lot more as well.
• 5:41
  SPEAKER_00: The ability for somebody to mislead and defraud has become a lot more difficult.
• 5:47
  SPEAKER_00: And back in the day, people just kind of made the process work.
• 5:51
  SPEAKER_00: I believe that there were some buyers that probably didn't know what they were getting into.
• 5:55
  SPEAKER_00: But you should look at that payment, what you're paying.
• 5:58
  SPEAKER_00: And then if you don't make enough to cover it every month, or if you have some kind of a fancy adjustable rate mortgage, and you know in a few years that's going to be popping or increasing.
• 6:09
  SPEAKER_00: And right now it's okay.
• 6:10
  SPEAKER_00: You can barely scrape by hoping that you're going to be getting extra income in the next couple of years.
• 6:15
  SPEAKER_00: Who knows where that's going to go?
• 6:17
  SPEAKER_00: That was also some of the result that happened back in the day.
• 6:21
  SPEAKER_00: So those people, they could no longer afford their mortgage payment.
• 6:25
  SPEAKER_00: They couldn't even, you know, pay for food and the mortgage payment.
• 6:28
  SPEAKER_00: So there were decisions made.
• 6:30
  SPEAKER_00: That's where the short sale started up.
• 6:32
  SPEAKER_00: They would basically say, listen, Mr.
• 6:34
  SPEAKER_00: Bank, Mrs.
• 6:35
  SPEAKER_00: Bank, whomever at the bank, I can no longer afford my payment.
• 6:39
  SPEAKER_00: So please, I need to sell my house, but I'm going to need you to bless it because I'm going to be selling it short and I don't have the money to pay the difference.
• 6:46
  SPEAKER_00: If the buyer or the seller has the money in a short sale situation to pay the difference, and that's what they choose to do, then it's not a short sale.
• 6:54
  SPEAKER_00: Then they'll sell it regular at a break-even point or inject some of their own money into it so they can save the record from a short sale or a foreclosure, depending on how it's going to be recorded on that particular property.
• 7:06
  SPEAKER_00: Also, with a short sale, just knowing, usually the short sale process does delay the foreclosure process.
• 7:14
  SPEAKER_00: Sometimes, and a seller will use it, a short sale seller will use it in order to avoid having the bank initiate foreclosure proceedings against them so they're able to stay on the property longer.
• 7:27
  SPEAKER_00: Now, are they doing this and they really have no interest in short selling the property and they're just doing this to sit and squat longer?
• 7:34
  SPEAKER_00: You'll have to be the judge on that.
• 7:35
  SPEAKER_00: It's hard to say, but it is definitely a possibility.
• 7:38
  SPEAKER_00: In other cases, though, some people look at the advantage of a short sale because it's not going to be reflected on their um on their on their credit report as an actual uh foreclosure.
• 7:51
  SPEAKER_00: So a short sale does look a little bit less harmful and is at least back in the day, was faster to be recovered from.
• 7:58
  SPEAKER_00: There were so many people doing it, it was kind of looked at as not a big deal.
• 8:04
  SPEAKER_00: And within two or three years, these folks were able to buy another property.
• 8:09
  SPEAKER_00: I don't know if presently that's going to be the case.
• 8:11
  SPEAKER_00: It's going to depend on how it's going to be recorded, recorded.
• 8:14
  SPEAKER_00: And because there's very few people doing it now, that could mean that they're not going to be able to recover from it as quickly.
• 8:21
  SPEAKER_00: That's what a short pay is.
• 8:23
  SPEAKER_00: A lot of times, agents will get multiple offers on short pays.
• 8:27
  SPEAKER_00: They'll put these properties on the market for a lot less than market value to try to stimulate people wanting to purchase it.
• 8:33
  SPEAKER_00: And in some cases, short sales are basically sold sight unseen or at least have offers written site unseen because the people living in them don't want to have anybody come in and look at them while they're in that distressed state.
• 8:47
  SPEAKER_00: In addition, in some cases, they're also withheld from the syndication website.
• 8:51
  SPEAKER_00: So if you're looking at Zillow and Realtor.com in some cases, they won't allow those listings to be propagated to those networks through their agent.
• 9:00
  SPEAKER_00: The agent will deny allowing them access.
• 9:03
  SPEAKER_00: So you won't see them show up either.
• 9:05
  SPEAKER_00: You'll have to have them actually email you from a specific specific agent.
• 9:11
  SPEAKER_00: So if you're looking for distressed properties, you can get on an email list from your agent, reach out to them and say, listen, I want to see foreclosures and short sales and other types of distressed properties, and I want those emailed to me when they hit the market.
• 9:24
  SPEAKER_00: You'll be able to see them in that type of forum, even though they're being restricted from appearing on the syndication sites, and then you can make proper decisions.
• 9:32
  SPEAKER_00: Now, as far as not being able to see them beforehand, usually if that offer is being written, it will be written on the contingency that this particular buyer that wrote the offer is going to be able to have a look at the property before offer acceptance or at some point.
• 9:47
  SPEAKER_00: And within the beginning of escrow, depending on the terms of the contract, in most cases, you can cancel if something becomes an issue, as long as you have those contingencies in place.
• 9:57
  SPEAKER_00: So make sure your agent writes that offer smartly.
• 10:00
  SPEAKER_00: Having said that, when the bank looks at all these offers that have been submitted at a short sale, they look at all the sellers' issues, why that they have they believe they have to short sale.
• 10:10
  SPEAKER_00: Going through that whole process can take months, if not longer.
• 10:14
  SPEAKER_00: Back in the last foreclosure cycle, we saw that process going one or two years, people staying in properties, having them listed as short sales, not making any mortgage payments, going through that time rent-free.
• 10:26
  SPEAKER_00: And at that time, they were, of course, trying to save that money, hopefully.
• 10:29
  SPEAKER_00: And then whenever their credit was clean, they were able to purchase again.
• 10:34
  SPEAKER_00: That's probably close to being very similar, especially in Los Angeles County, where we are in California.
• 10:40
  SPEAKER_00: There's a lot of rules against foreclosure and a lot of things that are looked at besides just somebody not making the mortgage payment.
• 10:47
  SPEAKER_00: Do they have kids with special needs?
• 10:49
  SPEAKER_00: Do they have elderly adults?
• 10:51
  SPEAKER_00: Do they have those safe pets or whatever they call those comfort animals?
• 10:56
  SPEAKER_00: I don't know.
• 10:56
  SPEAKER_00: I heard that one come up the other day, which was amazing.
• 11:00
  SPEAKER_00: Because they had a comfort animal.
• 11:03
  SPEAKER_00: I forgot what you call that.
• 11:04
  SPEAKER_00: But one of those animals that had special needs, they helped with uh somebody's anxiety.
• 11:09
  SPEAKER_00: That was a reason to delay the foreclosure proceedings.
• 11:13
  SPEAKER_00: Anyway, there it's so welcome, welcome to Los Angeles County.
• 11:16
  SPEAKER_00: But we have to understand that these processes do take a long time.
• 11:20
  SPEAKER_00: And at the very end, if you think at the very beginning you're getting this just fantastical deal, it could come out that the bank's going to be sending out these people to verify the value.
• 11:29
  SPEAKER_00: Even on a short sale, they will.
• 11:31
  SPEAKER_00: And then they'll come back and they'll make a determination as to what that price is.
• 11:35
  SPEAKER_00: The reason why the agent can put these properties on the market for less than what the fair market value appears to be is because there's always a disclaimer and they're subject to court approval or subject to lender approval.
• 11:48
  SPEAKER_00: And they're the ones that'll ultimately bless that particular price the property is going to go out for.
• 11:53
  SPEAKER_00: So if you think you're going in and getting a great deal, it could be that you're not.
• 11:57
  SPEAKER_00: It could be that it's going to be at fair market value, and maybe you wasted all this time.
• 12:02
  SPEAKER_00: Maybe the market's changed, maybe interest rates have dropped, maybe now there's more properties to choose from.
• 12:07
  SPEAKER_00: Maybe you can actually get a better deal without as much money out of pocket and so on.
• 12:12
  SPEAKER_00: Also, with short sales and bank-owned properties, it's going to depend on the entity whether or not there's going to be anything done in the way of repairs or credits.
• 12:20
  SPEAKER_00: Usually with short sales, no, because they don't have any money.
• 12:23
  SPEAKER_00: That's why they're short selling in the first place.
• 12:25
  SPEAKER_00: They're not going to go in and do the things they need to do.
• 12:28
  SPEAKER_00: And in some cases, lenders aren't going to loan on a property that's a short sale if it's missing certain things.
• 12:35
  SPEAKER_00: So then the question comes up: are you going to inject money before you close escrow on a short sale?
• 12:40
  SPEAKER_00: That's a very dangerous thing.
• 12:42
  SPEAKER_00: Liability, liability alone, having somebody go in and do some kind of construction type work to be able to make the property sellable or financeable to your lender, these are big questions that need to be investigated very carefully.
• 12:57
  SPEAKER_00: Need to ask your professional, your real estate professional, if it's a good idea.
• 13:01
  SPEAKER_00: Because if you go in there and as a contingency on it appraising, you have to put some kind of, let's say they ripped out the dishwasher and maybe ripped out the kitchen sink.
• 13:14
  SPEAKER_00: So that particular lender that's going out there at some point to evaluate the property, after it's all been approved for sale, they're going to see that it needs those things for most loan types.
• 13:24
  SPEAKER_00: If the short sale seller doesn't have the money to do it, and the bank, the the that particular department at the bank, the short sale department or their agent isn't desiring to inject money, they might have to change the strategy, go to a cash-only offer or something else.
• 13:43
  SPEAKER_00: If you're that buyer at that time, you might be confronted with the decision.
• 13:47
  SPEAKER_00: Should you put have a contractor go out and fix those particular items so that the bank will approve it?
• 13:54
  SPEAKER_00: What if something happens to the contractor in the property?
• 13:57
  SPEAKER_00: What if he falls and breaks his hip?
• 13:59
  SPEAKER_00: There's going to be issues there.
• 14:00
  SPEAKER_00: What if you get the bank's blessing to do it?
• 14:03
  SPEAKER_00: You're probably in a much better way.
• 14:05
  SPEAKER_00: But I wouldn't take any of that crap verbally.
• 14:08
  SPEAKER_00: I would get everything in writing, even if your agent's telling you, oh, it's going to be fine.
• 14:12
  SPEAKER_00: Don't even worry about it.
• 14:13
  SPEAKER_00: You want to get all that stuff in writing.
• 14:15
  SPEAKER_00: Okay, so let's look at now that we talked a little bit about kind of the process.
• 14:19
  SPEAKER_00: And in some cases, people make out greatly.
• 14:22
  SPEAKER_00: But understand when you're looking at something priced less than fair market value, way less than fair market value, at the end of the day, that other entity is going to want to make as much money as they can.
• 14:34
  SPEAKER_00: So if the agent undercut the market in order to spear off all these offers, you might not even qualify for the new amount that the banks are going to come back approving the short sale level at.
• 14:46
  SPEAKER_00: Horrible weight in that sentence.
• 14:48
  SPEAKER_00: But you might not even actually qualify for that number.
• 14:51
  SPEAKER_00: That's why it's important to know going in what the potentiality is of what these prices could be.
• 14:57
  SPEAKER_00: Let's look at the first short sale.
• 14:59
  SPEAKER_00: We're going to go 37, excuse me, 34718.
• 15:05
  SPEAKER_00: Awkward will say Canyon Row.
• 15:07
  unknown: There it is.
• 15:08
  SPEAKER_00: So this one is a short sale.
• 15:10
  SPEAKER_00: Been on the market 322 days.
• 15:14
  SPEAKER_00: So quite a while on the real estate market for sale.
• 15:16
  SPEAKER_00: You can see it's um, I forgot that style, A-frame style, I believe.
• 15:21
  SPEAKER_00: But anyway, so you can you can kind of see it's rustic, it's good, good looking property, built in 1980.
• 15:27
  SPEAKER_00: So this is one priced at$525,000.
• 15:32
  SPEAKER_00: Now it's been on the market 322 days.
• 15:36
  SPEAKER_00: That that's given that gives us an idea where they are, and this could take even longer, and it still shows active in the multiple listing service.
• 15:44
  SPEAKER_00: So that first question from your agent would be do you have any offers?
• 15:48
  SPEAKER_00: And if they have any offers, have the offers been submitted?
• 15:50
  SPEAKER_00: Where are you in the short sale process?
• 15:53
  SPEAKER_00: Do you have a bank agent that has been assigned to this property?
• 15:58
  SPEAKER_00: Are you actually actively talking with someone?
• 16:00
  SPEAKER_00: And then from those answers, then you can get a better idea as to what that thought process is of that particular seller.
• 16:07
  SPEAKER_00: Are they using it just to stay here?
• 16:08
  SPEAKER_00: Are they using it to try to actually get it solved in that short sale perspective?
• 16:13
  SPEAKER_00: All right, so let's look at the next one.
• 16:15
  SPEAKER_00: So that's a short sale.
• 16:16
  SPEAKER_00: There's only eight.
• 16:17
  SPEAKER_00: So we're gonna go.
• 16:18
  SPEAKER_00: This is an REO property.
• 16:20
  SPEAKER_00: 27571 Karaway.
• 16:24
  SPEAKER_00: There it is.
• 16:25
  SPEAKER_00: Let's pull this one up.
• 16:27
  SPEAKER_00: This one's also active, but on the market 89 days.
• 16:30
  SPEAKER_00: It is um not in escrow, so it still is active.
• 16:34
  SPEAKER_00: So it's an REO bank owned property, as you can see here.
• 16:37
  SPEAKER_00: That looks real clean on the outside, not much done on the inside.
• 16:41
  SPEAKER_00: Oh, they had little the fire there in the virtual tour.
• 16:44
  SPEAKER_00: That's nice.
• 16:44
  SPEAKER_00: Built in 1979 and right now priced at 809,900, 1,776 square feet.
• 16:51
  SPEAKER_00: So this is gonna come back to it being an issue of, you know, if it is it going to appraise, but this is a bank owned property.
• 16:59
  SPEAKER_00: So the question from your agent to the listing agent representing the bank, Stephanie here, should be, you know, do you have any offers?
• 17:05
  SPEAKER_00: What's the bank's response time?
• 17:07
  SPEAKER_00: How long is it gonna take for my client to hear?
• 17:09
  SPEAKER_00: What kind of buyers are they looking for?
• 17:12
  SPEAKER_00: Because depending on condition of property, it could be that FHA and VA won't finance it.
• 17:17
  SPEAKER_00: It could be that a 20% down loan won't be able to finance it.
• 17:21
  SPEAKER_00: It just depends on the property condition.
• 17:23
  SPEAKER_00: But these are things definitely to investigate.
• 17:26
  SPEAKER_00: And when you're buying a bank owned short sale, the bank knows nothing about the property.
• 17:30
  SPEAKER_00: They have no idea.
• 17:31
  SPEAKER_00: So when it comes to disclosures, they're exempt.
• 17:33
  SPEAKER_00: When you get disclosures back from a regular sale, the sellers, the people that live there, they're gonna give you a report.
• 17:40
  SPEAKER_00: They're gonna talk about what they've done to the property over the many years that they've lived there or whatever time frame it is.
• 17:45
  SPEAKER_00: So you're gonna have a lot to look at.
• 17:47
  SPEAKER_00: You'll give that to your home inspector, hopefully, and then they'll be able to go through the property and then validate whatever maybe they said according to what uh they did to the property and what was discovered.
• 17:59
  SPEAKER_00: In the case of a bank-owned property, there is not that requirement, there isn't that requirement because it's been foreclosed.
• 18:07
  SPEAKER_00: The sellers have the the past people, now the bank is the seller because they own the note.
• 18:12
  SPEAKER_00: The past people that live there, they're gone, and who knows, maybe it was tenant occupied or whatever as well.
• 18:17
  SPEAKER_00: So that's the other one.
• 18:18
  SPEAKER_00: So there's one on Caraway, bank owned property.
• 18:21
  SPEAKER_00: For all of these, my suggestion is always make sure you look at the value, make sure you look at what the property is being sold for, and then have your agent pull the intel and see what they would offer as far as comps go, what the last solds have been.
• 18:38
  SPEAKER_00: 18145.
• 18:40
  SPEAKER_00: American Beauty.
• 18:41
  SPEAKER_00: There's one.
• 18:43
  SPEAKER_00: Let's pull this up.
• 18:44
  SPEAKER_00: This is number 108.
• 18:45
  SPEAKER_00: Is that here?
• 18:46
  SPEAKER_00: Oh, yeah, it's easy.
• 18:46
  SPEAKER_00: So this is a short sale.
• 18:48
  SPEAKER_00: Uh, this one here has been on the market 152 days.
• 18:51
  SPEAKER_00: Again, a very long time.
• 18:53
  SPEAKER_00: Usually properties are selling 30, 40, 50, 60 days to have it on the market this long, it's because they're still trying to negotiate with the bank on the seller's behalf.
• 19:03
  SPEAKER_00: And this is the agent doing this.
• 19:05
  SPEAKER_00: And if they have a department like a short sale department, then they're able to help mitigate it a little faster.
• 19:12
  SPEAKER_00: But if they don't have that, which a lot of those departments were shut down after the conclusion of the last foreclosure and distressed real estate cycle, beginning of 20 uh 2012, 2013.
• 19:25
  SPEAKER_00: That was kind of it.
• 19:26
  SPEAKER_00: So those short sale departments were few and far between, and most of them got shut down.
• 19:30
  SPEAKER_00: But this is another one that's actually short sale.
• 19:33
  SPEAKER_00: Currently, let's do another property.
• 19:36
  SPEAKER_00: This is so exciting.
• 19:38
  SPEAKER_00: Let's do, let's uh, let's look at a um another short sale in Rainbow Glen.
• 19:45
  SPEAKER_00: So there's a few of these.
• 19:46
  SPEAKER_00: Um, the numbers are easy.
• 19:48
  SPEAKER_00: You can just go to just ask your agent, reach out to them, and have them pull the properties and send them to you.
• 19:54
  SPEAKER_00: Here's one at 293.
• 19:57
  SPEAKER_00: That's a bankruptcy property.
• 19:59
  SPEAKER_00: So with bankruptcies, two, seven, six, seven, three.
• 20:03
  SPEAKER_00: There it is, cobblestone.
• 20:06
  SPEAKER_00: So this is a bankruptcy property.
• 20:08
  SPEAKER_00: So basically, they didn't exclude the house from a bankruptcy.
• 20:13
  SPEAKER_00: I don't think you can do it the other way.
• 20:14
  SPEAKER_00: I don't think you can have the have the uh if you're approaching a bankruptcy, I think you have a choice to either include or exclude the house.
• 20:24
  SPEAKER_00: In this particular case, they've included the house in the bankruptcy.
• 20:28
  SPEAKER_00: I don't think you can have it the other way by you know excluding your debt and just bankruptcying the house.
• 20:33
  SPEAKER_00: I think it has to come the other the other direction.
• 20:37
  SPEAKER_00: But this is something to look at.
• 20:39
  SPEAKER_00: Not a lot of uh not a lot done with the photographs.
• 20:43
  SPEAKER_00: Again, it's it's a very it's it's a painful process.
• 20:46
  SPEAKER_00: Short sale and bankruptcy as a real estate buyer, if you've never been through it, maybe you don't think it's a big deal.
• 20:53
  SPEAKER_00: Folks, it's a it's a massive thing.
• 20:55
  SPEAKER_00: You're losing a house, and I'm not gonna try to you know yank on everybody's tear ducks, but it is a big deal.
• 21:01
  SPEAKER_00: And back in the last market, we got phone calls by a lot of investors that had multiple properties that they wanted to have sold short.
• 21:10
  SPEAKER_00: And in that case, you know, did you feel bad?
• 21:13
  SPEAKER_00: Well, I mean, they're losing a lot of money, but you know, maybe there was a lot of money to lose.
• 21:18
  SPEAKER_00: In the one for short sales, where they basically got to a point they had some job loss, divorce, disease, death, it's it's incredibly painful because you're living it with them.
• 21:28
  SPEAKER_00: You're dealing with the bank on your client's behalf, and in most cases, they just wanted to get out with at the least amount of damage possible.
• 21:38
  SPEAKER_00: That's what they wanted.
• 21:39
  SPEAKER_00: So, this is another another property here.
• 21:41
  SPEAKER_00: That's kind of the rundown with regard to short sales and distress properties.
• 21:46
  SPEAKER_00: My suggestion is it's a very low portion of the market out of the 870 some odd listings we had listed as of active right now, there's only eight that are currently active that are some kind of distress.
• 22:00
  SPEAKER_00: And one of those eight's a bankruptcy.
• 22:03
  SPEAKER_00: So it is some kind of distress.
• 22:05
  SPEAKER_00: But all of these properties, those sale points, people are going to be promising you.
• 22:09
  SPEAKER_00: Oh my gosh, you're gonna get such a great deal on it.
• 22:11
  SPEAKER_00: People don't give stuff away, folks.
• 22:13
  SPEAKER_00: There's a verification process in place at the other side of this.
• 22:17
  SPEAKER_00: Anyway, Connor McIver, July 1st.
• 22:19
  SPEAKER_00: We'll be back tomorrow.
• 22:20
  SPEAKER_00: Thank you for watching.
• 22:21
  SPEAKER_00: Please share and let me know if we can answer any questions you take care.
• 22:26
  SPEAKER_00: Thank you.