Why have there been not many new listings in Granite Bay? (Roseville: for sale, real estate)

[moonsky]

I assume that there would be a lot of foreclosures and inventory. But there has been a few new listings in the past two months. Any thoughts?

[Nightmax]

I imagine there are very few foreclosures in Granite Bay because no one ever moves out of the area. When I lived in Roseville, every block I passed why running in the morning was occupied, smile. Sorry Maybe you should try Folsom or Cameron Park.

[NewToCA]

My casual, non-critical, search turns up quite a few Granite Bay foreclosures:

Granite Bay Foreclosures, Granite Bay Foreclosure Listings - Yahoo! Real Estate

[DMenscha]

I would assume that Granite Bay, while being far larger than my market area, is similar in it's activity. I would suspect that the "new" listings are down because of seasonal influences and perhaps some unwillingness on the part of sellers to be led like lambs to the slaughter.

I know 25 homeowners that would like to sell their homes, but have retired to the sidelines to wait out the recovery of the market. They don't seem to be too concerned about when that might be.

[moonsky]

Originally Posted by NewToCA

My casual, non-critical, search turns up quite a few Granite Bay foreclosures:

Granite Bay Foreclosures, Granite Bay Foreclosure Listings - Yahoo! Real Estate

Thanks for the listing. What is the notice to trustee sales(auction) and its process?

[NinaN]

The Trustee sale happens after the foreclosure and before the MLS listing. The bank is required to publish a notice of a trustees sale (I think 30 days before foreclosure) to give the homeowners one final chance to bring their mortgage up to date before evicting them and selling the house at auction.

First, the Trustee puts the home to auction at the county. If the auction price doesn't meet a minimum amount set by the bank, the bank will list if for sale as an REO (real estate owned). Auctions can be tricky and are probably not advised unless you are an experienced investor. Call the county and see when the next auction is held, then go watch it in process. This is not like buying a house through the normal process. You don't get the inspection period, and you have to have cash or quick financing available. A lot of flippers buy this way, fix, and sell at a profit. You cannot get FHA financing for a flip within 90-days of the first purchase, so there is usually substantial improvement that make the 90-day holding period worth it for the investor.

After the auction, if the house doesn't sell, it might be some time before the house is listed for sale as the banks are holding inventory until their other REOs sell so they don't flood the market and depress prices further. There are MANY properties owned by banks that are not yet for sale.

Hope that helps.

[AllansHomes]

In addition to what NinaN said, most banks put a hold on evictions and foreclosures during the holiday season. The same thing has happened the last three years and it's not just Granite Bay, it's across the board!

Allan Sanchez

[moonsky]

Originally Posted by AllansHomes

In addition to what NinaN said, most banks put a hold on evictions and foreclosures during the holiday season. The same thing has happened the last three years and it's not just Granite Bay, it's across the board!

Allan Sanchez

Should I assume that there may be more listings coming out after the Christmas?

[moonsky]

Originally Posted by NinaN

The Trustee sale happens after the foreclosure and before the MLS listing. The bank is required to publish a notice of a trustees sale (I think 30 days before foreclosure) to give the homeowners one final chance to bring their mortgage up to date before evicting them and selling the house at auction.

First, the Trustee puts the home to auction at the county. If the auction price doesn't meet a minimum amount set by the bank, the bank will list if for sale as an REO (real estate owned). Auctions can be tricky and are probably not advised unless you are an experienced investor. Call the county and see when the next auction is held, then go watch it in process. This is not like buying a house through the normal process. You don't get the inspection period, and you have to have cash or quick financing available. A lot of flippers buy this way, fix, and sell at a profit. You cannot get FHA financing for a flip within 90-days of the first purchase, so there is usually substantial improvement that make the 90-day holding period worth it for the investor.

After the auction, if the house doesn't sell, it might be some time before the house is listed for sale as the banks are holding inventory until their other REOs sell so they don't flood the market and depress prices further. There are MANY properties owned by banks that are not yet for sale.

Hope that helps.

Are the REO listings accessible? Is there anyway I can find out about them before they hit the market?

[KC6ZLV]

I'm thinking of buying a smaller home in one of the older neighbourhoods where people are still sane, but the houses are cheap. I noticed there are relatively few listings in comparison to a year ago, and it probably has something to do with the foreclosuregate nonsense. I looked up several houses and they have been pulled off the market, but not sold.

One of these days the banks are just going to get tired of having to allow people to remain in these houses who haven't paid their mortgages for two years and they will all be dumped on the market. I'll probably snap one up whenever that happens.