Nevada Real Estate >> Las Vegas Real Estate Specialist: California: Temecula

Temecula's Rising REO Inventory... There is more to it than what meet's the eye

In Temecula, there are now 115 REO, otherwise known as Bank Owned Active Listings. At the market's bottom (mid 2009), there were only 40 active Bank Repos in Temecula. These numbers could seem fairly alarming to most buyers, and in all honestly, I can completely see why buyers are back to sitting on the sidelines, as it is up to us, as Real Estate Professionals, to educate our buyers on market conditions.

If you look closer at the 115 Active REO homes in Temecula, you will see that over 50% of them are "Fannie Mae" homes, which, in my opinion, Fannie Mae Homes are priced 20-25% above fair market value. They typically sit for months on end, and endure several price reductions, before the "seller" becomes realistic with the home's fair market value.

That being said, homes that are priced correctly, whether it be an REO (Bank Repo) or Standard Sale (Probate, Investor Owned, Traditional Owner with Equity), are selling within 60-90 days of being listed on the Multiple Listing Services with a Realtor.

Moral of the story? Educate your clients! Don't let your buyer's control the conversation based on "media reports, or a neighbors opinion on the market", give them factual data, and SHOW THEM why NOW is as great a time as any to purchase a home!

I have been watching the inventory of Bank Owned / REO homes in Temecula slowly creep up over the past several months, from 70, to 80, to 90, to now over 100 Active REO listings! The numbers can be a bit deceiving as a large number of the listings are Fannie Mae / Homepath Owned, which means the list prices on these homes are typically 20% higher than the true market value of the home.

I am curious to know what the Bank Owned / REO Inventory is like in your town? Are you seeing the same increase we are seeing in Temecula, and if so, are you also seeing that majority of the listings are Fannie Mae / Homepath homes, which have little weight on the market, as their prices are so far out of line, most agents I associate with avoid showing them, as the seller is not realistic with their asking price!

Now it's comment time!

Temecula Pool Homes For Sale

 There are currently 113 active pool homes for sale in Temecula. They range in price from $217,867 to $9,200,000, in size from 1289 square feet to over 12,000 square feet, and they come in all different shapes and styles! From traditional tract homes to a full blown bed & breakfast, I can guarantee you will find one that is just right for your family! Pool homes are great in Temecula due to the extremely hot summers we have here, and they are sure to create plenty of fun unforgettable family moments throughout the years!

I would love to show you all 113 Temecula Pool Homes For Sale, and if you mention you found me on ActiveRain, I will give you a $500 credit at the close of escrow good torwards your closing costs! I am very familiar with almost every single community in Temecula California! Let me be your Temecula Realtor today, whether you are buying a home in Temecula, or Selling a home in Temecula, Call me today at (951)491-5052!

Harveston Bank Owned Homes in Temecula California

Welcome to Harveston, a master planned community consisting of 1587 single family homes and condominiums, along with over 300 apartments.This community is built around a beautiful public 17 acre lake and park. Community ammenities consist of bike trails, pedestrian walkways, paddle boats, community pool & spa, clubhouse, fitness center, and an outdoor amphitheatre!

There is an elementary school within the community, known as Ysabel Barnett Elementary. Children can easily walk and ride their bikes to school. The middle school would be James L Day, and the high school would be Chaparral High School. ABC Day Care is also located within the community. There is a homeowners association in Harveston, and a higher tax rate than in other communities, but look at what you get for the money!

There are not many Bank Owned Homes in Harveston currently, due to the depleted inventory supply right now. This post is to show you the Harveston Bank Owned Homes in Temecula California that do exist! There are currently 9 Bank Owned REO homes in Harveston. They range in price from $189,900 for a 1530 square foot townhome, to $359,900 for a 3675 square foot home. Click here to see all HARVESTON BANK OWNED HOMES in Temecula California. 

I posted a map below to show you exactly where Harveston is located in Temecula California. If you would like to see all 9 Bank Owned Harveston listings, please give me a call at (951)491-5052. I will be glad to show you not only these homes, but homes in surrounding communities as well, and if you mention you found me via Activerain, I will give you a $500 rebate via a credit towards your closing costs! So don't delay, call me today!

This is a topic I have been meaning to write about since I first got started with ActiveRain at the beginning of this month, and this morning I finally reached my boiling point with this topic, so I am taking to my blog to "Vent", for lack of a better term.

I was on my way to work today, when I decided to do my bi-weekly check on one of my vacant listings. I check all my vacant listings twice a week, to ensure all doors and windows are locked properly, that no vandalism has occurred, and to collect business cards from all Realtors who have shown the home, to follow up with them on feedback from their buyers, as I love to pass along real time opinions to my seller, it's just one of the many ways I show my sellers that their home is my #1 PRIORITY!

I pull up to the home (8:00 AM) and see that there is a car in the driveway, so I immediately decide to wait a few minutes to enter, as I assume its being shown, and albeit its a little early, I do not want to interrupt a showing. After a few minutes of checking emails, I decide to enter, as I am already running behind schedule with a million things on the agenda for today at the office.

I enter to find two people in the home, each of them not older than 25, discussing the floor plan, the home, and a potential offer. I politely ask which one of them is the agent so that I could alert them that the home was moved into PENDING status on Sunday. They both lowered their heads, and said that neither of them were agents, that their agent gave them the code to enter, since the agent couldn't make it to the showing.

My first instinct was to give them each a tongue lashing, but I quickly assessed the situation and determined that, after speaking with them for 5 minutes, their agent rarely met them to show them property, and always gave them the code to enter, telling them to go early in the day, or later in the day, to avoid running into any other agents. I did my quick check of the property, made sure everything was locked up, and escorted them out. I quickly jotted down their agent's name and number, before watching them take off from the property.

This has been an alarming trend in our area. I have probably shown a dozen homes to clients, where I found buyers without agents inside, each time the same story, the buyer's agent couldn't make it, so they gave us the code. In one circumstance, I phoned not only the listing agent, but the police as the two characters inside the home were stealing the appliances, and it was later found out that their point of entry was the combo lockbox, and it was later revealed they got the code from an out of area agent.

So, not only do we have selling agents giving out the combo codes to their run of the mill everyday clients, but we have "cold call" "buyers" being given the combo, when the selling agent has NEVER even met them! This is very alarming to me, and these agents should lose, or have their licenses RESTRICTED at the least! You are not only failing to do your job, but you are allowing, in certain circumstances, total strangers into a $300,000 home, with no IDEA of what their true intentions are!

Now, for the sake of argument, lets say the code you gave out was to a family friend. A buyer you know would NEVER do anything wrong, and one you trust with your life. So you gave out the code, they went and looked at the home, left, and forgot to lock the back slider. Next day you get a call from the listing agent, telling you that you were the last agent to request the code to show, and that the home had been vandalized that night. WHAT DO YOU DO? Because that "family friend", the one you "trust with your life" just made a simple mistake, yet one that cost the sellers $2,500 as that "unlocked slider" led to the theft of a full set of stainless steel LG appliances (Personally have seen this happen to an agent in my office's listing, he was the listing agent)

As a selling agent, if you can rationalize even 1% giving your buyer, or even worse, giving a cold call a combo code to a property, simply because you can't, or don't wish to drive across town to actually show the home, then you should LOSE YOUR LICENSE! When you became a Realtor, you were expected to adhere to a code of ethics, and this goes against that code! You not only put the seller at risk of a loss, but you put yourself at the risk of a lawsuit.

I finally think I have a "hot button" topic that EVERYONE can agree with. Giving a code out to your buyers is NEVER OK! If you can't show the home, refer them to someone who can, or reschedule the showing to a time convenient to you! DON'T COMPROMISE YOUR INTEGRITY AND DO THE RIGHT THING!