Stanislaus County Short Sales- Foreclosures are Down!

Stanislaus County Short Sales- Foreclosures are Down!

According to the National Foreclosure Report the number of completed foreclosures nationwide is down for the fourth month in a row.  The report was released today October 4, 2012 by CoreLogic.  If you have been reading my market reports of home sales here in Stanislaus County this will not come as a surprise to you.   For the last few months I have shown in my reports of Stanislaus County, and the cities of Turlock, Modesto, Patterson, Ceres that the number of short sales is now surpassing the number or bank owned sales.

The report states that “The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”  This is something that is very real here in Stanislaus County.   The number of Stanislaus County Short Sales continues to rise and in my opinion will continue to do so for some time.  It seems like the banks have finally caught on that doing Short Sales is a better option for all involved.  It is less costly for the banks, doesn't damage a seller's credit as much and allows the seller to be able to buy again much sooner than if they had a foreclosure.

Another advantage to a Stanislaus County Short Sale in my opinion is that in most cases the home is in much better condition than a bank owned home.   I know that some banks will go in and install new carpet and put on a fresh coat of paint but who knows what is under that fresh coat of paint and new carpet.  With a Stanislaus County Short Sale you are dealing with the actual owner of the home  and they usually know the history of that home. 

The banks are in MOST cases getting faster in their short sale approvals.   There are still short sale nightmares but I think that is now the exception and not the rule.  I think the bottom line is that we will be seeing even less foreclosures completed in the coming months and more homes being sold as short sales.  

If you are facing foreclosure and are not sure what to do give me, JIM PATTON, a call at 209-633-2839 and we can discuss if a Stanislaus County Short Sale is right for you.   I look forward to hearing from you.