Foreclosure and Shortsale
Today’s market is a double edge sword especially for those areas hit hardest with a great number of foreclosure and where the foreclosure rates have not seemed to let down. Prices have come down tremendously making it a great time to buy a home but at the cost of many other homeowners losing their homes. Santa Maria real estate market is not immune to the current foreclosure crisis. 
The number of Santa Maria foreclosures have seem to have died down in the recent months but I believe that is partly due to a number of factors. One is the banks are just not releasing the homes that are foreclosed as well as loan modifications that are in the works.
But even though the number of foreclosure have seem to have decreased the majority of homes for sale in Santa Maria and in probably other areas of the country where there was predominance of a considerable amount of building as well as subprime loans, mostly consists of either a foreclosure or a short sale. Santa Maria real estate market seems to have been the dominant place on the Central Coast for foreclosures, and short sales. Short sales is another term that has become popular due to the foreclosure crsis. As I said before most homes for sale in Santa Maria seem to be either a Foreclosure or a Short Sale 80% of the time.
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Most clients just see a home for sale in Santa Maria and want to go look at it or have questions about it with out having any idea of what the difference is between foreclosure or a shortsale. There two real main differences between a foreclosure and a short sale. In a Short Sale the bank has not taken the home away from the homeowner, and is selling the home that he is upside down on. The homeowner is seeking permission from the bank to sell the home since he owes more on the home than it is worth. So basically the home is upside the homeowner may owe 300k but the home is worth now 150k. The other real main difference is time and it usually takes a considerable amount of time to close a short sale. The banks do not approve short sales easily nor do they make the process an easy one, it can take months to close a short sale weeks and even months just to get an approval on a short sale. When a foreclosure hits the market the bank just wants to liquidate the home as soon as possible. Another factor that may delay the home in a short sale is that the bank may have a loan on the home but is just servicing the loan that is backed by investors so aside from having to deal with the homeowner and the bank there is an invisible party the “investor” that no one really deals with other than the negotiator that bank assigns to the file once a negotiator gets assigned to the file time line does speed up a bit.
Some times short sales can be a great opportunity for someone that wants to buy a home and although they can require more work and patience you can find some good deals in a short sale and not just foreclosures. Many times the conditions of the home in a short are left in better shape than foreclosures. Santa Maria real estate market still has plenty of options for home buyers and choices whether they be short sale, foreclosures, and even just regular listings, call me to show you what is available.
Buying or selling a home or property in Santa Maria CA, or a Santa Maria foreclosure, or a property on the Central Coast, my goal is to provide you with resources you need. DRE 0131588
You can feel confident that he will treat you with respect and dignity and that he is only down the street, a local phone call away not an "800" number if you need help, and have any questions. His office is located in the OSH shopping center on 1954 S. Broadway, ste. L, Santa Maria, Ca. or you can call him at 805-352-1100 or email him at GenePerez@GMSLoans.net
