Huntington Beach Foreclosures Are On The Decline

Posted by Sam Smith Team on Friday, September 21st, 2012 at 3:57pm.

Huntington Beach foreclosures are on the decline as more and more sellers are electing to short sale their homes. The are a couple of reasons for this occurrence. First, the banks realize it's cheaper to work with the current owner of the home then let them house go into foreclosure. The foreclosure process can be a very long and drawn out process where the property is not taken care of. It's easier for banks to work with the current owner who is more likely to take care of the home during this process. The banks know that if they treat the short sale client with respect and help that someday this client may eventually buy a home through them again in the future.

Second, the banks are now offering huge incentives to sellers as much as $45,000 to short sale their home. It's money can be used to help with moving costs and to have off outstanding bills. For sellers, this is a much better win/win situation than letting the home slip into foreclosure. The short sale typically doesn't hurt the credit score as much as a foreclosure and in some cases can qualify to purchase a home in 2 years through an FHA or similar type loans. This is in contrast with a foreclosure that can ding your credit for up to 7 years. If you are thinking about short selling your home now has never been a better time. For Huntington Beach home buyers make sure to watch the short sale listings closely as these have replaced the large volume of distressed properties.

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