So most of you know that I am a CDPE ~ Certified Distressed Property Expert. Anyway yesterday I sent out 78 letters to distressed homeowners in the Hollister and San Benito County area. Here’s what I found on foreclosureradar.com
In the last month over 100 Notices of Default were filed. I went through the list and cross referenced to the MLS to see how many homeowners were trying to do a Short Sale vs. just letting their home go to Foreclosure. The national average is 70% of distressed homeowners do nothing to try and stave off Foreclosure. The number held true for Hollister and San Benito County at large.
The folks receiving letters from me are to those 70% who have not reached out for help! I hope they see the genuiness of the letters and there are honest, ethical agents out here with the skill set to help them figure this out. They really are not in this alone.
An interesting side note ~ there were 3 or 4 homes that were Bank Owned/REO’s that sold within the last year and their near owners are in default. All of them were FHA Loans so you know at the time of purchase the buyers were well qualified. So I’m so curious what happened to these homeowner’s. I would love to hear their story. We they effected by the economy and maybe lost a job or …… do they know the market has continued to trend down over the last year and they feel like the house isn’t worth what they paid for it so they’ve just stopped making the payments. To some degree I wonder how much of that is going on. It seems to be a possible cultural phenomenon.