How many people try to short-sell their house, before getting foreclosed?

Those on the default list get bombarded with save-your-credit and extend-your-free-rent offers from realtors – plus kickbacks too.  To resist, a defaulter must be really committed to NOT short-selling.

Of the 41 SFRs that were foreclosed in North SD County Coastal since June 1st:

Tried short-selling: 14 (34%)

No attempt to short-sell: 27 (66%)

I guess there could be a few who thought that their loan modification still had a chance of succeeding, but the bank foreclosed on them prematurely.  But the vast majority of the 27 who didn’t try to short-sell must have been determined to let that house go.

On a side note – having just 41 foreclosed in almost two months,  in an area that closed 410 detached sales during the same period, is discouraging news for buyers waiting for additional REO inventory.

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