Tuesday, April 05, 2011

Pending (Under Contract) New Tampa Single Family Homes

The majority of single family homes in New Tampa reported under contract currently in our local MLS* make up distressed sales (REO/Foreclosures & Short Sales/Pre-Foreclosures).  51% are classified as Short Sales and based on actual sales year to date we know that short sales made up only 20% of the actual sales of single family homes in New Tampa.  Why the disparity? 
  • A large number of the "Short Sale" homes under contract won't get approved by the sellers lenders and won't close as short sales.
  • "Short Sale" Buyers will tire of waiting for responses from sellers' lenders and move on to another transaction.
  • "Short Sale" buyers reject counteroffers on pending contracts by the sellers' lenders.
  • Some homes in "short sale" status will actually become REO/Foreclosures before they sell.
Single family homes in New Tampa on the market begin at $99,000.

*Information deemed reliable but not guaranteed

No comments: