Lots of Short Sales listings under contract in Wesley Chapel

• Currently 69% of all Wesley Chapel homes reported under contract by our MLS in Wesley Chapel are classified as Short Sales/Pre-foreclosures, 8% are REO's/Foreclosures, and 23% are not distressed sales.  Note:  Only 21% of the homes that actually sold (closed) in the past six months were Short Sales.  (See chart below.)*
• 37% of the Short Sales under contract went under contract last year and have not yet closed, and three have been under contract since 2010.

69% of the homes listed for sale and not under contract in Wesley Chapel are not distressed sales (short sale/Pre-foreclosures or Foreclosures), while 25% are classified as Short Sales.

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The following chart depicts the homes reported sold by category for the past six months in MLS.  Note, the percentage of short sales homes that actually closed is much lower than the %  under contract.  Why?  Lenders of sellers can reject the short sale completely because the sellers don't qualify, they may not accept the purchase price and terms of contract offered by the buyers,or the buyers may get tired of waiting for a response for the seller's lender(s), etc.

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*Information from MLS deemed reliable but not guaranteed.