Wesley Chapel Short Sales

You've all heard about Short Sales / Pre-foreclosures which require the Seller's lender(s) approval of the Purchase Contract terms and price.  Here's a recent analysis of year to date sales reported in our MLS for single family homes in Wesley Chapel*:

• 220 Single Family Homes were reported sold (year to date) in Wesley Chapel
• Of the 220 single family homes reported sold only 37% were identified in our MLS as Short Sale / Pre-foreclosures.

Currently there are 245 single family Wesley Chapel homes in our MLS reported under contract.  70% of those are identified as "Short Sale" contracts.  A large number of those short sale contracts will end up not closing for a variety of reasons such as:

• Seller's lender(s) won't accept sales price
• Counter offer by Seller's lender not accepted by Buyer
• Seller's lender doesn't respond to offer within designated time period of contract and Buyer chooses not to wait indefinitely
• Seller's lender deems that Seller does not qualify for a "short sale" based on hardship package presented by Seller

31 of the Wesley Chapel single family homes currently under contract and identified as Short Sales have been under contract since 2009 (and 2 since 2008)  and have not yet closed!

Typical time from contract to closing is 4 to 6 weeks when the home is not a short sale/pre-foreclosure.
*Information deemed reliable but not guaranteed.  Required National Association of Realtors Disclaimer:  No, I did not sell all the homes reported sold in Wesley Chapel year to date!  These reported sold homes were listed and sold by a variety of participants in our MLS.