Short Sales Stay on The Market a Long Time!
It is very common to see a short sale have a DOM (Days On Market) well over 100 days, 200 days, even 300 days. So why are these short sales still for sale?
Here are a few possible reasons:
- The home is no longer for sale, but still appears “Active” in the MLS
- The home is over priced
- The seller is not allowing showings or making it difficult
- The tenant is not allowing showings or making it difficult
- There is no lockbox for easy entry
- There is one photo
- The are several BAD photos (some short sale listing agents try to “trick” the exterior BPO agent, so they purposely make the pictures look horrible in turn losing possible interest from buyers)
- The home was previously under contract and if it was placed “contingent” in the MLS the DOM kept adding up (the DOM clock only stops when a property is placed “Pending” in the MLS)
These are just a few possible reasons why a Wellington short sale may have a high DOM.
If you are a home buyer who is considering purchasing a short sale don’t necessarily rule one out because it has a high DOM, but make sure you understand the short sale process. You can start searching for short sales now.
Contact us today for all your Wellington FL short sale needs.