We wanted to highlight a discovery that comes from one of Flyhomes’s special features – a powerful, constantly updating feed.
One of the things we track that you can filter for is when homes that went pending or were delisted come back on the market.
So, what does ‘Back on the Market’ mean for homes?
Homes can come back on the market for a variety of reasons: most commonly, a sale may have fallen through during the contingency period. Sometimes a seller may decide to pull the property off the market and try again after making some changes or waiting for a better time.
This one bed, one bath condo was taken off the San Francisco MLS (multiple listing service) after a month, then re-listed 5 days later while also being listed on a wider Bay-Area based MLS. That exposes the property to more eyes – one reason why the property might have gone off market and come back on shortly afterwards.
Looking more closely at the price history and the listing information, we can see that:
1) It was originally listed by a different realtor at a significantly lower price and
2) This property is an REO (real-estate owned) sale, meaning that it was foreclosed upon, but did not sell at a foreclosure auction (likely that earlier listing).
What this tells us is that the property has had trouble generating interest, and the lenders who are selling it now may be more open to a lower offer. It could be worth checking out!
