Homepath Property taken off market at 99 DOM

[Mark C.]

I was bidding on a homepath proeprty which underwent 2 price reductions. From $225k, $220k, down to$209k. These price drops happened at even intervals (~34 days). We were bidding back and forth for a few exchanges, and they were playing ball even with our relatively low offers. They were slow to respond and counter, usually about 7-10 days in between each time. At one point they rejected out offer, a week went by, they dropped the asking price to $209k, at which point we resubmitted a higher offer at $190k. Keep in mind this is small house a rural area that needs work, 3 acre property, cold market. There were no other offers that we know of. 3 weeks after we submitted this offer, we had still heard nothing (our offer was still "active/under review" in the system. Then at 99 DOM, the house changed to Temporarily off market in the MLS. about a week later it dissapeared from the MLS, and the homepath website status is "Not Available".

I find it very strange that the house changed to "Temp off market" at the exact time that the price most likely would have been reduced again.  Coincidence? Our offer still remains at "active/under review", although the house has been off the market for about 5 weeks now.  I drive by occasionally, and they still cut the grass and clean the house weekly.

Our initial offer was 170k while it was listed 220k.  It just seems strange to me that they would play ball with an offer that low but ignore an offer at 190k when the asking price is 209k.  Is this a tactic to reset the DOM count in Trend MLS?  I figured the most likely scenario is that there is some kind of title issue with the property that is being resolved.  The more I think about it, I think it's maybe possible they just weren't getting the offers they wanted so they de-listed it to give it some time.   What are some possible reasons for this?  

[Julia Dugger]

there are a million possible reasons for this - difficult to resolve title issues, improper foreclosure, consideration for alternate channel for sale, environmental issues that need addressing, legal issues associated with the property or former owner. The list is endless.