Every week I monitor Philadelphia listings that expire. Recently, I have seen a disturbing trend where more and more Philadelphia Short Sale Listings have expired, many of which never even went under contract. This is almost like Apple not being able to sell iPhones that were on sale or Amazon not being able to sell some discounted books. It just does not make any sense.
As a Philadelphia Short Sale Specialist, this simply has not happened with us. We are still batting 100 percent for each and every one of our short sale listings that we have taken on, they have all SOLD and SETTLED.
What would be the reason why these Short Sale Listings have not sold? I have a few ideas below. Perhaps you can add a few more as well.
- Listing agent has zero experience in short sales
- Seller does not understand the process (nor was educated by their listing agent)
- Lender sets a price that is not in line with the market
- Cannot access the property (perhaps a bad tenant)
- Marketing on the property sucks
Not for nothing, short sale listings should be the first properties that sell, and never expire.
If you are a seller in need of doing a short sale, do yourself a favor and contact someone who has done short sales many times in the past. If you would like to contact The Somers, please do so!
We had another short sale settlement for a property in Mayfair this week. As usual, it was a long arduous process of downloading many documents into the Equator system. And with 2 loans, it makes it that much trickier as of course you have to get both loans approved for the short sale.
Fortunately, we worked with another fantastic buyers agent from our office at REMAX Access who educated her about the short sale process, thus being patient with each step.
And the seller was lucky enough to receive a relocation creditfrom the lender to help her move on with her life. Was a win-win all the way around!
Our short sale process works extremely well since we have several people working on the transaction. It is that constant follow-up with the lender that helps keeps the deal moving forward, and ultimately to the settlement table! With our resources, we have the process down to a science!
If you are need of having a short sale done on your property, contact The Somers Team!
That's how we role y'all.
Our recent short sale success story at the Metro Club in Old City brought out the k-pop spirit in us. There were two loans (Bank of America and Chase) and tons of back condo fees. Talk about a lot of moving parts... Gangnam style indeed! My brilliant assistant Mary and I celebrated our victory with our favorite tune of the year.
As always, if you need help with your short sale, contact us!
Good news for sellers! Short sales are about to get a little bit easier under new guidelines, effective November 1st. We all know how tough a short sale can be, and how important it is for the seller to work with the right agent who has experience in completing short sales and the resources to get the job done.
According to this article in the Wall Street Journal, "One part of the plan is for Fannie and Freddie to place a $6,000 cap on the amount of money holders of second mortgages can receive when the sale is completed, as a way to prevent the mortgage holders from haggling over their slice of the home-sale proceeds. Those second-lien holders would still be able to reject the sales if they saw fit.
Under the new rules, homeowners with missed mortgage payments would be allowed to submit fewer documents for short sale approval. Approvals would be speedier for situations of hardship. Less hassle and less waiting will make the short sale process much smoother, and we are certainly looking forward to November 1st. What are your thoughts on these new changes?
We can do another Philadelphia Short Sale victory dance! Our client's condo went to settlement after several months working with Wells Fargo tediously to get the short sale approved. Like any other short sale, we had to send the same information multiple times through the Equator system, almost had a heart attack or two as certain tasks need to be completed within an hour or two or "short sale will be closed" and even had to deal with Wells Fargo sending their money back after settlement because one hand did not talk to the right.
Long story short, it got done. Our client was thrilled with the outcome and it was a pleasure working with a great buyers agent as her buyers were patient. Often times, you have to sell the short sale property a few times as buyer agents do not communicate well to their buyers about the short sale process.
In doing a Philadelphia short sale, it is imperative that the seller hire the right agent who has both the experience in completing short sales and the resources to get the job done. And remember, one more short sale is one less foreclosure!
2960 Hale Street is a 3 Bedroom Short Sale property located in Mayfair.
This home features hardwood throughout, a sun room and formal living and dining room. There is a full partially finished basement and a 1 car garage with space in front of the garage for another car. The bathroom and kitchen need a little TLC.
Amazing investment for just $89,900! For more details, please contact the Somers Team.
It seems like more and more these days buyers agents and consumers are afraid of short sales, and perhaps even terrified. I think one of the main problems in Philadelphia is the lack of short sale education among real estate offices and the fact that short sales make up a small percentage of the transactions. As a result, agents and consumers just hear about the "horror stories" so they either stay away or enter with extreme caution.
Recently, with several of our short sale listings, I will receive multiple calls a day from different buyer agents with a whole slew of questions starting out with "What is the deal with this short sale" "Who is the bank" "How are they to deal with?". Five minutes into the conversation, I am explaining the whole short sale process. And then I am thinking "Geez, what are they telling the buyer?"...
At the end of the day, it is not really complicated. Our closing ratio on short sale listings is 100 percent. The only times they have not settled is when the buyers have flaked and then we have to sell the property again. With one property, we had to sell the property 5 times, another 3 times. With a current listing, 2 buyers have already backed out.
I am not sure what is up with this trend. To me, there is something going on with the buyers agents and the consumers. Not too long after they flake, we get another buyer, short sale approval and go to settlement. That is why it is extremely important to have the most committed buyer to be in the deal from the beginning. It takes too long to get a short sale approval and way too much work to have a flaky buyer.
Here are some tips with our short sale listings:
- You can be confident that short sale approval will be reached by our past history.
- We do not use an attorney that passes any additional costs onto the buyer.
- Do not submit a contract where inspections and mortgage process starts after short sale approval.
- Settlement will take 90 to 120 days and perhaps longer (overpromise and underdeliver)
Yes, there is risk with a short sale listing for a buyer and a buyers agent. But with the risk comes the substantial reward of being able to procure a property below market value.
And with what I have seen to date, I would strongly encourage all brokerage offices to increase their efforts on short sale training internally and encourage their agents to go to GPAR when short sale training is offered. And be extremely careful with the fraud that can occur with agents, short sales and consumers. For example, recently a Center City real estate office had the FBI investigating them. As a result, their office closed temporarily due to a fraudulent short sale flop.
The more offices and agents that are better versed in Philadelphia short sales, the better consumers will be served.
And of course, as always, if you are a seller in need of doing a short sale, contact us.
Short sale opportunity just in time for spring with lots of potential for cash flow! 732 N Terrace Street is a steal at $59,900. This quaint Northern Liberties studio is nestled in a park-like setting in a gated community. This turnkey property is rented at $850 a month. This studio includes a refrigerator, dishwasher, and a coin-operated laundry in the basement. Little to no upkeep. Condo fees covers heat, gas cooking and water. We welcome your visit.
Contact the Somers Team for more information.
Who says short isn't good? We'll take a short winter here in Philadelphia and while we're at it, why not a season of super hot short sales?
Take this short sale in Overbrook, for example...905 Kenmare Road is a 3 bedroom, 1 and 1/2 bath 2-story home for sale at a warming price of $99,900. Located in the desirable Overbook neighborhood, this home is on a beautiful tree-lined street. The property has a small front yard for gardening and a front porch, as well as a large cement rear yard. The home includes all appliances, a bonus freezer in the basement, and a storage shed in the yard. There hav been some renovations in the home such as a new kitchen with solid wood cabinets, tile floor and upgraded bathroom vanities in both the upper level bath and the basement powder room. Original refinished hardwood floors throughout. There is a newer hot water heater. BILCO doors lead from the yard to the basement. Basement is finished. Home shows well. Some finishing work is needed.
Come check it out! Contact the Somers Team for more information.
This week's Fresh Address is an incredible Short Sale Opportunity.
This is Where It's At: 732 N Terrace Street, A is a quaint Northern Liberties studio nestled in a parklike setting in a gated community.
Come On In: This turn key property is rented at $850 a month. This studio includes a refrigerator, dishwasher, and a coin operated laundry in the basement. Little to no upkeep. Condo fees covers heat, gas cooking and water.
$75,000 is a steal! We welcome your visit. Contact the Somers Team for more information.