The Philadelphia Real Estate Blog


Short Sale Success in Philadelphia - Third time was a Charm !

Short Sale Success in Fishtown / Old Kensington - Philadelphia Real Estate

We had a settlement today that was a short sale for a property in Fishtown / Old Kensington .  This was a tough deal as the first 2 buyers backed out - one to cold feet, the other lost the money he was going to use for the purchase in the stock market !!   Of course, we did not give up.

We planned for the short sale (if not familair with a short sale, please read "what is a short sale ? " ) right from the beginning and had all the documentation from the seller and had it approved in the first month !  When we received the approval letter, it reminded me of a post that Nestor and Katerina Gassett wrote that they do a twirl and dance when they get a short sale approval that comes in via a fax !  (If you have not read their blog, I would highly recommend it as they are super short sale specialists as well in Wellington Florida)

Philadelphia Real Estate - Chris and Stephanie SomersIn any event, this was one of those deals that was referred to me (always great to receive a referral).  It was listed twice prior to myself by agents who had it listed super high at a price needed to clear title.  Of course it would never sell for that amount nor would it appraise even if a deal was received so the seller lost over a year with bad real estate advice !!! 

When I met with the seller, it was clearly obvious that he was a perfect candidate for a short sale as the level of hardship was very high.  We had the property under contract within the first month ! Of course we had to go through a couple of buyers - that is the benefit of a lead management system.  As soon as the other buyers backed out, we literally had it under contract again within a week.

We work hard !!

What is the fastest short sale you have approved ?  And longest ?

If you feel that you may want to pursue a short sale option in Philadelphia, contact us at .  Visit The Somers Team - Philadelphia Real Estate .

Also, if interested in buying or selling in Philadelphia, contact Chris and Stephanie Somers at 215-400-2612 or .

Click here to receive our Philadelphia Real Estate blog updates via email !

Feel free to subscribe to our blog or our monthly newsletter to stay up to date with our latest posts and information on the Philadelphia Real Estate Market.  You can also sign up to receive the Philadelphia Real Estate Blog via email.

The Philadelphia Real Estate Blog  The Somers Team on Facebook  The Somers Team on Twitter  The Somers Team on LinkedIn

 Bookmark and Share

Comment balloon 10 commentsThe Somers Team • October 29 2008 07:23PM
Short Sale Success in Philadelphia - Third time was a Charm
Short Sale Success in Fishtown / Old Kensington - Philadelphia Real Estate We had a settlement today that was a short sale for a property in Fishtown / Old Kensington This was a tough deal as the first 2 buyers backed out - one to cold… more
Featured in RE/MAX Times Online That's Hot
I have seen other ActiveRain bloggers say that their blog had been picked up by a local newspaper or their company. I always thought that that would be so cool and would wonder how would that happen Well, the same just happened to us!! … more
Short Sale Specialists in Philadelphia - Plan and Prepare for Success…
Short Sale Specialists in Phildelphia It is amazing how many realtors and sellers are listing properties just based on what is owed on the property at prices that are unrealistic and will never sell. A recent short sale we did was in… more
A cursed property Not anymore - settlement success in Fishtown..
Protecting Your Listing from break-ins Have you or your seller ever had one of those properties that was a difficult sale due to vandalism Our poor seller overpaid for a property in Fishtown (did not have us as buyers agents), tried… more
$7, 500 First Time Homebuyer Tax Credit - Philadelphia Real Estate
Are you letting your clients know about the $7, 500 tax credit There is a great opportunity for first time homebuyers to take advantage of the $7, 500 first time homebuyer tax credit! Just in the last couple of days, when we have spoke to… more
Leads from Blogging - ActiveRain Works
In the last couple of weeks, Stephanie and I have received more calls or acknowledgement from Philadelphia buyers or sellers that have indicated that they came across us or contacted us due to our site - The Somers Team or our blog - the… more
Our cat blogs
Charlie is taking a break from blogging on ActiveRain He was in the process of checking out one of his favourite groups on A/R Charlie has become a hit per se on our blog as we have several posts and blogs of wonderful cats -… more
The power of "No" - challenge yourself to say it
Just say NO HERE IS WHERE I SAID NO TODAY: 1. I have a realtor but they are too busy. Can you show me the property NO 2. I am just curious in the property. Dont ask my any questions about my personal finances. … more
How slow (or strong) is your market
A Slow Market - how to strategize We held 2 open houses in Northern Liberties today. We helped coordinate an open house blitz with other offices. The whole neighborhood was alive with open houses - basically if your realtor did not… more
Listing to Closing in less than 30 days This one was special
Listing to Closing in less than 30 Days in Philadelphia Yesterday I got an email from one of our seller clients that read: Hi Chris You did great. I think the buyer was generated by you e-mailing the buyers that looked at my other… more