Philadelphia Short Sales: When a Loan Modification does not work - Short Sale Success in Mayfair !
Philadelphia Short Sales: Every short sale listing we take on is a different experience as you really will never know what will transpire. What you do know is to concentrate on what is within your control to maximize the success of your listing selling and then being approved by the bank and closing. There was a terrific featured post recently here on Active Rain called 10 Reasons Why Your Short Sale Will Not Close by Noel Padilla which is a must read.
In any event, our recent success story relates to struggling home owners in Mayfair who were almost out of options. They received Counseling Services from the City of Philadelphia in addition to paying other Loan Modification companies with no success whatsoever. Finally, they found out that a short sale was an option to them. Sadly, this was not communicated to them in the beginning from all these other great loan modification companies as they were the perfect candidate for a short sale. So they googled a few words for a Philadelphia Short Sale Expert and found us.
It was not the easiest short sale as their bank was tough to deal with and our second buyer had to switch mortgage companies for her loan to go through. The seller's bank counter-offered the first deal we had accepted and the buyer decided to pass. No big deal as we now knew what the number was that the bank was willing to accept.
Within a week we wrapped up another deal that initially appeared like a no-brainer, 20 percent down, no inspections, great buyer with fantastic credit, income and assets. The buyer was trying to do her loan through Bank of America who called for all sorts of repairs on the property and for a home inspection to be done even though the appraisal came in $4,000 above the contract price. The repairs that were called for were just ludicrous. What do you do ? I told the buyers agent to run from her mortgage company and recommended a local mortgage broker with Cardinal Financial. They still wanted to try Bank of America because "their rate was lower". Thus, the buyer paid for a home inspection, gave the report to Bank of America (very few things came up) and they still would not remove their conditions. A waste of money ! Thus, after coming close to terminating the deal and finding another buyer, they did decide to go with Cardinal Financial who got the deal closed 2 weeks later. Everyone was happy !
At settlement our sellers said, "Boy, you guys are good ! If we only knew to have called you first."
Short Sales do work ! For us, our ratio is still 100 PERCENT in the last 3 years !! How cool is that ?
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The Somers Team - Philadelphia Real Estate
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