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)
In 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 thesomersteam@yahoo.com . 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 thesomersteam@yahoo.com .
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Ugh... short sales. Tomorrow is day 79 and we are finally closing... but, COUNTRYWIDE cut the REALTOR compensation, the closing cost contributions to the buyers and were just a big pain in the ______ to deal with.
Debbie - the real estate commission was cut on this deal as well. I did not mind too much since it was approved super fast. It was also cut since we did dual agency on the deal. It happens sometimes - the bigger picture is that the seller was super happy to get out of his situation, the buyer was super happy to get a great deal. It will be a great referral source for us with both clients and the bank now does not have to foreclose so is great for the neighborhood too !
Christopher and Stephanie:
Are you approving with the bank the sale terms and price prior to getting the contract of sale(buyer)?
Richard
No - when we have the contract from a buyer, that is when we will send up the entire short sale package. Prior to that, we plan ahead by having everything that the bank needs (sellers hardship letter, financial info..etc). We will also contact the bank and let them know the situation so they can denote the account and make sure they have the proper authorization needed to speak with us ahead of time (that process alone can take a couple of weeks if not planned ahead).
Hi Chris & Stephanie,
I closed one in 22 days! But like your transaction we went through 2 buyers who backed out. At that point everything was ready to go on the banks end, just waiting for the buyer. Congrats these can be tough but very rewarding we we get them done. :)
We've had a plethora of these types of buyers in the past 2 months, many of whom couldn't get a loan or didn't qualify. But there's plenty of inventory and lots of first time homebuyers, so for every 3 you lose, you gain one taht settles. Continued success with the Philadelphia market Christopher and STephanie.
Christopher & Stephanie,
Thanks for the post. Truth be told every successful short sale is cause for celebration.
Suzanne - congrats to you as well ! You are right - they are very rewarding. And the more I think about it, they are a huge reward to the neighborhood and community as well !
William - you got that right !
you know everything is in the power of 3's, comedy, the Trinity and Real Estate
Good Job whay to stick with it
Dave
I've only been involved with 2 short sales - on both they gave up and we moved on to "normal" listings, Karen
I'm interested in Short Sales in virtually any area of Philadelphia. I have funding in place, so I would like quick and easy (if that is ever possible). Please email me at reophiladelphia@gmail.com if you area interested. Feel free to send a list or a phone number.
- Mike