Philadelphia Short Sales:  A Winning Formula for Short Sale Success !!

Stephanie Somers here from The Somers Team.   Call me a pessimist.  Call me a realist. Call me what you will, but I never really been called "lucky". Though in hindsight, perhaps I am particularly with Philadelphia Short Sales.

I think I may have stumbled onto what seems like a formula for a successful short sale:

P + R + L = SSS

Pessimism + Realism + Luck = Short Sale Success

 

This formula is based on 3 different factors to be taken with a dose of humor and awe at the utter Short Sale Success !randomness I have unveiled ! Too much Freakonomics !

1) Back-out Buyers (Be careful what you wish for)

2) Customer Service Representatives

3) Good ole Lady Luck

Pessimism Spurred by Back-out Buyers

As a Realtor partner of Chris Somers the Team Leader,  I pretty much do a majority of the back end work on our Short Sales. I will call on Chris,  nick name "big guns", when I have exhausted all of my charm with the negotiators of Short Sale deals. Very recently I have taken notice that "Back-out Buyers" are a growing phenomenon with almost every Short Sale that parks itself on my desk lately. It has become so prevalent that I have vowed from now on, I will assume that at least 1 buyer will back away from every short sale we do between the time we begin the process until we reach the end.  Call me a pessimist ! I have started to tell our clients to expect to go through more than 1 buyer during the Short Sale process. I have also begun to develop a list of Back-up Buyers in the event that a Back-out occurs.  If or when it happens, I want my client to be prepared. The short sale process is difficult enough for the seller and if they are blindsided by a back-out buyer, they may loose hope in the process and loose faith in me thier Realtor and advocate.

Realism:  It is what it is.  Deal with it.

I think we'd all agree that educating the consumer is certainly part of the Real Estate profession. And I will be the first to admit that there are Realtors out there that could use a few tutorials.  I wonder why the Bank's Customer Service Employees, the ones that heard all of the incoming Short Sale calls, do not have more education regarding Short Sales and Customer Service ? In my experience, it is not uncommon for the customer service person in the Short Sale department of any given bank, not to know what they are talking about. The right hand typically does not know what the left hand is doing. They may not know how to use the computer software to access the note on your file.  They may not fully read the digital files and miss telling you about important tings that will impact your Short Sale. They may not be familiar enough with the terms used in the notes to feel comfortable reading them to you, and thus omit very important information. This is not true in all cases but it is sadly true in many many many cases. I mean no insult. It is what it is. I expect it and deal with it though persistence.

Just the other day I found that one of our short sale files was "closed-out". A close-out often occurs when the Short Sale Package is incomplete and the negotiator gives up trying to work on the file due to lack of data or communication from the customer or Realtor. They just shut the file down and focus on another file. I do not blame them. They are beyond busy.  BUT, they closed-out one of MY Short Sales!!!  They claimed that they have been emailing me for a week or two and I had not returned their email ! Absurd I say ! I had called at least 2x per week for the last 3 months and each time I called I had to give all of my contact info to the representative including my email and phone number every time ! Somehow they wrote down the wrong email once.  Then they used the wrong email address.  Talk about luck... and when I had called in as usual the customer service reps I spoke to  NEVER communicated that they were trying to contact me. I was tipped off that something was wrong when I was transferred to an automated message: DO NOT CALL AGAIN FOR ANOTHER 30 DAYS. IF YOU DO, IT WILL JEOPARDIZE THE SHORT SALE PROCESS. (Bank of America) Luckily I had caught this mistake within minutes of the Close-out and was able to salvage the process. I guess luck was on my side.

No logical explanation can make sense of what can sometimes transpire with Short Sales.  Just go into it with Pessimism + Realism + Luck and you may get a taste of Short Sale Success !

Good luck out there !

Feel free to subscribe to our blog 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

 

Recently, we have had 2 long, hard-fought short sale deals where we went to war per se to get the deals Be Careful What You Wish For !approved. With diligent follow-up and negotiation and up against a deadline on both deals, the great news is that we got both deals approved !  Woo hoo !!!  Wait, wait... the buyer is no longer interested ??  What ???  Thanks for telling me now buyer agent.   How long have you known this ??  This is 100 percent different from our conversation just one week ago.

One deal was approved within our contract time-line and the other deal was a few days after-wards.  So at least in one case the buyer is in default.  But more importantly than that, what about the time lost for each of these sellers ?  Each deal took approximately 3 months to get that short sale approval.  What are these buyers thinking ?

Is this a trend ?  Are others seeing this in their markets ?  I hope it is just an isolated case for us.

The good news for us is that our streak of every short sale listing we have taking on has received short sale approval.  We will continue to work hard to get new buyers for these properties to maintain our streak of having every short sale listing go to settlement too.

I guess it goes back to that saying for these "remorseful buyers".....  BE CAREFUL WHAT YOU WISH FOR !

Please share similar experiences or what your thoughts are in regards to this situation.

 

Feel free to subscribe to our blog 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

 

These lots are located in a desired subdivision just North of Northern Liberties. Old Kensington is the home of the Crane Arts Building, Temple University, as well as a haven for homeowners, artists, entrepreneurs, and investors.

Here's a listing of the lots available:

 Philadelphia Real Estate - Old Kensington Lots

1422 N Orianna - $65,000

237 W Jefferson - $65,000

629 W Oxford - $29,900

641 W Oxford - $29,900

1435 N Orkney - $29,900

1613 N 7th - $29,900

1625 N 7th - $29,900

1643 N 7th - $29,900

1822 N 4th - $19,000

158-68 W York - $125,000

Lots can be purchased individually or as a package.

158-68 W York

Lot 158-68 W York

 

Large commercial (C-2) Lot available immediately. Located close to Front Street El Stop, the shopping corridor at Kensington Ave. and just North of Norris Square Park.  This property can also be purchased individually or as a package with any of the above residentially zoned individual parcels in Old Kensington.

 

Full list is available.  All offers will be presented.

 

Investors search here

Articles and Info on Old Kensington 

The Somers Team - Philadelphia Real Estate 

 

 

***************************************************************************************

If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Feel free to subscribe to our blog 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

 

New Listing in Harrowgate ~ 3484 Weikel Street for $55,000 

 

3484 Weikel Street

This is an adorable, updated, clean, 2 bedroom home in move-in condition in the Harrowgate section of Philadelphia.

Everything is new or recently installed. The heater is 5 years old, there are new windows throughout, and the entire home has been freshly painted and carpeted.

The bathroom and kitchen are also updated. There is forced air heating and updated electric. The basement is dry and spacious and there is a nice fenced-in rear yard.

This home is close to shopping on Aramingo Avenue.

Photo Gallery

 

We welcome your visit and invite you to explore more about living in Port Richmond.

 

The Somers Team - Philadelphia Real Estate

 

 

 

**************************************************************************************

If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Feel free to subscribe to our blog 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

 

Poplar Estates is now VA Approved:  A Philadelphia Condominium Success Story !!

I was thrilled when an offer came in after a few days on the market for a Northern Liberties condo we had listed that was in Poplar Estates.  However, when I saw that the mortgage would have to go VA my excitement disappeared quickly.  I thought it would be great for this deserved veteran to purchase this fab condo, but could the building possibly get VA approved ?

The more I thought about it, the more I thought that it could work.  After all, Poplar Estates met all the Fannie Mae requirements for FHA loans.  And I just sold a condo that I owned personally in Old City that was FHA.  And if FHA could go through, how much harder could VA be ?  In addition, the offer was high enough that it made sense for the owner to give it a shot based on my belief that it could work.

So speaking of work, the work began...  We provided the VA office with the documents that was needed.  And then they required more.... and more.... and more.   The management company was getting worn down and testy.  An attorney had to get involved to help with the communication between the condominium building and the VA office.  In addition, the Realtors made an agreement that we would pay some of the attorney's fees along with the buyer and seller.   The process was longer than waiting for a dial-up modem to play a video.  It was painful !!  The buyer moved into the property on a short term lease as we continued the wait.  The buyers agent went down to City Hall to get one of the documents recorded that the management company insisted did not need to be done.  But VA wanted it done so it had to be done !!

We needed the condo association board members to sign a document, and then another one, and then another one.  They were very patient with each request.   And when it got to the point that no one could take much more, kaboom !  We received the VA approval !!  The property settled about 2 weeks ago.  Below is a photo of our sellers (far right), the new buyer (middle) and the buyers agent (far left) all holding their checks !!  And just in time !  The new buyer got deployed to the Middle East a week later.  Let us all keep him and all the veterans in our thoughts and prayers !

Poplar Estates Celebration for VA Approval at Settlement !

Now, moving forward, we have tremendous pride that we were a catalyst for helping all of these great people in this transaction.  But in addition to that, Poplar Estates has VA approval for all potential re-sales to future buyers.  Thus, we made the building that much more marketable.  How cool is that ?

Success stories rock.  Do you have any that you would like to share with a link or a quick story ?

 

 

Feel free to subscribe to our blog 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

 

 Happy Halloween Weekend from Philadelphia !

Both Stephanie and I have been so busy the last week or two we barely have had time for ourselves, let alone a holiday ! Halloween is such a festive and fun holiday we hope everyone took some time to enjoy it. 

Jones - one of our favorite restaurants in Old City

Earlier in Northern Liberties, while looking at a property, we experienced a fun and festive Halloween crowd !  It was great to be a part of it and see all of the smiles, the costumes and the families.  The energy alone gave us inspiration to go out to dinner at Jones- one of our favorite, trendy spots in Center City / Old City.

The filet mignon was incredible and the service and ambiance was exquisite.  We even came home in time to have not missed a pitch from game 3 of the World Series since it was delayed.  As I am writing this, the game is just about to begin.

This is a reminder that no matter how busy you are, it is so important to take a moment and enjoy !  Smile !  Life is beautiful !!

Jones - A Snapshot of the Lounge

Feel free to subscribe to our blog 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

 

New Listing in West Oak Lane ~ 1638 W Champlost Street for $109,900

 

1638 Champlost Street

 

This Move-in Ready property with front lawn and garage is ideal for a first time home owner or investors.  Everything in this property is new  (new heater, water heater, electric, windows and more) and completely renovated.

Photo Gallery

Enter into this home from a covered front porch into this very large home with straight-through layout. There are laminate floors throughout the first floor.  You will also find a tiled kitchen with all new counters, dishwasher and stove.

 

The second floor has brand new carpeting throughout with a new tiled bathroom and excellent closet space.

1638 Champlost Street - more room views

There is also a very dry, well cemented basement with a freshly poured concrete floor that is completely finishable.

Investors can search here

The Somers Team - Philadelphia Real Estate

 

 

 

*************************************************************************************

If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Feel free to subscribe to our blog 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

 

New Listing in Overbrook ~ 7446 Rhoads Street for $159,900

7446 Rhoads Street in Overbrook

 

 

 

This is a beautiful, very large row home with finished basement and garage located in the Overbrook section of Philadelphia.

This is a great home on a quiet block that is close to transportation and shopping (69th street, City Line Ave) and a few blocks from Morris Park.

 

Photo Gallery 

 

Walk past the front patio through the front vestibule into a huge open straight through layout~ living room, dining room and kitchen.   Kitchen has all newer appliances  - a dishwasher, water filtering device, breakfast bar and a removable island.  Enjoy outdoor living and entertaining on the cement patio/deck just off the dining room.

7446 Rhoads Street - living room & kitchen

Other great features in this home:

  • Hardwood floors throughout the second floor.
  • 2 Full bathrooms, one in the hallway and one off of the master bedroom.
  • Half bathroom in the finished basement, water softener, laundry room and central air.

This is a great home on a quiet block that is close to transportation and shopping (69th street, City Line Ave) and a few blocks from Morris Park.

PROPERTY IS SUBJECT TO SHORT SALE.

Contact our associate, Sean Dundon at seanestate@gmail.com  for more details and to schedule your visit.

The Somers Team - Philadelphia Real Estate

 

 

 

**************************************************************************************

If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Feel free to subscribe to our blog 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

 

New Listing in Powelton Village ~ 430 N 38th Street for $259, 900

430 N 38th Street - Powelton Village

Awesome 5 bedroom, 2 bathrooms, plus 2 kitchens in this home located in Powelton Village, a few blocks away from Drexel

Ideal for a home owner wanting to live close to transportation (train.)

Features of this home:

  • Hardwoods on first floor.
  • Additional Kitchen on Third floor.
  • Newer Windows, furnace, sewer line and roof.
  • Huge, dry basement with cemented walls (Can be finished) - great for storage.

More Photos

This home, subject to Short Sale, is in good condition but needs cosmetics (carpets/paint).  Home was previously rented for $2600/month.

Please contact us to schedule your visit.

 

The Somers Team - Philadelphia Real Estate

 

 

 

*************************************************************************************

If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Feel free to subscribe to our blog 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

 

New Listing in Wissinoming ~ 5742 Tackawanna Street for $107,500

 

5742 Tackawanna Street - Front View

 

This 3 bedroom property is located on a lovely street in Wissinoming, PA. The exterior front yard has a wrought iron fence surrounding a professionally landscaped yard. The property offers ample street parking, driveway parking and a 1 car attached garage.

Enter in through the bright and cheery living room with plush wall to wall carpeting. The formal dining room and kitchen have new wood grain laminate flooring and upgraded lighting fixtures. The kitchen is a galley style with plenty of cabinets and counter space, a beautiful tile back splash, and the appliances are included.

Visit this Home's Photo Gallery

Photos from 5742 Tackawanna Street

The basement is finished with an extra den/family room that can double as a 4th bedroom.

 

5742 Tackawanna Street - Professional landscaping

 

The second floor has 3 bedrooms, all with new wall to wall carpeting and a pristine shared hall bath with skylight. There is plenty of closet space in the master bedroom.   You will find this home, freshly painted throughout and ready for you to move right on in immediately! Welcome to this great neighborhood closeto the park and shopping.

We look forward to your visit.

 

 

 

The Somers Team - Philadelphia Real Estate

 

 

 

***************************************************************************************

If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter .  For investment properties, check out our new investor site at Philly Investor Hub !  If interested in checking out our new office in Northern Liberties, let us know !

The Somers  Team - Philadelphia Real Estate  

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email ! 

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

 

Feel free to subscribe to our blog 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

 
 
220_remax_copy Ambassador_large

Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate

Philadelphia, PA

More about me…

Owner - RE/MAX Affiliates

Address: 837 N 2nd St, Philadelphia, PA, 19123

Office Phone: (215) 400-2620

Cell Phone: (267) 987-4443

Email Me

Enter your email address:

Delivered by FeedBurner


The Philadelphia Real Estate market - our experiences, thoughts and insights. Philadelphia Realtor, RE/MAX, Top Realtor, thesomersteam, Philadelphia Living, Philly, title, mortgage, team leader, investor, Philadelphia investment properties, center city, condominiums, new construction, developer, real estate investor, tax abatement, Philadelphia arts, artist, Philadelphia dining.





Join My Community at MyBloglog!
The Somers, Real Estate Professional in Philadelphia
View Chris & Stephanie Somers's profile on LinkedIn Christopher Somers

Create Your Badge
follow thesomersteam at http://twitter.com



Links

Archives

RSS 2.0 Feed for this blog

Find PA real estate agents and Philadelphia real estate on ActiveRain.