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 randomness I have unveiled ! Too much Freakonomics !
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 !
Recently, we have had 2 long, hard-fought short sale deals where we went to war per se to get the deals 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.
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.
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.
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 !
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.
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 !
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 !
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 ?
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.
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 !!
This Move-in Ready property with front lawn and garage is idealfor a first time home owner or investors. Everything in this property is new(new heater, water heater, electric, windows and more) and completely renovated.
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.
There is also a very dry, well cemented basement with a freshly poured concrete floor that is completely finishable.
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 !
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.
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.
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 !
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 !
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.
The basement is finished with an extra den/family room that can double as a 4th bedroom.
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.
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 !
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randomness I have unveiled ! Too much 
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.
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