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Short Sale Success in Graduate Hospital (Philadelphia Real Estate)

By The Somers Team

Real Estate Agent with The Somers Team at KW Philadelphia

January 02, 2009 11:29 PM

Short Sale Challenges and Success in Graduate Hospital (Philadelphia Real Estate)

On December 31, we had a short sale miracle ! One of the toughest short sales we have been involved with in Graduate Hospital settled on new years eve ! Listing a property as a short sale typically brings with it great challenges. Your chances of success are diminished due to all the hurdles that you can go through to get to settlement. It becomes a business decision for the agent to decide when they take the listing if it makes sense to move foward or to pass. If it does succeed, one more short sale does mean one less foreclosure !

In this case, the seller's bank took forever and a day to approve the deal. One of the reasons for the delay was that this was one of the banks that is pretty much not in business anymore ! At the same time, there were squatters going in and out of the property, even an arrest or two ! The buyers were getting nervous regarding the delay.

We worked with the buyers agent and really pressed the bank to have a settlement prior to year end and sure enough we received the approval on the 29th and did a little short sale dance !

For those owners and sellers interested in doing a short sale in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612. Graduate Hospital is one of those areas with tremendous growth but with that there are homeowners, investors and developers that are in over their head. With so much development going on in the area, a large amount of inventory and a softening market leads to the potential of more foreclosures and/or short sales to occur in this area.

Short sales are extremely complicated and time-consuming. Without the right representation, these deals have a high chance of not going through. Our seller was so grateful that the mission was accomplished and her mortgage is now paid off and will be off her credit report.

For prior blog posts regarding short sales, please see the following posts:

Short Sale Specialists in Philadelphia for those behind on their mortgage

Short Sale Specialists in Philadelphia - Plan and Prepare for Success !

Short Sale Success in Fishtown / Old Kensington

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The Somers - Philadelphia Real Estate

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Richard Stabile

Re/Max Real Estate Limited - Oradell, NJ

Bergen County New Homes Builder Realtor

Christopher and Stephanie:

That's wonderful, you have been hanging in on the short sales and winning. I don't know why the banks drag their feet, price wise it is most of the time not in their best interest to take so long. I think I said before if they devoted the same energy to get out of a loan as they did making them, I think they would save hugh money in this market.

Richard

Jan 03, 2009 12:28 AM

Matt Stigliano

Kimberly Howell Properties (210) 646-HOME - San Antonio, TX

Christopher and Stephanie - Ahhh, squatters. Philly's favorite. I used to know a lot of the punk rock squatters in Philadelphia when I lived there. Same shows, same hang outs, same bars. I used to argue with them all the time about squatting. I loved the punk rock scene in Philadelphia, but was so tired of the attitude of some of them. We usually rented large houses or several times converted warehouse type spaces and they would cry about how they didn't need material things, but then they'd show up at our house for a shower or to watch TV. I never understood the blatant hypocrisy of it all.

Jan 03, 2009 12:40 AM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

Chris & Stephanie congrats on another successful short sale. These deals can try your patience. They usually come together when there is an expert like yourselves involved.

Jan 03, 2009 03:56 AM

The Somers Team

The Somers Team at KW Philadelphia - Philadelphia, PA

Delivering Real Estate Happiness

Richard - That is a great point. To be honest, I have no clue how our seller even purchased this property in the first place. I am amazed how her appraisal came in when she purchased it. We have been winning in our short sales - has been a lot of work, but well worth it.

Matt - LOL, I hear you. The punk rock scene in Philly has been very cool over the years.

Bill - Definitely. Philadelphia is not a big short sale area and most realtors in our area do not understand them nor have experience with them. So it has been a great niche market for us.

Jan 03, 2009 06:13 AM

Laura Cerrano

Feng Shui Manhattan Long Island - Locust Valley, NY

Certified Feng Shui Expert, Speaker & Researcher

Chris and Stephanie, What a wonderful way to start your New Year---an early success story! You both seem to be on a roll which I'm sure will continue!

Jan 03, 2009 12:33 PM

Debbie Summers

Charles Rutenberg Realty - New Smyrna Beach, FL

Chris & Stephanie - I know how hard it is to make it to the end of the "short sale" road, there really is nothing short about it. Congratulations, one less Foreclosure is good for everyone.

Jan 03, 2009 12:48 PM

Loreena and Michael Yeo

3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX

Real Estate Agents

Congratulations, Chris & Steph... Indeed, it's a great way to begin the New Year. I'm super-excited about your opportunities.

Jan 03, 2009 03:20 PM

Carole - Yes, we have some momentum ! Was a great way to end and start the New Year for sure !

Debbie - Yes, this one was pretty special for us. Was a lot of work but well worth it, especially with the successful outcome for all the parties involved.

Loreena - Is great to be pumped up. I think 2009 is going to be a great year for both you Loreena and for us as well ! It seems that with the agents that have the focused internet marketing plans will do very well in terms of exposure and new business !

Jan 04, 2009 07:42 AM

Short Sale Success in Graduate Hospital (Philadelphia Real Estate)

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