You're a 1st time home buyer and, although you are overwhelmed, you found the right property to call home. Your offer was accepted and is contingent upon you having a home inspection. Considering I have been through countless inspections with many inspectors, have purchased multiple properties myself and have negotiated quite a few transactions due to inspection reports, I realize buyers may not be approaching inspection day fully prepared.

1. 1st and Foremost, Do Your OWN DILIGENCE when hiring an inspector.  Your agent can offer some suggestions (they likely will provide 3 inspectors because they are taught offering 3 referrals limits their liability, which may or may not be accurate). Ask your agent, friends and family if they like anyone and why? Then call the inspector and ask a series of questions, such as qualifications (Engineer or Contractor - I prefer an engineer, but that's me; otherwise, typically they have to be a member in good standing with a National Home Inspection Organization like NAHI or ASHI), number of years they have been doing inspections; how many times they were sued; will they inspect the roof; have they ever inspected this particular property before; how long will it take for the report to be sent to them; do they take enough pictures of defects; cost and other services; and whatever else you think of.
2. Be Prepared For Defects - A wise man once told me - "John, every house has issues, even the White House." In fact, The White House has more issues than what would appear from a Home Inspection, but that's a different topic! Be prepared for defects. Every property has some, even new construction. The main objective for the buyer is to learn of these defects and determine if it is something they are willing to deal with (or ask the seller to cure it). Sellers often do not know of these defects. I mean, how often does a seller go to the doctor for themselves let alone have a home inspection on their property? 
3. ATTEND THE INSPECTION! Frankly, I don't know why anyone wouldn't. You will definitely learn about the house, which will be the next point. I recently had an inspection where the inspector was an engineer, the buyer was an engineer, and the seller was an engineer. Needless to say, all parties involved learned something. This is a great time for you to visually observe components and how they work.
4. LISTEN and LEARN - 1st, review the seller disclosure statement and bring it to the inspection! Any areas of concern or question, aside from asking the seller for more details, have the home inspector pay particular attention to. And more importantly, use THE INSPECTION to learn about the house! Most people are not familiar with the components of a house or how they work. Take notes evebn though you receive a report.
5. BE REASONABLE - Look, I like to think I am a logical thinker. When you tour properties, hopefully you or your agent will notice the age of the roof, heating system, water heater, etc... So when an inspection reveals an asphalt shingle roof is 22 years old, It should not come as a surprise the roof may be near the end of its life. IT IS A USED HOUSE and YES, HOUSES DO DEPRECIATE (the property and house combined, however, may appreciate annually, so understand the difference). Now, considering that scenario, let's say you assume you will get about 5 years use out of the roof. You do not have any knowledge of a leak, but the inspector indicates cracked shingles may cause leaking. In my opinion, it is illogical for a seller to provide a brand new roof (this is my opinion only). It is more logical to come to a reasonable acceptable cure/repair to extend the life. Now, as the buyer you can ask for a new roof... My point here is that too often buyers use the inspection to RENEGOTIATE the offer. If you decided to buy it with an old heating system, I assume you factored future replacement in your decision.

Finally, do your best to learn about a home and how it works. A home is more than a financial investment, it's a personal investment for you and your family.

An absolutely stunning condo in the heart of the city! This bilevel condo unit in the White Building includes unique, 20' barrel vaulted exposed brick ceilings, 6 enormous floor to ceiling windows to let in as much natural light as possible to showcase features such as Brazilian Cherry hardwood flooring throughout. Take a look through the main floor bedroom with a full bath which includes a frameless glass enclosure shower- use the room as a bedroom, or convert it into a home office- your choice! The expansive living and dining area lead to the gourmet kitchen, which features a "sushi bar" style counter, granite countertops and Bosch stainless steel appliances. A trip up the stylish spiral staircase reveals your own personal haven- the master bedroom with a full, tiled bathroom including a large tub and elegant dual vanity. Close to a variety of eateries, shops and entertainment venues along with discounted parking nearby, this property is a great find!

Our Broad Street Street Holiday Spectacular? It's live at 511-19 Broad Street, 702.

This modern studio is smart Center City Philadelphia living, priced to please at $105,000.

Large windows overlook the city from the 7th floor. Live steps from the subway at Spring Garden Street and a few blocks away from local gems such as Cafe Lift, Trestle Inn (newly reopened as a whiskey and 60's themed bar), and Prohibition Taproom in the Loft District or the acclaimed restaurant Osteria on North Broad.

Contact the Somers Team for more information!

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The aptly named Arts Condominium in Center City puts you right next to the Avenue of the Arts in Philadelphia. Imagine your own studio close to the grand entertainment venues of the city, with arts colleges, shopping, and restaurants all around you. 1324 Locust Street, Unit 304 is your front row ticket at $75,000.

The best seats in the house? Enter the impressive marbled lobby with controlled access and a 24 hour attendant, with access to a community room and fitness center, plus bike parking, laundry, and a salon on-site. This pet-friendly studio is an excellent choice for your artist abode.

Contact the Somers Team to book your tour!

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Philadelphia Short Sales - A Sweet Victory

We recently had a successful Philadelphia short sale for a Center City Condo in the Victory Building at 10th and Chestnut.  This was a very sweet "Victory" as we had to negotiate with Bank of America through five separate buyers to finally make it to a settlement table.   To be honest, we almost gave up on this one as the lender for whatever reason was just not being reasonable with what they were willing to accept and there was not much more we could do and with the mountains of hours we had into it already, we were also getting very frustrated.  However, we still represented our clients who were so extremely nice and cooperative every step of the way.  They urged us to try one more time with the short sale which we did and sure enough, we did it!

As many of you know out there, Bank of America has a reputation of being one of the more difficult lenders to work with to get a Philadelphia short sale approved.  You must be extremely equipped with the Equator process, the short sale process, have patience of a Saint and communication skills of a super hero in order to improve the chances of short sale success.  Not to mention knowledge of the real estate market inside and out for issues with valuation of a BPO like we did on this one in regards to recent sales in the Victory Building.

We thank the buyer and the buyers agent for being patient.   A successful Philadelphia short sale is a "win-win" for all the parties.

And for you potential Philadelphia short sale sellers out there, make sure you contact the right listing agent to handle the short sale to navigate through the process and get you to the settlement table.  Expertise and experience is a must.  If you are in Philadelphia, feel free to contact us or email thesomersteam@gmail.com to inquire further.

Other Philadelphia Short Sale Articles:

Philadelphia Short Sales - Another Successful Short Sale at Waterfront Square

Philadelphia Short Sales - Another Succesful Short Sale in Point Breeze

Philadelphia Short Sales and Short Sale Success - The Somers Team

Short Sale Specialists in Philadelphia

Short Sale Specialists in Philadelphia - Plan and Prepare for Success

Philadelphia Short Sale Terminator Rises Again!

Need a home away from home? Or a Center City studio that puts you close to work, school, an emerging restaurant row (Osteria and Alla Spina)? 

Check out 511-19 N Broad Street, 702...an amazing Short Sale opportunity!

This modern studio offers a fantastic opportunity for an affordable second home in City or for a smart and efficient living space. The location is optimal for access to the subway or a short walk into Center City. This 7th floor unit is all electric, with large windows, concierge, and elevator, central air and low condo fees.

This short sale won't leave you short...priced to sell quickly at $115,000. All offers will be considered.  Contact the Somers Team for more information. 

Broker Open House in Center City Phila Pa was attended by HelpfulHannah of Re/Max Eastern. The broker open was hosted by Mike McCann of Prudential Fox & Roach ( Mike "The Real Estate Man") What a fabulous broker open it was it is a penthouse condo. Pat " The Bat" Burrell's place the former Phillie's baseball star . Mike McCann is a wonderful host and had an assortment of fruits , spreads,cheeses, cakes and,wine, plus a DJ. The Penthouse view was magnificent . It boasts 3.5 baths 4327 spacious sq ft. A master bath to die for . A spectacular view. Thank you for the invitation Mike I enjoyed the preview and will keep this condo in mind .

Thinking of Buying or Selling your Home? 

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215 953 8800