philadelphia short sales: Why would a Philadelphia Short Sale Listing Ever Expire? - 02/10/13 02:36 PM
Why Would a Philadelphia Short Sale Listing Ever Expire ?
Every week I monitor Philadelphia listings that expire.  Recently, I have seen a disturbing trend where more and more Philadelphia Short Sale Listings have expired, many of which never even went under contract.   This is almost like Apple not being able to sell iPhones that were on sale or Amazon not being able to sell some discounted books.  It just does not make any sense.
As a Philadelphia Short Sale Specialist, this simply has not happened with us.   We are still batting 100 percent for each and every one of our … (2 comments)

philadelphia short sales: Philadelphia Short Sales - More Short Sale Success! - 02/07/13 05:28 PM
Philadelphia Short Sales - More Short Sale Success!
We had another short sale settlement for a property in Mayfair this week.  As usual, it was a long arduous process of downloading many documents into the Equator system.  And with 2 loans, it makes it that much trickier as of course you have to get both loans approved for the short sale.
 
Fortunately, we worked with another fantastic buyers agent from our office at REMAX Access who educated her about the short sale process, thus being patient with each step.
 
And the seller was lucky enough to receive a relocation credit … (0 comments)

philadelphia short sales: Northern Liberties Short Sale Success - 08/19/12 06:07 AM
Northern Liberties Short Sale Success
 
We can do another Philadelphia Short Sale victory dance!   Our client's condo went to settlement after several months working with Wells Fargo tediously to get the short sale approved.   Like any other short sale, we had to send the same information multiple times through the Equator system, almost had a heart attack or two as certain tasks need to be completed within an hour or two or "short sale will be closed" and even had to deal with Wells Fargo sending their money back after settlement because one hand did not talk to the right.
 
(2 comments)

philadelphia short sales: Philadelphia Short Sale Paranoia - 03/25/12 06:28 AM
Philadelphia Short Sale Paranoia
It seems like more and more these days buyers agents and consumers are afraid of short sales, and perhaps even terrified.  I think one of the main problems in Philadelphia is the lack of short sale education among real estate offices and the fact that short sales make up a small percentage of the transactions.  As a result, agents and consumers just hear about the "horror stories" so they either stay away or enter with extreme caution.  
Recently, with several of our short sale listings, I will receive multiple calls a day from different buyer agents with a … (7 comments)

philadelphia short sales: Philadelphia Short Sales - A Sweet Victory - 11/06/11 07:24 AM
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 … (11 comments)

philadelphia short sales: Philadelphia Short Sales - 4 times is a Charm ! - 02/13/11 08:48 AM
Philadelphia Short Sales - 4 Times is a Charm !
When you take on a Philadelphia short sale listing, it is safe to say that you better plan on working hard, really hard.  There are many things that can come up in a short sale property that can prevent you from going to settlement.  More often that not, the nuances are on the sellers side in terms of getting your short sale approval.  Many blogs have been written about this in regards to taking forever and a day to get that short sale approval, or the bank just not working with the seller.  … (39 comments)

philadelphia short sales: Philadelphia Short Sale TERMINATOR Rises Again! - 12/30/10 06:10 PM
Philadelphia Short Sale TERMINATOR Rises Again! If you have done any Philadelphia Short Sales or short sales anywhere across the country, you know what I mean by short sale "TERMINATOR". He is the creepy bank employee in the loss mitigation department that hinders your short sale's progress. He comes out of nowhere and TERMINATES your deal! He is so mind boggling and quite frankly annoying that it frightens me. His shenanigans border on that very fine line between being brilliant or insane. Either that or perhaps a very high functioning monkey that escaped from the Philadelphia Zoo. It is a tough … (6 comments)

philadelphia short sales: Philadelphia Short Sales - Another Successful Short Sale in Point Breeze ! - 12/19/10 09:04 AM
Philadelphia Short Sales - Another Successful Short Sale in Point Breeze ! We had another successful Philadelphia Short Sale settlement this past week.  We take a lot of pride in this as short sales are a ton of work.  Our folder for these deals typically becomes two or three times the size of any other deal with the amount of documentation that is needed as part of the short sale package.
With this deal, the lender was Wells Fargo who was not too bad to work with.  It certainly helped that the seller provided all of the information in a timely manner for … (1 comments)

philadelphia short sales: Philadelphia Short Sales - R Rated Photos - Welcome to the Real World ! - 12/07/10 09:29 AM
Philadelphia Short Sales - Welcome to the Real World !
We are fortunate in Philadelphia that a relatively small percentage of our sales are made up of distress properties - bank owned properties and short sales.  Many Realtors in their Philadelphia careers will never be a part of a distress property sale, which is okay.  Others make it their livelihood.  With us, we are not exclusvely short sales agents, but we are short sale specialists as we recognize the need for sellers and consumers to have an agent that is proficient in the process, and even more so in Philadelphia since there are … (3 comments)

philadelphia short sales: The Short Sale Game ! Rock... Paper... Scissors... Who Wins ?? - 11/07/10 08:52 AM
It was Philadelphia Short Sale Friday for me here in sunny Philadelphia ! I declare a day out of the week where I follow up with all of my  Philly Short Sale deals.  I have to follow up with the bank to see what's what because they DO NOT follow up with me.  Calling in to check up on how the Short Sale is progressing is a predictable process for the most part. 
So, I put my "game face" on, dial the 800 number, yawn, stretch, and begin the warm up activity which is the twenty questions / preliminary interview to get an … (18 comments)

philadelphia short sales: Philadelphia Short Sales - Another Successful Short Sale in Waterfront Square ! - 07/11/10 09:08 AM
Philadelphia Short Sales - Another Successful Short Sale in Waterfront Square
Last week we had the settlement for our Philadelphia short sale listing for a condo in the Waterfront Square community.  Our seller purchased his condo at the height of the market and for every month it was vacant, his mortgage payment was over $5,000 and his condo fee $1,000.  The property was nothing but stress for our client as he had to fight through two evictions, damages from past tenants and expensive months when the condo was vacant.  Even when he had it rented, the cash flow was upside down. 
(4 comments)

philadelphia short sales: 3 Bedroom Home for Sale in Grays Ferry, Philadelphia – Short Sale Opportunity on 3BR Grays Ferry Home w/ Hardwoods & Finished Basement - 06/11/10 06:27 PM
3 Bedroom Home for Sale in Grays Ferry, Philadelphia
Call The Somers 215-400-2620, RE/MAX Access, Northern Liberties, Philadelphia
 
2916 Reed Street

Short Sale Opportunity and a very beautiful one at that. It needs nothing except your furniture and decorative touches.
This 3 bedroom home for sale in Grays Ferry has hardwood floors throughout, a powder room with washer and dryer hook ups installed on the first floor, a beautiful eat-in kitchen, full finished family room in the basement with tiled floors and a storage area.
The floor plan is open and modern and features:
high ceilings cement rear yard … (3 comments)

philadelphia short sales: Philadelphia Short Sales - Another Successful Short Sale from The Somers Team in Point Breeze ! - 04/10/10 06:28 AM
Philadelphia Short Sales - Another Successful Short Sale from The Somers Team in Point Breeze!
This past week we successfuly had another one of our Philadelphia Short Sale listings go to settlement !!  The seller was extremely happy to avoid a foreclosure and the buyer was happy to get a great opportunity on this Point Breeze home. 

 
For this deal, as most of them can be, instead of a short sale, the buyer termed it a "long sale" as it did take months for us to finally get the short sale approval letter from Wells Fargo.  Further, the buyer … (7 comments)

philadelphia short sales: 3 Bedroom Home for Sale in Point Breeze, Philadelphia Short Sale Brickfront Home w/ Hardwoods Updated Kitchen & Bath - 02/26/10 07:34 AM
3 Bedroom Home for Sale in Point Breeze Philadelphia
Call The Somers 215-400-2620, RE/MAX Access, Northern Liberties, Philadelphia
 
1416 S 18th Street

 











Short Sale opportunity in Point Breeze, a Philadelphia neighborhood just south of Graduate Hospital.
This 3 bedroom home for sale in Point Breeze offers 1.5 baths, 1,280 sq feet of living space, a spacious 16 foot width, and a 2 story brick front design.
Hardwood floors throughout including the bedrooms, central air, ample size rear yard, nice block.
 
Photo Gallery
 

 
Enter in through … (1 comments)

philadelphia short sales: A Winning Formula for Short Sale Success - 11/06/09 04:11 PM
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 … (8 comments)

philadelphia short sales: Be Careful What You Wish For ? - 11/05/09 07:46 AM
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.  … (11 comments)

philadelphia short sales: The Somers Team presents Philadelphia Real Estate "Deals and Steals" ~ Is your next home on the list? - 10/23/09 08:28 AM

 
 
The following list represents listings we consider to be great Deals and Steals in the Philadelphia Real Estate Market.
Is your next home on the list?







Short Sales
We have 2 Short Sale properties that offering a great opportunity for qualified buyers who can take full advantage of these potentially discounted homes.
If you're not sure what a Short Sale Opportunity is, our definition is When a homeowner sells their home to a buyer for less than what they owe on their mortgage and the bank agrees to accept that lesser … (6 comments)

philadelphia short sales: Philadelphia Short Sales: When a Loan Modification does not work - Short Sale Success in Mayfair ! - 08/23/09 06:38 AM
Philadelphia Short Sales:  When a Loan Modification does not work - Short Sale Success in Mayfair !
Philadelphia Short Sales:  Every short sale listing we take on is a different experience as you really will never know what will transpire.  What you do know is to concentrate on what is within your control to maximize the success of your listing selling and then being approved by the bank and closing.  There was a terrific featured post recently here on Active Rain called 10 Reasons Why Your Short Sale Will Not Close by Noel Padilla which is a must read.
In any … (9 comments)

philadelphia short sales: Philadelphia Short Sales: Another Successful Short Sale in Graduate Hospital - 08/19/09 04:58 AM
Philadelphia Short Sales:  Another Successful Short Sale in Graduate Hospital !
Philadelphia Short Sales:  Yesterday we had another successful short sale settlement for 2337 Federal St in Graduate Hospital.  When we first got this listing, the seller met with 7 agents !  Well, it turns out he made the right choice in choosing The Somers Team !  It was a challenging scenario as we first tried a traditional sale but after quickly realizing that it would not fly, we made an adjustment in the listing and marketed the property as a potential short sale.
The seller's bank was quite cooperative.  In fact, … (9 comments)

philadelphia short sales: Philadelphia Short Sales: Another Successful Short Sale in Castor Gardens ! - 08/09/09 08:42 AM
Philadelphia Short Sales:  Another Successful Short Sale in Castor Gardens !
A seller called me as she was in a bind regarding a property she owned in Castor Gardens.  It used to be her primary residence but she ended up renting it out.  Based on what she owed on the property, it was clear that she would either have to show up at settlement with money or do a short sale.  In meeting with her, there was a definite case of hardship that warranted to go the short sale route.
It was a tough deal in dealing with the dramas of … (9 comments)

 
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Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate

Philadelphia, PA

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