Short Sale Success in Graduate Hospital (Philadelphia Real Estate)

By
Real Estate Agent with Realtor / Owner - RE/MAX Access

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 Short Sales in Philadelphiawith 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

________________________________________________________

The Somers - Protecting and Growing Your Wealth

The Somers - Philadelphia Real Estate

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Pennsylvania Philadelphia County Philadelphia Graduate Hospital
Groups:
Almost Anything Goes
Dedicated Bloggers
New Jersey & Pennsylvania -- Realtors/Loan Officers/Title Clerks/Real Estate Lawyers
RE/MAX Active Rain Bloggers
The Lounge at Active Rain
Tags:
short sales
short sale specialist
short sale success
graduate hospital
philadelphia real estate

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pants to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
170,297
Richard Stabile
REMAX real estate associates - Woodcliff Lake, 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

January 03, 2009 08:28 AM #1
Rainmaker
270,631
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.

January 03, 2009 08:40 AM #2
Rainmaker
908,726
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.

January 03, 2009 11:56 AM #3
Ambassador
724,841
Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate
Realtor / Owner - RE/MAX Access - Philadelphia, PA

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.

 

January 03, 2009 02:13 PM #4
Rainmaker
1,449,637
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert

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!

January 03, 2009 08:33 PM #5
Rainmaker
229,974
Debbie Summers
Charles Rutenberg Realty - Orlando, Florida - Lake Mary, FL
MoveToLakeMary.com or 407-758-1020

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.

January 03, 2009 08:48 PM #6
Ambassador
1,278,229
Loreena Yeo
3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co. - Frisco, TX
RealtorĀ® | Frisco TX Community Ambassador

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

January 03, 2009 11:20 PM #7
Ambassador
724,841
Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate
Realtor / Owner - RE/MAX Access - Philadelphia, PA

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 !

January 04, 2009 03:42 PM #8
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
724,841

Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the man to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information