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 email@example.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: