I'm sure many agents know the term "short sale" all too well. However, I still receive multiple phone calls every day from agents with questions about every aspect of it. Worst of all, is the constant phone calls during the waiting period.
To clear things up...here is a clear description of a short sale - and the AVERAGE time line.
Short Sale - A work out program that allows the customer to sell the home for less than total amount owed. Upon final approval, a short sale can help homeowners avoid further collection activity or foreclosure action.
How does it all begin? There are some guidelines that do need to be met.
The listing agent must send a complete short sale package & fully executed listing agreement.
Along with what the agent sends, it is crucial that the homeowner sends signed and dated financial worksheet with all monthly expenses, A signed and dated hardship letter explaining why they are unable to pay their mortgage, An Authorization letter allowing access to the realtor for all account information. This authorization letter must include the last 4 digit's of homeowners social security number, their signiature, the full account number & the property address.
There is no deffinite time line for short sales. Some could only take a week and others could take months. But here is the average amount of time an agent could base it on.
All in all - the average complete time line for a short sale from beginning to end - is approximately 25 Days. (Give or take)
* Short sale approval is good for 30 days. If closing does not occur within those 30 days, the entire short sale package may need to be resubmitted with updated information, or the approval process may need to start over.
* Realtor or Homeowner questions should be directed to the negotiator assigned to the file, whose information will be communicated during the introduction call.
* Realtors are generally allowed 5-6% Commission. If dual agency applies, maximum commission is 5 % . Some investors operate on a reducecd commission structure & the actual commission schedule can also be confirmed during the introduction call.
* Short sales must always be an "arms length" transaction. The property may NOT be sold to anyone the seller has a close personal or business relationship with, including family, friends, or neighbors.
*** In order to reduce the time the short sale process takes, the homeowner should reach the mortgage company & let them know of their intention to sell their property as soon as the listing contract is signed. This will allow the mortgage company to complete the property valuation & borrower financial evaluation prior to receiving an offer. This significantly reduces the short sale decision time on a submitted offer.
* In some cases investors require the mortgage holders to sign an unsecured note for some or all of the difference between the net proceeds from the sale and the total amount due. This is not common, but can indeed happen. This is communicated as part of the response on a short sale offer.
Hope this helps!
Make it an awesome day
Glen Russell 610.792.3000
The Glen Russell Team is hosting an open house at our new listing located at 1319 Birchwood Avenue in Abington PA. For Directions Click Here.
The Open House will be held on Sunday March 15th from 1-3 pm.
Don't Let This One Slip By! Beautiful Ranch Featuring 3 Perfectly Sized Bedrooms & 2 Full Updated Bathrooms. Enter into the Family Room and Notice The Wonderful Amount Of Natural Light. Take a Step Up To Your Lovely Formal Living Room, or Use This Space as an Office or Play Area. Enjoy Great Dinners in The Dining Room Right Off Of Your Very Own Country Kitchen Featuring Dazzling Dark Laminate Floors, Beautiful Marble Counter Tops, & A Large Double Sink. The Private Master Bedroom has it's Own Bathroom, Whereas The Additional Bedrooms Share a Separate Full Bathroom. Enjoy Even More Living Space in The Sunroom Overlooking The Level Back Yard. This Home is Freshly Painted as Is Just Waiting For You! Most Furnishings Available w/ Good Offer!
I OFFER A FREE RECORDED MESSAGE WITH MORE INFO ON THIS PROPERTY 24 HOURS A DAY!! PLEASE CALL 800.470.2232 AND USE ID# 5004, OR CALL ME DIRECTLY @ 610.792.3000
All Are Welcome!!
Make it an awesome day!
Glen Russell 610.792.3000
During my years in real estate, I've seen many cases where homeowners made home improvements assuming they would recoup their investment when they sold, only to find to their dismay that the improvements added nothing to their home's market value and, in fact, even DECREASED it.
How could this be? Actually, there are many variables involved in how home improvements relate to market value, so the question is more complex than it seems. Some of these variables refer to the general usability of the improvements, while others refer to an individual owners tastes and needs. For instance, while remodeled kitchens and added bathrooms nearly always generate a good return, a new swimming pool that means so much to one owner, often makes a property less saleable generally, and so it decreases it's market value. This is just one example.
So if you live in Montgomery, Chester, or Berks Counties & are thinking of remodeling, renovating, adding on, etc., please give me a call first. Even if you don't plan on making a move! From experience I can help you determine how your home improvements are likely to affect the value of your home. This will enable you to develop a strategy for making improvements, as well as adjust your expectations about how much of their cost you'll recoup when you decide to sell.
Make it an awesome day!
Glen Russell 610.792.3000
Market Statistics
Courtesy Of : Glen Russell 610-792-3000
Keller Williams Realty Group 610-792-5900
Monthly Statistics for the Date Range Selected
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Date |
Units Listed |
Listed Volume |
Listed Average |
Pended |
Units Sold |
Sold Volume |
Sold Average |
Average DOM |
|
Feb 2009 |
34 |
10,449,900 |
307,350 |
8 |
11 |
2,570,530 |
233,684 |
120 |
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|
|
|
Totals: |
34 |
10,449,900 |
307,350 |
8 |
11 |
2,570,530 |
233,684 |
120 |
|
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|
|
|
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Pricing Details of Sold Units for the Date Range Selected
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Minimum Prices |
Maximum Prices |
Average Prices |
|
Original List Price : $165,400 |
Original List Price: $383,500 |
Original List Price: $243,263 |
|
Sold Price : $168,400 |
Sold Price: $381,500 |
Sold Price: $233,684 |
|
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|
|
February is said to be one of the slowest months of the year in the real estate business. Look at what is happening around us! Not only my team, and the rest of Keller Williams is doing well, it seems most agents in Limerick or Royersford, PA are doing well! If you are considering buying a house, you are crazy not to be looking right now!
Just my 2 cents for today!
Make it an awesome day!
Glen Russell
610.792.3000
Browsing www.ebestagent.com I came across a funny and interesting article.
I've seen some of these before, even posted some of them before, so I'm not too sure which are serious and which aren't. Either way, it's something funny and light to raise your spirits on this freezing cold Friday in PA.
Enjoy!
Posted by: eBestAgent in HUMOR / FUNNY
Collection of funny photos related to Real Estate.
Lemonade? by allspice1 "Lemonade, 6.2 million/glass House free with lemonade"
Holy Cow - who squealed? by absoblogginlutely
This picture was taken in New Zealand, in a place called Russel Island, Paihia, Bay of Islands. Apparently they buy just the houses there and move them to their own plots of land! by Sapna Sehgal, sapnasehgal
I know it's a little immature, but I think this is funny. Couldn't anyone come up with a better name? It's bad enough if you were born with the name Butts, but that doesn't mean you can't choose something with a nicer ring to it for your family business! Seriously- "Friendly Real Estate." "Neighborhood Real Estate." Anything!! by redxdress
Model Now Open. Be sure to check this out in full size. Real Estate prices surely are soaring around here... by Glass Bead Game Master.
Untitled by Shadowplay
Golf "Coarse" Lot, Only in South Georgia... Photo taken by Kyle W. from Mercer by appyjumper1025
Out of This World by josephleenovak: Chattanooga, Tennessee is out of this world. Funny postcard I made from a picture I took of the UFO house on Signal Mountain, Tennessee, near Chattanooga.
Inspiring Logo by Grobstein Enjoy the scorpions!
Crazy Hotel by Miki216 This is the strangest house and hotel in Bratislava. It is architectural diamond...;-)
It's raining houses. hallelujah. by Genista It fell with a booming sound. Easily the most interesting part of Orlando around the conference center, this stretch of road also has the giant ant and bear that are also in this set.
Ugly house 200 yards by whatarogue
dom-lod: Ship shaped house in centre of Bratislava by Miki216
Television mansion: a residential house in berkeley, accumulating broken tv sets on the outside by Genista
Mushroom House by The Rocketeer: The Mushroom House (aka Tree House) is in the Hyde Park section of Cincinnati, OH. It was designed by architect Terry Brown, a professor of Architecture and Interior Design at the University of Cincinnati. If you look closer, actually this house is for sale.
Bite into the house by ardorius In the year 1834 a very big man took this house for a Cheeseburger. Afterwards he said: "Sorry, thet was not my intention!"
Funny House by miki mikelis
House For Rent: River View, No Basement by by Jason's Travel Photography
Make it an awesome day!
Glen Russell 610.792.3000
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Seving all of Montgomery, Berks and Chester County with a team of 9. My team & I have been the No. 1 Sales Team at Keller Williams Realty Group for 2 consecutive years.
** The Glen Russell Team has been the Number 1 Sales Team at Keller Williams Realty Group for 2 consecutive years! **
* Why hire 1 agent, when you can have an entire team? With the Glen Russell Sales Team, you get a whole team of professionals working for you. We never run out of time for you, because each of us is responsible for a specific process in the purchase of your home. Together, our combined efforts add up to superior customer service
* Glen offers specials & promotions to best fit your needs! These include learning how to sell your property yourself, while it's listed and pay no commission, a flexible commission schedule, the ability to cancel your listing at any time, a "no pressure" presentation, no advanced fees of any kind, and learning how to stage your home.
* There are a variety of offers ONLY Glen can give! Such as: "Your home SOLD or I'll BUY it, GUARANTEED!" "If you are unhappy for Any reason with the home you buy, I will BUY it back or sell it for FREE!" There is also Right Now Access, when you have priority access of every home and/or new listing just as if you were a MLS realtor!
The Glen Russell Team list and sell real estate in: Montgomery, Chester, and Berks County.
ONE SATISFIED CLIENT AFTER THE NEXT....
"The Team excelled at customer service. Getting back to us and answering all of our questions were no problem for them. We would use Keller Williams Realty & The Glen Russell Team again! We couldn't think of one thing they could improve upon." The Faiths
"We had a unique situation and the Team never gave up trying to find the right home for us. We have used the team more than once. Several of my family members have used the Glen Russell team for their real estate needs. They did an excellent job overall and always stayed in touch with us." - The Schaeffer's
"We had found a home we really wanted soon after listing ours. Glen calmed our fears of not being able to move forward by guaranteeing the sale of our home in writing so we could put in a firm offer with no contingency. Even better, the Team sold our home for more than our asking price in time to close on our new house. When we sold our first home with Glen, he offered an 18th month guarantee. If we were not satisfied he would sell our house for free. We decided to move within the 18 months, and his team sold us the home we always wanted - for FREE! Thanks Glen Russell Team!" The Santangelo's
"The very best realtor I've ever had; he's exceptional! Glen Russell helped me out so much. I can't say enough good things about all he did for me. He was always there to answer any question I had, and made me so relaxed during the whole process. He sold both of my homes in 3 days!!!!! The Glen Russell Team will never let you down." Dawn Wrenfrow 2005
"The Glen Russell Team excels at following up with phone calls and attention to detail. I felt like I was taken care of and someone was always in my corner. I would use The Glen Russell Team again. - Megan Bell
"In these uncertain times in the real estate market, we turned to the Glen Russell Team to sell our house. Having used the Glen Russell Team in the past, we knew that Glen and his team would be aggressive in marketing our house. To our delight, we received an acceptable offer within 10 days of listing the house. We were hoping for it to sell quickly, but never dreamed it would have happened so fast. We give thanks and credit to Glen and his team for marketing and ultimately selling our house. The entire selling process could have been a stressful time for our family, but thanks for Glen, it was a seamless transaction. It just goes to show you, if you hire the right realtor, your house will not sit on the market even during a slow period." Yvonne Rantz 2008
"I have had the distinct pleasure of working with the Glen Russell Team twice. The first time was to sell my mother's house. During this extremely stressful time, Glen was always available to take my call and answer every question I had. He had a list of contractors available, and I used several of them to work on the house. They all did great work and were very reasonably priced. Glen made solid suggestions and by following them, the house sold in 2 hours at our asking price. A year later, I went to the team again, but this time to sell and purchase a home for my family. I worked with Coleen and she was always willing to answer any of my questions and handle everything that i threw at her. She was extremely professional and such a pleasure to work with. Again, with the suggestions from Glen we were able to sell our home in 5 days. After a lot of hard work, this team put my family in our dream home! I have been tremendously pleased and satisfied with the energy of the Glen Russell Team. I would recommend this team of professionals to anyone buying or selling a house." Pam Myers 2005
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