Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate

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 and awe at the utter randomness I have unveiled ! Too much Freakonomics !

1) Back-out Buyers (Be careful what you wish for)

2) Customer Service Representatives

3) Good ole Lady Luck

Pessimism Spurred by Back-out Buyers

As a Realtor partner of Chris Somers the Team Leader,  I pretty much do a majority of the back end work on our Short Sales. I will call on Chris,  nick name "big guns", when I have exhausted all of my charm with the negotiators of Short Sale deals. Very recently I have taken notice that "Back-out Buyers" are a growing phenomenon with almost every Short Sale that parks itself on my desk lately. It has become so prevalent that I have vowed from now on, I will assume that at least 1 buyer will back away from every short sale we do between the time we begin the process until we reach the end.  Call me a pessimist ! I have started to tell our clients to expect to go through more than 1 buyer during the Short Sale process. I have also begun to develop a list of Back-up Buyers in the event that a Back-out occurs.  If or when it happens, I want my client to be prepared. The short sale process is difficult enough for the seller and if they are blindsided by a back-out buyer, they may loose hope in the process and loose faith in me thier Realtor and advocate.

Realism:  It is what it is.  Deal with it.

I think we'd all agree that educating the consumer is certainly part of the Real Estate profession. And I will be the first to admit that there are Realtors out there that could use a few tutorials.  I wonder why the Bank's Customer Service Employees, the ones that heard all of the incoming Short Sale calls, do not have more education regarding Short Sales and Customer Service ? In my experience, it is not uncommon for the customer service person in the Short Sale department of any given bank, not to know what they are talking about. The right hand typically does not know what the left hand is doing. They may not know how to use the computer software to access the note on your file.  They may not fully read the digital files and miss telling you about important tings that will impact your Short Sale. They may not be familiar enough with the terms used in the notes to feel comfortable reading them to you, and thus omit very important information. This is not true in all cases but it is sadly true in many many many cases. I mean no insult. It is what it is. I expect it and deal with it though persistence.

Just the other day I found that one of our short sale files was "closed-out". A close-out often occurs when the Short Sale Package is incomplete and the negotiator gives up trying to work on the file due to lack of data or communication from the customer or Realtor. They just shut the file down and focus on another file. I do not blame them. They are beyond busy.  BUT, they closed-out one of MY Short Sales!!!  They claimed that they have been emailing me for a week or two and I had not returned their email ! Absurd I say ! I had called at least 2x per week for the last 3 months and each time I called I had to give all of my contact info to the representative including my email and phone number every time ! Somehow they wrote down the wrong email once.  Then they used the wrong email address.  Talk about luck... and when I had called in as usual the customer service reps I spoke to  NEVER communicated that they were trying to contact me. I was tipped off that something was wrong when I was transferred to an automated message: DO NOT CALL AGAIN FOR ANOTHER 30 DAYS. IF YOU DO, IT WILL JEOPARDIZE THE SHORT SALE PROCESS. (Bank of America) Luckily I had caught this mistake within minutes of the Close-out and was able to salvage the process. I guess luck was on my side.

No logical explanation can make sense of what can sometimes transpire with Short Sales.  Just go into it with Pessimism + Realism + Luck and you may get a taste of Short Sale Success !

Good luck out there !

Poplar Estates is now VA Approved: A Philadelphia Condominium Success Story !!

I was thrilled when an offer came in after a few days on the market for a Northern Liberties condo we had listed that was in Poplar Estates. However, when I saw that the mortgage would have to go VA my excitement disappeared quickly. I thought it would be great for this deserved veteran to purchase this fab condo, but could the building possibly get VA approved ?

The more I thought about it, the more I thought that it could work. After all, Poplar Estates met all the Fannie Mae requirements for FHA loans. And I just sold a condo that I owned personally in Old City that was FHA. And if FHA could go through, how much harder could VA be ? In addition, the offer was high enough that it made sense for the owner to give it a shot based on my belief that it could work.

So speaking of work, the work began... We provided the VA office with the documents that was needed. And then they required more.... and more.... and more. The management company was getting worn down and testy. An attorney had to get involved to help with the communication between the condominium building and the VA office. In addition, the Realtors made an agreement that we would pay some of the attorney's fees along with the buyer and seller. The process was longer than waiting for a dial-up modem to play a video. It was painful !! The buyer moved into the property on a short term lease as we continued the wait. The buyers agent went down to City Hall to get one of the documents recorded that the management company insisted did not need to be done. But VA wanted it done so it had to be done !!

We needed the condo association board members to sign a document, and then another one, and then another one. They were very patient with each request. And when it got to the point that no one could take much more, kaboom ! We received the VA approval !! The property settled about 2 weeks ago. Below is a photo of our sellers (far right), the new buyer (middle) and the buyers agent (far left) all holding their checks !! And just in time ! The new buyer got deployed to the Middle East a week later. Let us all keep him and all the veterans in our thoughts and prayers !

Now, moving forward, we have tremendous pride that we were a catalyst for helping all of these great people in this transaction. But in addition to that, Poplar Estates has VA approval for all potential re-sales to future buyers. Thus, we made the building that much more marketable. How cool is that ?

Success stories rock. Do you have any that you would like to share with a link or a quick story ?

Happy Halloween Weekend from Philadelphia !

Both Stephanie and I have been so busy the last week or two we barely have had time for ourselves, let alone a holiday ! Halloween is such a festive and fun holiday we hope everyone took some time to enjoy it.

Earlier in Northern Liberties, while looking at a property, we experienced a fun and festive Halloween crowd ! It was great to be a part of it and see all of the smiles, the costumes and the families. The energy alone gave us inspiration to go out to dinner at Jones- one of our favorite, trendy spots in Center City / Old City.

The filet mignon was incredible and the service and ambiance was exquisite. We even came home in time to have not missed a pitch from game 3 of the World Series since it was delayed. As I am writing this, the game is just about to begin.

This is a reminder that no matter how busy you are, it is so important to take a moment and enjoy ! Smile ! Life is beautiful !!

Have you ever had a moment when suddenly you see yourself in perspective ?

Perhaps it happens when you peer down at the earth through the white fluffy clouds from your window seat during a flight. Maybe it was that time when the enormous steel freighter ship looked more like a plastic toy in the massiveness of the ocean. Or when you first held your newborn child and you became deeply humbled by the thought there must be a loving and intelligent designer with a plan for this precious new life.

For me, I had one of those moments when I took this photograph of Chris in our new Northern Liberties office. In life, the most impacting moments are often very personal realizations that create perspective.

When was your last moment when perspective was revealed to you ?

The Somers sell homes all over Philadelphia.

We've been quite busy the last few months with not only listing homes but getting our clients to the results they were looking for when they hired us - to get their property SOLD.

Here is a list of our most recent sales from August through October in Northern Liberties, Fishtown, Old Kensington, Port Richmond, Juniata and Bridesburg.

Enjoy the Slideshow of The Somers Team SOLD Homes

Northern Liberties

706 N Bodine Street - Listed in July and Sold

Discover more about Northern Liberties Life

Fishtown

1224 Crease Street

1608 E Hewson Street - Listed in July and Sold

2512 E Boston St

2546 Salmon Street

Discover more about Fishtown Life

Old Kensington

1450 N Orkney St

1505 N Hancock

Discover more about Old Kensington Life  

Juniata

4020 M Street

Port Richmond

2350 E Allegheny

2994 Tilton Street

Discover more about Port Richmond Life

Bridesburg

4206 Richmond

~ Thank you ~

 to all our clients who have entrusted us to represent them, market their homes and had confidence in us to guide them through the entire process  - we are honored to have worked with all of you and hope you realize our committment to you continues well after the sale of your property!