About Philadelphia's Castor Gardens

Castor Gardens is a neighborhood in the Northeast near the bustling roads of Cottman Avenue and Roosevelt Boulevard. The Roosevelt Mall is one of the major shopping centers here, of which there are many.

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Philadelphia Short Sales: Another Successful Short Sale in Castor Gardens

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 the tenant. And tougher dealing with the bank. Not in terms of negotiation but the length of time it took to get the final decision. It was also tough dealing with the buyer as he got impatient many times along the way. It is understandable... that is the nature of short sales !!!

The good news is that Sovereign bank finally came around and approved the short sale. The buyer was thrilled that he could finally close on the property and our seller was so happy that we got her out of the situation. It is what makes our job worthwhile when there is so much appreciation in the end. For this seller, we also sold 2 more of her properties to allow her family to move to North Carolina to basically start fresh. I am very happy for them. Look for a testimonial from them soon on our website "The Somers Team" !

This continues our streak that every Philadelphia Short Sale listing that we have taken on has made it to settlement !

Philadelphia Short Sales do work !!! You just have to plan ahead and have the right Realtors involved from the beginning !

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If interested in buying or selling properties in Castor Gardens or Mayfair, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .

The Somers Team - Philadelphia Real Estate

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Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

Castor Gardens $164.400 built appx 1956

Center hall colonial brick twin 3BR,updated kitchen,garage, newer heater + c/a,windows, updated t/o.conveniently located ,close to schools,public transportation,and shops for more information go to htNtp://www.helpfulhannah.com or call Remax affiliates northeast or call me direct anytime.Home is located near Northeast High School and Wilson Middle School;both schools are in walking distance.

Lovely home on a nice steet.

Owner will accept conventional,FHA,VA and financing..

Great for first time home buyer! Easy to Show ! Motivated Seller

Q: There is a home for sale on my block in Castor Gardens that says it's a "short sale," and my son would like to buy it. Does that mean it will be a fast settlement, and can my son offer less than the owner is asking?

A: Selling a home through a "short sale" means that the homeowner owes more on his mortgage loan than the price he is realistically able to sell it today. Either the homeowner is behind on his mortgage payments or is facing a hardship and is trying to avoid foreclosure by selling the home. A successful sale of this property would be "shorting" the mortgage lender what is owed on the mortgage. Despite the name "short sale," it is normally not a short process...

Read all here: Real NEastate: Short Sale in Castor Gardens « NEastPhilly.com

Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams Real Esate. Her Real NEastate column appears on NEastPhilly.com every Wednesday.

Settlement Success in Castor Gardens

We had a settlement yesterday that was a culmination of a lot of hard work, communication and patience. We originally listed this property in Castor Gardens in November 2007 and had the settlement in January 2009. That is a long time ! There are a few very important items to take away from this.

o Never give up on the path to success.

o Reassess, adjust and make recommendations along the way.

o Communication with your clients is essential, imperative and critical.

o Know your market inside and out .

The property was one of few mixed used properties in the neighborhood and not the easiest to price or to appraise. The sellers expectations were too high in the beginning but not too far off. It took a couple of price reductions and the seller rejecting a deal before the first deal was accepted. One deal blew up after the buyer could not obtain financing which 4 months were lost and then finally the last deal went through.

Every step of the way we communicated with our seller, got the necessary extensions and navigated through the process. Without this, I am sure the seller would have relisted with another realtor. We never gave up and were determined to have the goal achieved. Further, with the trickiness of the market and the property, without our knowledge in terms of knowing the market and the sales, the last deal probably would not have gone through.

The big picture is what our market is providing is for the opportuntity for the energetic and experienced agents to gain market share as customers really need this expertise more than ever. Further, those agents that specialize in internet marketing for their sellers will be that much more in demand as well in 2009 and the years to come !

What are you doing today to excel in this market in 2009 ?

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The Somers - Philadelphia Real Estate

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