About Philadelphia's Center City

Philadelphia Short Sales - A Sweet Victory

We recently had a successful Philadelphia short sale for a Center City Condo in the Victory Building at 10th and Chestnut. This was a very sweet "Victory" as we had to negotiate with Bank of America through five separate buyers to finally make it to a settlement table. To be honest, we almost gave up on this one as the lender for whatever reason was just not being reasonable with what they were willing to accept and there was not much more we could do and with the mountains of hours we had into it already, we were also getting very frustrated. However, we still represented our clients who were so extremely nice and cooperative every step of the way. They urged us to try one more time with the short sale which we did and sure enough, we did it!

As many of you know out there, Bank of America has a reputation of being one of the more difficult lenders to work with to get a Philadelphia short sale approved. You must be extremely equipped with the Equator process, the short sale process, have patience of a Saint and communication skills of a super hero in order to improve the chances of short sale success. Not to mention knowledge of the real estate market inside and out for issues with valuation of a BPO like we did on this one in regards to recent sales in the Victory Building.

We thank the buyer and the buyers agent for being patient. A successful Philadelphia short sale is a "win-win" for all the parties.

And for you potential Philadelphia short sale sellers out there, make sure you contact the right listing agent to handle the short sale to navigate through the process and get you to the settlement table. Expertise and experience is a must. If you are in Philadelphia, feel free to contact us or email thesomersteam@gmail.com to inquire further.

Other Philadelphia Short Sale Articles:

Philadelphia Short Sales - Another Successful Short Sale at Waterfront Square

Philadelphia Short Sales - Another Succesful Short Sale in Point Breeze

Philadelphia Short Sales and Short Sale Success - The Somers Team

Short Sale Specialists in Philadelphia

Short Sale Specialists in Philadelphia - Plan and Prepare for Success

Philadelphia Short Sale Terminator Rises Again!

Broker Open House in Center City Phila Pa was attended by HelpfulHannah of Re/Max Eastern. The broker open was hosted by Mike McCann of Prudential Fox & Roach ( Mike "The Real Estate Man") What a fabulous broker open it was it is a penthouse condo. Pat " The Bat" Burrell's place the former Phillie's baseball star . Mike McCann is a wonderful host and had an assortment of fruits , spreads,cheeses, cakes and,wine, plus a DJ. The Penthouse view was magnificent . It boasts 3.5 baths 4327 spacious sq ft. A master bath to die for . A spectacular view. Thank you for the invitation Mike I enjoyed the preview and will keep this condo in mind .

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We know you're always curious about the hottest properties in the coolest neighborhoods in Philadelphia. That's why we are introducing to you one of the hottest luxury rental properties in the city. It is called The Commonwealth. It sounds as sophisticated as it is in person.

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PIFA, Philadelphia International Festival of the Arts, ended a month-long celebration of the arts with a spectacular street fair that took over Broad Street from Chestnut to Pine Streets. A ferris wheel, a maze, live performers dressed as statues and trees, street painters, acrobats swinging from a trapeze, music and theater, and vendors filled the streets with a curious crowd.

Did you attend? What was your favorite moment?

Now that our friends at the Federal Reserve have changed the mortgage pay system for borrowers and broker, there is more "good' news from Washington.

If a budget stalemate occurs and the money dries up because of the lack of a budge deal, the mortgage business comes to a halt.

Why you may ask? Well, here are just a few reasons:


Tax transcript: If the IRS is on furlough, we will not be able to obtain tax transcripts. If you have a registered/locked loan with us and have not already delivered it to the branch, please upload your completed and signed 4506T into eMagic TRIO now. Even though the TRIO folder will not contain a complete file, please upload your registration or lock confirmation and select "deliver to Underwriting." You will need to check the audit trail in TRIO to confirm receipt by SunTrust Mortgage. We will order the transcripts prior to the shutdown to minimize a potential delay when you deliver your loan file.

Flood insurance: Borrowers may have difficulty obtaining flood insurance through FEMA during this period.

FHA: We understand that HUD may not support FHA Connection during their hiatus, and therefore we will not be able to order case numbers or perform other functions in FHA Connection while they are on furlough.

Rural Housing: We are not sure of the impact to GUS since that system was created since the last shutdown in 1995. However, we should anticipate the system will not be available. In addition we will not be able to get conditional commitments during the shutdown.

VA: We should anticipate that the system by which VA appraisals are ordered will not be available.

Other than that, Fannie and Freddie are sort of governmental agencies and they may not be able to communicate with the needed oversight people. Therefore, no one can make decisions.

I think we should all take a vacation! Oh wait, the air traffic controllers will not be there.

I guess it's back to the bunkers!