The original list price was $160,000 and it closed at $125,000. This was a cash buyer who did not receive any contributions from the seller or the mortgage companies who held the lien. This short sale took 314 days total from list date to close but only 27 days from the day that short sale approval letter was received and 2 days from when the final HUD1 was approved by Chase.
Many Philadelphia mortgages now exceed the fair market value of the home. Negative equity has become an increasing problem for the nation. Many Philadelphia home sellers have no choice but to negotiate with the bank to take less (also known as a “short”) on the sale of the property. The seller proves a hardship to the bank which could include divorce, loss of income, health issues and other various situations proving the monthly mortgage payments are impossible for the homeowner to pay. The home owner hires a Real Estate agent, such as Melanie Banks and Ken Murawski, Short Sale Agents to sell their home and negotiate the sale with the bank.
Melanie Banks and Ken Murawski are an award winning real estate team in Northeast Philadelphia with Keller Williams Real Estate. Melanie Banks and Ken Murawski consistently rank in the top 1% of producing real estate agents at Keller Williams Real Estate