Q: My home has been for sale in Rhawnhurst too long. I wanted to move before the kids started school, so I put it up for sale at the beginning of the year. No bites. I really want to move! How can I help it to sell faster?

A: Currently, there are 1,640 homes for sale in Northeast Philadelphia. Not counting the almost 350 pending sales, that’s still more homes on the market than have sold in the past six months. Even if zero homes went up for sale for the rest of the year, it would take more than six months to sell out the current inventory. Yours is one of them. continue reading »

Q: I lost my job and can no longer afford my home in Wissinoming. I don’t have any money to bring to settlement, so selling it for less would be problematic. My agent listed my house for sale in January for $94,900, because I owe $83,000 and I needed to make sure the sale covers my closing costs. No one is even coming to see it. My agent tells me the average sale price for the same house in my neighborhood is about $78,000. Can I try for a short sale?

A:  Short sales are not easy, and, despite their name, they are anything but short in process. There have been many homes that didn’t make it through the short sale process and have ended up in foreclosure.   Contact the Loss Mitigation department of your mortgage company to find out what documentation is required to apply for a short sale. Usually you will need the following items, among others: continue reading »

Q: I am buying a home in Bells Corner, and I’m supposed to settle this Friday. My mortgage lender is telling me now it might not happen on time. She said the underwriter needs more paperwork, and I might even need a co-signer. I was pre-approved and have given everything they’ve asked for, why do they need more two days before closing?

A: More and more I have seen missed settlement deadlines and underwriters asking for more information and taking longer to review files. Getting mortgage loans in time for settlement has definitely been a nail-biter lately. I advise my clients to make sure all their paperwork and verifications are in as early as possible so the lender can do their job. continue reading »

Q: I want to buy a three-bedroom house in Morrell Park to be close to my parents. The problem, is I am only approved for $120,000 and most of the homes I like cost more. Should I wait and see if the market gets better, or should I just look elsewhere?

A: The average price in Morrell Park today is $186,000. It will be extremely difficult to find a home in Morrell Park for $120,000, especially since the lowest price for a home right now is just under $150,000. Just so you know, only four homes have sold in the past year for less than $150,000. continue reading »

Q: I am looking for a home and my agent told me to go to my bank and get pre-approved first. What should I bring with me?

A: Your lender will check your credit, so you don’t need to have your credit score ready, but there are many items that a mortgage lender will need to process your loan, including: continue reading »

Q: How is the real estate market in Northeast Philadelphia? It is a good time to sell or buy?

A: It is good news for qualified buyers and homeowners looking to upsize.

The now-expired Homebuyer Tax Credit definitely boosted sales in the spring. It helped to sell many of the homes on the market, and home values and sales were looking up. However, the number of homes coming onto the market is increasing faster than homes are being sold. Now that the Tax Credit expired, the only thing enticing the small pool of buyers, who still have their credit intact in this economy and can actually get a mortgage, is the fantastically low interest rates. continue reading »

Q: I heard that the $8,000 Buyer Tax Credit was extended. I am looking for a house now and could really use the incentive if I find a fixer-upper. How long do I have before it expires again?

A: The latest extension only benefits anyone who was already under agreement and was not able to make settlement by the previous deadline of June 30. Only the Federal Homebuyer Tax Credit’s closing deadline was extended to the end of September. Most homebuyers who weren’t already under contract by April 30 are out of luck unless a new tax credit is passed. continue reading »

Q: I am under contract to buy a single home in Fox Chase. My mortgage lender had an appraisal done and they required a couple repairs. The seller refuses to do the repairs, and wants to back out of the agreement unless I do the repairs myself before settlement. I don’t want to. I realize I will be eating my home inspection fee, but will I at least get my deposit back?

A: The seller does not have to automatically agree to do any repairs, even lender or casualty insurance required repairs. It sounds like you are using an FHA loan, because usually it is an FHA appraiser who will ask for repairs to be completed by the property seller.

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Three NEast Philly stories were featured in Metro yesterday, as part of our ongoing partnership with the daily newspaper. Below, find the full text of the exclusive Lawncrest Fourth of July story, and links to our other featured articles. continue reading »

Q: I am selling my home in Bell’s Corner myself, and I had an open house. I did not sell the house, but a couple realtors came through and offered their services. If I decide to hire one of them, what services can I expect to receive?

A: It depends on the realtor. There is not an across-the-board system of handling the marketing and sale of your home that every agent follows. Everyone has their own approach, and some are more effective than others.

You would be wise to interview a couple agents and proceed from there. Here are seven questions you should remember to ask on the interview: continue reading »