Philly Short Sales - How to Stop Foreclosure

17/05/2024

The number of underwater mortgages is on the rise... especially in southern states - see details below 👇🏽;

Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states, according to data out Thursday.

26/03/2024

When times are changing, its necessary to have an open mind and flexible business model. The lead sources, training and worldwide networking at exp are amazing! Plus the brokerage has always been in support of the agent's business - not the other way around, including complete flexibility on fees and commission.

Just like the Ritz-Carlton business model - as long as its legal in your area, its up to you how to brand, market, commissions, etc.

Curious? Reach out and explore eXp with me!

12/07/2023

Distressed properties have been in the shadows of market news in the past couple of years. However, rising defaults in the commercial real estate market could hit like a tsunami;
...In the US alone, about $1.4 trillion of commercial real estate loans are due this year and next, according to the Mortgage Bankers Association. (Other estimates are a bit lower.) When the deadline arrives, owners facing large principal payments may prefer to default instead of borrowing again to pay the bill.

Major institutional owners including Blackstone, Brookfield and Pimco have already chosen to stop payments on some buildings because they have better uses for their cash and resources. “There’s significant stress,” says Harold Bordwin, a principal in New York at Keen-Summit Capital Partners LLC, which specializes in renegotiating distressed real estate. “People don’t give up assets so easily unless they just don’t see any hope and they recognize that they’re pretty well underwater.”....

From San Francisco to Hong Kong, higher interest rates and falling property values are bringing the commercial real estate market to a perilous precipice.

09/03/2023

Where were foreclosures up in February?

"Lenders repossessed 3,831 U.S. properties through completed foreclosures (REOs) in February 2023, dipping 2 percent from last month but increasing 45 percent from last year.

States that had at least 100 or more REOs and saw the greatest annual increase in completed foreclosures in February 2023 included: New York (up 268 percent); Georgia (up 237 percent); California (up 132 percent); Texas (up 87 percent); and Virginia (up 73 percent).

Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of completed foreclosures (REOs) in February 2023 included: Chicago, IL (193 REOs); New York, NY (170 REOs); Detroit, MI (112 REOs); Philadelphia, PA (104 REOs); and St. Louis, MO (97 REOs)."

ATTOM's February 2023 U.S. Foreclosure Market Report shows that foreclosure filings were down 3% from last month & up 18% from last year.

09/03/2023

"IRVINE, Calif. — Mar. 9, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Risk Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, foreclosures and other measures in the fourth quarter of 2022. The report shows that inland California, Illinois, New Jersey, and Delaware continued to have some of the highest concentrations of the most-at-risk markets in the country, with the biggest clusters in the New York City and Chicago metropolitan areas. Southern and midwestern states remained less exposed.

The fourth-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures, and unemployment – revealed that New Jersey, Illinois, and California had 31 of the 50 counties most vulnerable to potential declines around the U.S. That was roughly the same as the 28 more-at-risk markets that were in those states in the third quarter of last year. During a time when the broader U.S. housing market boom stalled, those concentrations dwarfed other parts of the country."

ATTOM's Q4 2023 Special Housing Risk Report shows that inland California, Illinois and East Coast continue to have the most-at-risk markets.

26/12/2022

Unique, historic short sale in Center City Philly! Sometimes the best opportunities are hidden gems like this 3 bd / 3.5 ba home dating back to 1865, with parking! Currently used as an AirBnB. Want to know more about how to buy a short sale and what could be a good offer price? Let's talk!

UPDATE - SOLD for $710K by KW Main Line. Interested in buying a short sale?

09/12/2022

Highest foreclosure rates remain in Illinois, Delaware, and New Jersey

Nationwide one in every 4,580 housing units had a foreclosure filing in November 2022. States with the highest foreclosure rates were again: Illinois (one in every 2,401 housing units with a foreclosure filing); Delaware (one in every 2,736 housing units); New Jersey (one in every 2,916 housing units); South Carolina (one in every 3,195 housing units); and Wyoming (one in every 3,237 housing units). Read more 👇🏽

Among the 450,000 underwater borrowers in the third quarter, nearly 60% had mortgages originated in the first nine months of 2022.

03/11/2022

Distressed homeowners in 2022 need your help!

Equity does NOT equal liquidity and far too many homes going to foreclosure auction in 2022 actually have equity. Our friends and neighbors are losing their homes, their credit and their money. It impacts generational wealth, for a very long time!

The news isn't covering the current foreclosure crisis, and most agents don't have the info they need to be effective.

I've hacked 14 years of experience, training and networking into video based learning modules that will give you a foundation to be effective in your real estate business, serving homeowners at risk of foreclosure.

Sign up below, and let's collaborate to help our neighbors!

Learn how to help distressed homeowners stop foreclosure in 2022. Equity does not equal liquidity. It's a different dynamic than 2008. Video based learning to create a foundation for. your short sale business by Susanna Kunkel, CDPE, SFR, CNE with EXP Realty, LLC

21/10/2022

Join us tomorrow (Saturday) at 1pm EST on Clubhouse for a discussion and Q&A about Preforeclosures and Short Sales in today’s market:

Saturday, October 22 at 1:00pm EDT with Susanna Kunkel, Reginald Sylvester, Dionne Harris-Jackman, Frederick MMXXI, Lia Hendricks, Moji Solar-Wilson, Sherita Delgado. It’s not 2008! Todays homeowners face unique challenges. Ask the experts about how to stop foreclosure, and how to serve this marke...

24/09/2022

With Susanna Kunkel, CD Mitchell and 10 others, hosted by Real Estate Real Stories

16/09/2022

What happens when short sales fail?

Unfortunately, it goes to foreclosure! In some situations, there are circumstances which are insurmountable. However, most often I see a failure due to the wrong team being involved with the home owner. It's extremely sad to see someone reach out for help, yet their realtor didn't know how to work a short sale successfully.

I recently met with the owner of this property which had been listed as a short sale. Yet, not professionally handled and now it's been auctioned and he has no options available.

A short sale listing should be under contract within 30 days! If it's not, that's a red flag the listing agent isn't experienced and doesn't have the right training and the right negotiating team working on behalf of the home owner.

If you know anyone at risk of foreclosure, please reach out to me right away! I'm networked with agents across the country who specialize in solutions for home owners to avoid foreclosure. We're here to help! Want more info?
👉🏽 FightTheBank.org