What will $239,000 buy in Philadelphia?

The unique neighborhoods of Philadelphia add to its charm and diversity.  This Sunday you can preview 3 delightful homes in 3 different areas offered at the same price - $239,000!


Open House Schedule - Sunday, Sept 18th

• 3670 Calumet St, East Falls - 12:00 - 3:00 pm
• 792 N Pennock St #1, Art Museum - 1:30 - 2:30 pm
• 525 Fitzwater, Queen Village - 1:30 - 4:00 pm

1) Queen Village - Philadelphia's first neighborhood, a rich past, restaurants, shopping and easy access to Center City make it one of the city's most interesting spots.  Abbott's Court offers convenient living with completely renovated homes in a courtyard community.

Price Reduced on all 5 units! Ranging from $225,000 to $252,900.  Completely renovated with luxurious finishes and central air. 10 Year Tax Abatement. No condo fees ever! Move in without worries of maintenance and repairs!  Seller motivated!

2) Art Museum - A part of Center City, Art Museum residents enjoy close access to all the City has to offer, but enjoy living in a residential area.  There are many, many attractions - from the Rodin Museum to favorite restaurants, in addition to easy access to Center City nightlife.  792 N Pennock St is a delightful bi-level condo offering a quiet Art Museum retreat.  Hardwood floors gleam as you enter.

The open reverse floor plan is very creative and well suited for an artist's easel.  Also offered at $239,000 - it's ready to move in.

3) East Falls - A unique area that has direct access to the Schuylkill River and Fairmount Park. Lots of open space, parks and a pet friendly neighborhood. For those that want the advantages of more space and parking that the suburbs offer, but still want easy access to Center City, 3670 Calumet is walking distance to the train for a short commute to Center City. The best of both worlds!

With 3 stories, 3 bd / 3 ba, plus bonus room, full basement, 3-car garage and fenced yard you have all that suburban living offers, but still part of the city lifestyle.  You'll find lots of extra living space and storage.  Be sure to check out the master suite on the 2nd floor. Also offered for $239,000 and ready to move in.

Who Determines the Value of Your Home?

It's the job of the real estate appraiser. His or her job is to evaluate a property and tell you, the buyer, what condition it is in and the value. Of course, as a seller, you can also have your home appraised so you get an objective "third party" view of your property.

Real estate appraisers are licensed by the state. Regulations vary, however, so I recommend you contact either me or a bank for information on qualified and ethical appraisers (more on this later). Often, they are independent contractors associated with appraisal firms headed by a Certified Appraiser or the equivalent.

What are the Benefits of Using an Appraiser's Services?

When you are a buyer, appraisers can provide you with two great benefits:

First of all, they can uncover hidden problems that could end up costing you a lot of money down the line. Their appraisal can help you to either avoid the property all together or negotiate a lower price to compensate for future costs.

Second, appraisers can do the opposite -- uncover hidden opportunities for you! For example, you might be considering a home that doesn't look all that wonderful on the outside, but is actually in solid shape as far as its structure is concerned. So, through an appraiser's efforts, you may end up with an outstanding bargain.

From the seller's viewpoint... an appraisal can uncover items that need to be fixed before you put your home on the market. This ensures that your property is in the best shape possible before prospective buyers ever look at it.

What Kind of Report Will I Receive from an Appraiser?

A certified appraiser should provide you with a written report. These reports generally consist of the following nine items:

1. A description of the property and its location based on a visit to the property by the appraiser. The appraiser evaluates the condition, overall livability based on design, layout, and appeal to the market, and other external factors).

2. An evaluation of the “highest and best use” of the land; that is, the use for a piece of land, or property in general, that maximizes its net present value.

3. An evaluation of sales of comparable properties (usually three) as similar to the appraised property as possible.

4. Information regarding current real estate activity and/or market area trends.

5. An evaluation of the overall real estate market in the area.

6. Statements about items the appraiser feels are detrimental to the property's value, such as poor access to the property.

7. Notations about seriously flawed items, such as a crumbling foundation, leaking roof, etc.

8. An estimate of the average sales time for the property.

9. What type of area the home is in (a development, stand alone acreage, etc.).

How Do I Find a Certified Real Estate Appraiser?

I can direct you to very qualified appraisers, or you can find one through your bank, as it too should have a list of approved appraisers. If you decide to find an appraiser on your own, check his or her background carefully. As with any profession, there are always a few scam artists who inflate appraisal amounts in order to make more money.

Check with the Better Business Bureau and the Pennsylvania State Appraisal Board. You can also check with your bank to make sure an appraiser is not blacklisted.

How Much Does An Appraisal Cost?

Generally speaking, an appraisal runs from $300 to $500. However, fees do vary with location.

If you need more information on real estate appraisers or any other real estate topic, be sure to call me.  I would love to discuss these matters with you!

Top 3 Tips for Buying an REO in Philadelphia

Buying a foreclosure is a "horse of a different color" and requires some expertise, knowledge and old fashioned negotiation skills! Maria is a Certified Negotiation Expert and shares her knowledge, tips and tools with the Buyer Specialist team. In addition, at a recent REO conference Maria and I learned some inside tips on how to buy an REO and what asset managers are looking for in an offer.



Top 3 Tips for buying a foreclosure:

1. Buying "As-Is" When you're buying a foreclosure, there is no sellers disclosure. Usually the asset manager responsible for the sale has never seen the property. Although in some situations, lenders may pay for some repairs or offer some concessions - it's best to plan on an "As-Is" contract and do your due diligence before making your offer. We have invested in technology & training that allow our Buyer Specialists to submit a repair estimate with your offer, using software that is recognized by lenders and appraisers. By doing this up-front, we increase the probability of your offer being accepted.

2. Be prepared for a 29 day close. Most lenders require a 30 day closing, but some national lenders have a 29 timeframe with no exceptions. We'll work with you to prepare for a smooth closing - on time!

3. Proof of Cash Funds. Lenders will require documentation of your funds as well as qualification information from your lender. We will want to thoroughly discuss what loan you plan to use. For instance, if it's a FHA or VA loan the property condition has to be at certain standards to qualify. We'll want to review options and problem solve before submitting the offer, reducing the risk of delays or unpleasant surprises.

For more information about how to buy a foreclosure, please contact us for a confidential Buyer Consultation. 267-238-1048 or SKunkel@CBPREF.com

Tips for Real Estate Investors

Diversified Investors Group (DIG) is having their 7th Annual Investor & Landlord TRADE SHOW & VENDOR EXPO today, AUGUST 25th from 6–9PM at the Holiday Inn in Ft Washington, PA.

Whether you're interested in rehabbing, flipping or becoming a landlord - you'll find great information, resources and some "how-to" workshops at tonight's event.

Here's our top pick of real estate investment opportunities:

Commercial

1) 113-25 Church Street; Old City development opportunity
2) 1412-14 S 7th Street - ideal for live/work lofts
3) 1820 Germantown Ave - 3 units

Multi-Unit Residential

1) 870 E. Chelton Ave - store front & rentals
2) 6147 Hawthorne St - 2 units
3) 1914 S. 19th St - store front, multi-family rehab
4) 2715 N. 16th St - 2 units
5) 1412 W. Susquehana - Temple Univ storefront & multi-unit rentals
6) 2623-25 Cecil B Moore Ave - Temple Univ 5 unit shell

We specialize in working with investors and developers. For a consultation or more information, contact us at 267-238-1048.

Queen Village Courtyard Community

Charming fully renovated townhomes in Abbott's Court gated community offer a lifestyle of comfort and convenience. Located within walking distance to all the attractions of Queen Village, South Street and Center City.

Great fit for first-time homebuyers. The security of knowing all the work has been done for you! Interest rates are very attractive, and additional funding has been made available for first-time homebuyer assistance. Seller motivated! Will consider all offers.

To find out more, please contact us for a free buyer consultation, or to request a showing at 267-238-1048.

Open House this Sunday from 1-4:30 pm. For more details visit www.AbbottsCourt.com

Stunning New Construction in Graduate Hospital

Amazing architectural details throughout this stunning 3-story home in charming Graduate Hospital neighborhood. New construction from the ground up. Tiger wood flooring throughout. Gourmet kitchen with high-end stainless steel appliances, including a built-in wine cooler.


Master suite has deck with spiral staircase to roof-top deck that offers 360' degree views of Center City skyline.

Perfect for entertaining! Enclosed patio on first floor, media room in finished basement, and gourmet kitchen. Second floor has two bedrooms, full bath and home office. Third floor is dedicated to the master suite. For more details, visit www.2053Pemberton.com or call 267-238-1048 to arrange a showing.

How to Make a Buyer WANT Your House! Staging your house, before it’s too late and you lose the sale

If you’ve shopped for a home, chances are you’ve come across one that you really wish you hadn’t visited in the first place. True, houses for sale ought to have a certain “lived in” quality to them, because they are to be lived in after all, but the art of tactfully balancing just the right amount of homeiness with neutrality is not so simple. You need to know what you’re doing when you prepare to set up your house and show it to potential buyers. We’ve put together some great tips for home-sellers so you can get the same results you’d get by hiring a professional staging company.

Fix Up the Place

One of the biggest mistakes homeowners make before putting their house up for sale is to neglect areas in the house that need attention. Folks, don’t leave that faulty step unrepaired, only for a potential buyer to step on, slide off of or worse, get injured on – FIX IT! You might think potential buyers won’t notice but they are walking around on your premises like hawks, noticing each little detail. The good news is that they are noticing the first-rate stuff too, so as long as you have the home’s amenities in order and other major areas in tip-top condition, you should be in good shape. Here’s how:

Get Rid of the Clutter

If you want to successfully sell your house, you need to get those potential buyers to imagine they already live there. Too much clutter, hobby-oriented items or personal possessions that most people may not be able to identify with can easily get in the way of that vision. Organize things in stylish storage bins or better yet, have a garage sale before the open house and get rid of unwanted stuff. You have to move soon anyway, why not kill two birds with one stone? A clean and organized home will seem like a clean slate to buyers, who can then see themselves moving in without much hassle and settle in effortlessly.

Stay Neutral

Skip the tie and dye sofa cushions, shaggy 70s rug and don’t light incense on the day of your open house. While you’re at it, don’t fill the space with gender-specific things either. Buyers should walk into a neutral ground – literally. Light to medium colors, preferably in beige tones, are the simplest way to pull buyers’ attention away from other personal aspects of your home that they may not be able to identify with. Beige goes with almost anything so if someone considering purchasing your home can imagine their things in the space, then you’ve just crossed one of the most major hurdles in home-selling – making a buyer identify with the home.

Make It a Modern, Inviting Environment

If you don’t already have them, invest in a few modern decorative accessories to improve the look of your space while lending an air of style and taste and making it more enticing. It doesn’t have to take much but depending on how you set it up, you can enhance a given space with a few simple additions and deletions. Take your over-crowded study and rearrange the bookshelf to display only a few strategic but essential books, like a leather-bound set of encyclopedia or some literature classics. In the same way, leave a few children’s toys in a child’s room but be sure to display them tastefully.

Put a Few Finishing Touches in Place

The idea is that you want your house to be sold – and you probably want it sold fast. If you are careful to respect the people who are visiting your space to decide whether it’s the right one for them, then you are doing something that a lot of homeowners neglect to consider. Taking down a piece of controversial artwork that may make a potential purchaser uncomfortable could be the one bargaining chip that could make or break the sale. Arranging all those who live in the house to be away during the open houses and while showing the house and dressing respectably while showing the house are great ways to tip the scales in the right direction.

It’s very simple. You need to make the potential buyer feel right at home from the get-go. If from the moment they walk in and smell cinnamon cookies baking makes them wish this was already home – then you’re already two steps ahead and can call the open house a success! Of course, a signature on the dotted line is where the real success lies and as long as the buyer feels at home, chances are that if everything else lines up – the sale is a winner!