If you haven't found a home yet and are still interested to live in University City, we're renting our home on Osage Ave. Please see the following web-site for more information:
Even though this is an old thread, its a good one. I went to penn and I have lived in philadelphia since 1986. Buying in univ city has 3 options. One....buy close to Penn. In that case you probably buy a 2-5 unit property and rent the rest out. Second you buy a home for 400-500k. Third you buy a condo. That's either garden court for 150k-300k or 42ndf and pine for 350-900k.
Many students/parents aldo buy in center city west.....riverwest condo at 2101 chestnut, 2200 arch st are popular chouce. Give a ring if you'd like to discuss further
Coldwell banker realty corp
Wharton undergrad '91.... more
In 19104 as a whole, buyers paid over 92% of asking price during past 12 months - according to MLS. However, the Penn Catchment area has several divisions. If you are looking just at the Penn Alexander School catchment, this area is much different than say Penn;'s Expanded Catchment Zone 2. The new University Special Services District Report is essential to understanding the complex market here.
The bottom line is you need a professional to guide you through this statistical jungle. If you are serious about buying, interview me. If you're just "kicking tires", feel free to keep looking!... more
FHA and VA still have qualifying assumable loans meaning the person who wants to assume the loan, my qualify to make the payments. There are also some ARMs that act the same way. I would assume 99.9% of these loans will never be assumed. Why did you want one?... more
If you are applying for an FHA loan and have that specified in the mortgage contingency of the Agreement of Sale then unless the property appraises at the contract sale price or better you will have the option to renegotiate the price or just walk away. Under the terms of the mortgage contingency of a standard PAR Agreement of Sale for Residential Real Estate you would be entitled to the return of all deposit money. That being said, it will still require both buyer and seller signatures on the release in order for deposit money to be returned so you may have to negotiate a bit with the seller on that if you do not buy the property.... more