This house at 925 Unruh Ave., Philadelphia, PA 19111 in Oxford Circle/Castor Gardens section of Northeast Philadelphia is no longer for sale.
It was listed for sale by an out of region real estate agent that underpriced this listing as a SHORT SALE for $139.000. This house was purchased in 2003 for $168,000 and the homeowners completed many updates and upgrades including expanding and enclosing, insulating and siding the front porch.
It is currently under contract pending multiple bank/investor approval. There are multiple mortgages (purchase, refi, home equity lines, etc..). Who knows if the deal will close or not? Short sales are never guaranteed to settle!!!!
Had the bank had a knowledgeable asset manager, they would have listed it for sale with a local Realtor who knows the market. The house could have been shown to numerous potential homebuyers in which case the bank probably would have received better offers. A local homebuyer planning to be an owner occupant would have gotten a good solid deal and it would have been a WIN-WIN situation for all involved.
This house was probably not shown by many, if any, local Realtors as it was not listed in the local Multiple Listing Service known as TrendMLS. Chances are it was purchased by an investor who will rent it out or turn around and flip it for a profit. It's a shame it works this way sometimes. It's almost as if banks don't care about common business sense. Maybe they can always count on getting bailed out by the Fed?
Sorry for rambling. There are quite a few nice homes in the area that are good values right now. If you would like me to send you some information on other short sale/foreclosed REO opportunities in the area, please contact me so I can get your name and contact information to send you details.
Looking forward to speaking with you soon.
All the best,
Larry Lichtman, Realtor
Direct Phone: (267) 254-7994