Philadelphia, PA (PRWEB) August 06, 2017
Point Breeze gentrification has created a lot of controversy and some painful outcomes for long time residents. Local realtor, Susanna Kunkel, with the PhillyLiving team at Keller Williams Philly, decided to do something about it. Having seen many home owners in Point Breeze lose their homes, or sell them for much lower than market value, Susanna decided to do community outreach, offering information and consultation on how to use the higher values as an advantage. Her class will be on Saturday, August 12th from 10am to noon at 728 S Broad St. Refreshments will be served and you can RSVP at http://www.PhiladelphiaShortSales.org.
"With the value of lots and shells in Point Breeze starting near $100,000 - no one should lose their property to tax sale," commented Kunkel. "Even the highest past due tax bill isn't likely to be more than current market value. If the home has to be sold, at least let's sell it at a fair market value, pay off the taxes and yield the homeowner some equity capital," said Kunkel.
She sees a parallel with foreclosure auctions. During the bubble, people lost their homes to foreclosure due to the high mortgage balances, and drops in value. In today's gentrifying neighborhoods it's the opposite. Values are on the rise, and the mortgages are based on prior lower appraised values. It's most likely the property can be sold for more than the balance due, and if not a Short Sale is a positive alternative that saves the homeowner's credit.
At Saturday's class, other options will be presented as well - such as renovation refinancing and reverse mortgages. Owners may qualify for a home renovation loan allowing them to do the upgrades buyers want, and benefit from the "after renovation" high market prices. Susanna will also go over why it's important to have professional representation when selling. Not only with negotiations and market valuation, but also correcting commonly found incorrect liens on title to bring the home owner a more profitable result.
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