Want to buy a short sale?

Are they good deals?

The short answer is "sometimes". Often times people hear the term "short sale" and automatically think of a seller that is in default and must sell their property fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the "bargain" price may in fact be in line with actual market values instead of below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using an experienced REALTOR^® from Villar and Company Real Estate to support your research of a property will help you make educated decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you determine how much to offer.

• Use a REALTOR^® with short sale experience. Villar and Company Real Estate can help expedite the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Put my knowledge and experience to work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Villar and Company Real Estate, when I write an offer, I'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.