Want to purchase a short sale?

Are they good deals?

From time to time, yes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their property quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the reduced price may in fact be in line with actual market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate agent from Weichert, Realtors - Villar and Company to support your research of a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you determine how much to offer.

• Hire a real estate professional with short sale knowledge. Weichert, Realtors - Villar and Company can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to delay the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of 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 discounted price. In most cases your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working 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 Weichert, Realtors - Villar and Company, when I write an offer, I'm looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.