Ready to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. If you have any questions about real estate in Prairieville, Louisiana, contact me here or e-mail me.

Purchasing a short sale in Prairieville, Louisiana on your own is risky. Contact Weichert, Realtors - Villar and Company for expert advice.

Are short sales good deals?

From time to time, yes. Often times people hear the words "short sale" and automatically think of a seller that is in default and must sell their property promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using an experienced REALTOR® from Weichert, Realtors - Villar and Company to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you determine how much to offer.
  • Get an agent with short sale experience. Weichert, Realtors - Villar and Company can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to delay 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 probably take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender will not be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Weichert, Realtors - Villar and Company, when I write an offer, I will be looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it is a short sale or a typical home sale, Weichert, Realtors - Villar and Company is here to help. Utilize my experience and knowledge of real estate to be certain you are getting a fair deal and will be protected during the entire purchase transaction.