Looking to buy a short sale?

Are short sales good deals?

Sometimes. Many people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their property promptly to avoid further financial problems. This is sometimes 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 is current, but property values have depreciated. In these cases the "bargain" price may in fact be closer to actual market values instead of below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate professional from Weichert, Realtors - Villar and Company to assist you with researching a property will help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.

• Hire an agent with short sale expertise. Weichert, Realtors - Villar and Company can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably 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 get approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when working with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Weichert, Realtors - Villar and Company, when I write an offer, I am looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.