Looking to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Many people hear the phrase "short sale" and routinely think of a seller that is in default and needs to sell their house fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be consistent with current market values instead of below.

What's involved in buying a short sale?

• Prior to making any purchase offers, do your research. Using a qualified REALTOR^® from Weichert, Realtors - Villar and Company to help you research a property will help you make educated 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 data can help you decide how much to offer.

• Use a real estate agent with short sale experience. Weichert, Realtors - Villar and Company can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience hold up 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 generally take longer than a typical real estate transaction. Be informed that most 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. A lot of the time 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 typically not negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Be sure you 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 will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.