Want 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.

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

Can I get a bargain on a short sale?

From time to time, yes. Most people hear the phrase "short sale" and routinely think of a seller that is insolvent and needs to sell their home quickly to prevent further financial problems. This is at times 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 isn't delinquent with their payments, but property values have depreciated. In these instances the "bargain" price may in fact be in line with true market values rather than below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a knowledgeable real estate professional from Weichert, Realtors - Villar and Company to help you research a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you make a decision about how much to offer.
  • Get an agent with short sale expertise. Weichert, Realtors - Villar and Company can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to delay the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that many short sales will not close in 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 discounted price. It's not uncommon that your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Always 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 above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, Weichert, Realtors - Villar and Company can help. Use my experience and knowledge of real estate to be confident you are getting a fair deal and will be protected during the whole deal.