Ready to buy a short sale?

Can I get a good deal on a short sale?

Sometimes. Many people hear the term "short sale" and automatically think of a seller that is insolvent and needing to sell their home quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the discounted price may in fact be consistent with actual market values, not below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a knowledgeable real estate professional from Villar and Company Real Estate to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you make a decision about how much to offer.

• Use a real estate agent with short sale experience. Villar and Company Real Estate can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work for you.

• 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 aware 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 discounted price. Commonly, your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Villar and Company Real Estate, when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.