Looking to buy a short sale?

Are short sales good deals?

Every now and then a good deal will come along. Often times people hear the words "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the reduced price may in fact be in line with true market values instead of below.

How do I buy a short sale?

• Before making any purchase offers, do your research. Using a qualified real estate agent from Villar and Company Real Estate to assist you with researching 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. Locating this info can help you make a decision about how much to offer.

• Get a real estate professional with short sale knowledge. Villar and Company Real Estate can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hinder 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 a majority of 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 sale terms. In most cases your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform 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 will always recommend that you make your offer contingent upon the outcome of the inspections.