Ready to buy a short sale?

Are short sales good deals?

From time to time, yes. Often times people hear the term "short sale" and routinely think of a seller that is in financial trouble and needing to sell their house promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the discounted price may in fact be in line with true market values, not below.

Are you ready to buy a short sale property?

• Prior to making any purchase offers, do your research. Using an experienced real estate agent from Villar and Company Real Estate to support your research of a property will 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. Locating this info can help you determine how much to offer.

• Get a real estate professional with short sale expertise. Villar and Company Real Estate can help expedite the transaction and make certain you're protected. Don't let inexperience hold up the closing process. Put my knowledge and experience to work for you.

• 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. Know that most short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before 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 usually non-negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure to reserve the right to have the property inspected 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 inspection results.