Want to buy a short sale?

Can I get a bargain on a short sale?

Sometimes. Most people hear the phrase "short sale" and routinely think of a seller that is in default and must sell their property quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of 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 declined. In cases such as these the reduced price may in fact be closer to actual market values, not below.

Are you ready to buy a short sale property?

• Before making any purchase offers, do your homework. Using a qualified REALTOR^® 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, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you determine how much to offer.

• Get a REALTOR^® with short sale experience. Villar and Company Real Estate can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 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 sale terms. A lot of the time your offer will be presented 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 usually not negotiable when working with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Be sure you 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 will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.