Want to buy a short sale?

Are they good deals?

Occasionally. Many people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their home fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the discounted price may in fact be in line with actual market values, not below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using an experienced real estate professional from Weichert, Realtors - Villar and Company to help you research a property will help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you determine how much to offer.

• Use a real estate professional with short sale experience. Weichert, Realtors - Villar and Company can help expedite the transaction and ensure that you're protected. Don't permit inexperience to hinder the closing process. Put my experience and knowledge to 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 aware that a majority of short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be seen by 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 not up for negotiation when buying a short sale. The lender is 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 inspections for pests, HVAC, electrical, and other critical areas. At Weichert, Realtors - Villar and Company, when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.