Want to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, simply contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate short sales.

Purchasing a short sale in Prairieville, Louisiana on your own is risky. Contact Villar & Co. Real Estate for expert advice.

Are short sales good deals?

From time to time, yes. Most people hear the term "short sale" and automatically think of a seller that is in default and needs to sell their home promptly to avert further financial problems. This is at times 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 isn't delinquent with their payments, but property values have declined. In these instances the reduced price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a qualified real estate professional from Villar & Co. Real Estate to support your research of a property can 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. Getting these facts can help you make a decision about how much to offer.
  • Use a real estate agent with short sale knowledge. Villar & Co. Real Estate can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience hold up 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 probably 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 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 or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Villar & Co. 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.
If you're ready to buy, whether it's a short sale or a typical home sale, Villar & Co. Real Estate can help you. Use my experience and knowledge of real estate to feel confident you are getting a fair deal and are protected during the whole process.