Looking to purchase a short sale?

Are they good deals?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is in financial trouble and must sell their home fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage 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 declined. In cases such as these the discounted price may in fact be consistent with true market values, not below.

How do I buy a short sale?

• Before making any purchase offers, do your research. Using a qualified real estate professional from Weichert, Realtors - Villar and Company to assist you with researching a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is 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.

• Get a real estate agent with short sale expertise. Weichert, Realtors - Villar and Company can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Put my experience and knowledge to work in your favor.

• 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 most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing 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 have inspections for pests, HVAC, electrical, and other critical areas. At Weichert, Realtors - Villar and Company, when I write an offer, I am looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.