Want to make a deal on a short sale?

Are short sales bargains?

Every now and then a good deal will come along. Most people hear the term "short sale" and routinely think of a seller that is in trouble and needing to sell their home promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the discounted price may in fact be consistent with current market values, not below.

How do I buy a short sale?

• Prior to making any purchase offers, do your research. Using a qualified real estate professional from Villar and Company Real Estate to assist you with researching a property can help you make informed 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. Locating this data can help you determine how much to offer.

• Get an agent with short sale experience. Villar and Company Real Estate can aid you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that many 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 discounted price. It's not uncommon that your offer will go before 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 dealing with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Always 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 above all else and will always suggest that you make your offer contingent upon the results of the inspections.