Ready to make a deal on a short sale?

Are they good deals?

From time to time, yes. Many people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their property promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on 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 fallen. In these cases the "bargain" price may in fact be in line with true market values rather than below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a knowledgeable real estate professional from Villar and Company 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, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you make a decision about how much to offer.

• Hire an agent with short sale expertise. Villar and Company Real Estate can help expedite the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Put my knowledge and experience to work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed 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 terms of the sale. A lot of the time your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are generally not negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make sure to 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 am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.