Want to buy a short sale?

When a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. For more information, you can contact me through my site or e-mail me. I'm happy to address any questions you have regarding real estate short sales.

Purchasing a short sale in Prairieville, Louisiana on your own is risky. Contact Weichert, Realtors - Villar and Company for expert advice.

Can I get a bargain on a short sale?

The short answer is "sometimes". Often times people hear the term "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property fast to prevent 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 is current with their mortgage, but property values have depreciated. In cases such as these the "bargain" price may in fact be closer to true market values, not below.

How do I buy a short sale?

  • Always do your research 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 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. Acquiring this data can help you make a decision about how much to offer.
  • Use an agent with short sale knowledge. Weichert, Realtors - Villar and Company can help expedite the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with 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. Always reserve the right to perform 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 foremost and will always advise you to make your offer contingent upon the results of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Weichert, Realtors - Villar and Company can help. Utilize my experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the full deal.