Ready to purchase a short sale?

Are they good deals?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and routinely think of a seller that is insolvent and needs to sell their property promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be in line with true market values instead of below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a qualified REALTOR^® from Villar and Company Real Estate to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you decide how much to offer.

• Hire an agent with short sale expertise. Villar and Company Real Estate can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge 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 a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will be presented 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 up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure you 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 will be looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.