Ready to make a deal on a short sale?

Can I get a bargain on a short sale?

Occasionally. Most people hear the words "short sale" and instinctively think of a seller that is in trouble and needs to sell their house fast to avoid further financial problems. This is sometimes 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 with their mortgage, but property values have depreciated. In these instances the discounted price may in fact be in line with actual market values instead of below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a knowledgeable REALTOR^® from Weichert, Realtors - Villar and Company to assist you with researching a property will help you make informed decisions. We can help reveal to whom the property is titled, the amount 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.

• Use a real estate agent with short sale expertise. Weichert, Realtors - Villar and Company can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to hinder the closing process. Put my experience and knowledge to work in your favor.

• 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 most 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. It's not uncommon that your offer will be presented to 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 generally not up for negotiation when dealing with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always 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 will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.