Ready to make a deal on a short sale?

Are short sales good deals?

From time to time, yes. Many people hear the term "short sale" and routinely think of a seller that is in trouble and needing to sell their property fast to avert further financial problems. This is at times 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 fallen. In these cases the discounted price may in fact be consistent with true market values instead of below.

What's involved in buying a short sale?

• Before making any purchase offers, do your research. Using an experienced real estate agent from Villar and Company Real Estate to help you research a property can help you make knowledgeable decisions. We can help reveal 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.

• Hire a REALTOR^® with short sale experience. Villar and Company Real Estate can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder 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 generally take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when working with a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay 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 will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.