Want to buy a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needs to sell their house quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of 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 declined. In these cases the "bargain" price may in fact be closer to actual market values, not below.

What's involved in buying a short sale?

• Prior to making any purchase offers, do your homework. Using a knowledgeable real estate professional from Excel Funding Real Estate Services, Inc. to support your research of a property will help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you make a decision about how much to offer.

• Use an agent with short sale expertise. Excel Funding Real Estate Services, Inc. can help expedite the transaction and ensure that you're protected. Don't permit 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 circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of 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 discounted price. A lot of the time your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Excel Funding Real Estate Services, Inc., when I write an offer, I will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.