Looking to buy a short sale?

Are short sales bargains?

Occasionally. Often times people hear the term "short sale" and routinely think of a seller that is in default and must sell their house fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the reduced price may in fact be consistent with true market values rather than below.

Are you ready to buy a short sale property?

• Before you make any purchase offers, do your research. Using a qualified REALTOR^® from Excel Funding Real Estate Services, Inc. to assist you with researching a property will help you make informed decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you make a decision about how much to offer.

• Get a real estate agent with short sale knowledge. Excel Funding Real Estate Services, Inc. can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to slow down the closing process. Let my experience and knowledge work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that many short sales will not close in 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. Commonly, your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Be sure you 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'm looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.