Ready to buy a short sale?

Can I get a bargain on a short sale?

Occasionally. Many people hear the words "short sale" and routinely think of a seller that is in default and must sell their property promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the discounted price may in fact be in line with true market values, not below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a qualified real estate agent from Excel Funding Real Estate Services, Inc. to help you research a property can help you make educated 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. Locating these facts can help you make a decision about how much to offer.

• Get a real estate professional 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 with an experienced real estate agent and under the best circumstances, buying a short sale property will usually 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 get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are usually not negotiable when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Excel Funding Real Estate Services, Inc., when I write an offer, I am looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.