Ready to make a deal on a short sale?

Are short sales good deals?

Occasionally. Many people hear the term "short sale" and routinely think of a seller that is in trouble and must sell their home quickly to avoid further financial problems. This is sometimes 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 isn't delinquent with their payments, but property values have depreciated. In these cases the discounted price may in fact be in line with actual market values instead of below.

How do I buy a short sale?

• Always do your homework before making any offers. Using an experienced REALTOR^® from Excel Funding Real Estate Services, Inc. to assist you with researching a property can help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.

• Hire a real estate professional with short sale expertise. Excel Funding Real Estate Services, Inc. can help expedite the transaction and ensure that you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be sent 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 negotiable when buying a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to have 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 foremost and will always suggest that you make your offer contingent upon the inspection results.