Ready to make a deal on a short sale?

Are short sales bargains?

Sometimes. Many people hear the words "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 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 instances the discounted price may in fact be in line with actual market values, not below.

What's involved in buying a short sale?

• Before making any purchase offers, do your homework. Using a knowledgeable REALTOR^® from Excel Funding Real Estate Services, Inc. to support your research of a property will help you make educated decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you determine how much to offer.

• Hire an agent with short sale knowledge. Excel Funding Real Estate Services, Inc. can help expedite the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work for you.

• 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. Be informed that most 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 to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when working with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Make sure to 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'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.