Looking to purchase a short sale?

Are they good deals?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house promptly 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. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the "bargain" price may in fact be in line with true market values instead of below.

How do I buy a short sale?

• Before you make any purchase offers, do your homework. Using a qualified real estate agent from Excel Funding Real Estate Services, Inc. to help you research a property will help you make informed 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. Having these facts can help you determine how much to offer.

• Get a REALTOR^® with short sale experience. Excel Funding Real Estate Services, Inc. can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hold up 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 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 presented to 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 usually non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure to 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 will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.