Want to purchase a short sale?

Can I get a good deal on a short sale?

Sometimes. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and must sell their property fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the reduced price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

• Before making any purchase offers, do your homework. Using an experienced real estate agent from Excel Funding Real Estate Services, Inc. to help you research a property will help you make educated decisions. We can help learn 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 data can help you determine how much to offer.

• Hire a REALTOR^® with short sale knowledge. Excel Funding Real Estate Services, Inc. can assist you in expediting the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Put my knowledge and experience to 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 a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve or disapprove, 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 dealing with a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be 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'm looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.