Looking to make a deal on a short sale?

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Most people hear the term "short sale" and instinctively think of a seller that is in financial trouble and must sell their home quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on 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 depreciated. In these cases the discounted price may in fact be in line with true market values instead of below.

How do I buy a short sale?

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

• Get a REALTOR^® with short sale experience. Excel Funding Real Estate Services, Inc. can help expedite the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that many 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 sale terms. A lot of the time your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are usually non-negotiable when buying a short sale. The lender is selling 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 will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.