Want to buy a short sale?

Are short sales bargains?

From time to time, yes. Most people hear the words "short sale" and instinctively think of a seller that is insolvent and must sell their property promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the reduced price may in fact be consistent with current market values rather than below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a qualified REALTOR^® from Excel Funding Real Estate Services, Inc. to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you make a decision about how much to offer.

• Hire an agent with short sale experience. Excel Funding Real Estate Services, Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up the closing process. Put my knowledge and experience to 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 aware 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 sale terms. A lot of the time your offer will go before 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 buying a short sale. The lender will be 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 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 recommend that you make your offer contingent upon the outcome of the inspections.