Looking to buy a short sale?

Are short sales good deals?

Occasionally. Often times people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their property fast 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 isn't delinquent with their payments, but property values have depreciated. In these cases the discounted price may in fact be consistent with true market values, not 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 knowledgeable decisions. We can help find out to whom the property is titled, the balance still 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.

• Get a REALTOR^® with short sale expertise. Excel Funding Real Estate Services, Inc. can help expedite the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Make sure to reserve the right to have the property inspected 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 will always suggest that you make your offer contingent upon the inspection results.