Looking to buy a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the term "short sale" and routinely think of a seller that is in financial trouble and needing to sell their house quickly to avoid further financial problems. This is sometimes 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 is current, but property values have declined. In cases such as these the discounted price may in fact be closer to true market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using a knowledgeable REALTOR^® from Excel Funding Real Estate Services, Inc. to help you research a property will help you make educated 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. Finding these facts can help you make a decision about how much to offer.

• Use a real estate agent with short sale expertise. Excel Funding Real Estate Services, Inc. can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge 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. Commonly, your offer will be seen by 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 generally not negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender isn't going to pay for repairs. Be sure you 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 am looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.