Looking to purchase a short sale?

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their property promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the discounted price may in fact be consistent with actual market values instead of below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using an experienced REALTOR^® from Excel Funding Real Estate Services, Inc. to help you research a property will help you make informed 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. Acquiring this information can help you decide how much to offer.

• Get a real estate professional with short sale expertise. Excel Funding Real Estate Services, Inc. can help expedite the transaction and make sure you're protected. Don't let inexperience hold up 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 probably take longer than a typical real estate transaction. Be aware that many 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. 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 warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender won't be paying 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'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.