Ready 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. Many people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their house promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the "bargain" price may in fact be in line with actual market values instead of below.

Are you ready to buy a short sale property?

• Before you make any purchase offers, do your research. Using a knowledgeable REALTOR^® from Excel Funding Real Estate Services, Inc. to assist you with researching 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. Obtaining these facts can help you decide how much to offer.

• Hire an agent with short sale knowledge. Excel Funding Real Estate Services, Inc. can help expedite the transaction and make certain you're protected. Don't allow inexperience to 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 of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that many short sales will not close in 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. It's not uncommon that your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will sell 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 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 above all else and will always suggest that you make your offer contingent upon the inspection results.