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Looking to purchase a short sale?

Are they good deals?

Every now and then a good deal will come along. Most people hear the words "short sale" and automatically think of a seller that is insolvent and must sell their home fast 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. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be consistent with true market values rather than below.

How do I buy a short sale?

• Always do your research before making any offers. Using an experienced real estate agent from Unicasa International USA Realty to help you research a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you determine how much to offer.

• Get a real estate agent with short sale knowledge. Unicasa International USA Realty can assist you in expediting the transaction and make certain you're protected. Don't let inexperience impede the closing process. Put my knowledge and experience to 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 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 warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Unicasa International USA Realty, 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 results of the inspections.