Ready to purchase a short sale?

Are short sales bargains?

The short answer is "sometimes". Most people hear the term "short sale" and instinctively think of a seller that is in trouble and must sell their house promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the reduced price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using an experienced real estate professional from Unicasa International USA Realty 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 amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you determine how much to offer.

• Use an agent with short sale expertise. Unicasa International USA Realty can help expedite the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that many short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will be seen by 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 usually non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Unicasa International USA Realty, when I write an offer, I am looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.