Looking to buy a short sale?

Can I get a bargain on a short sale?

The short answer is "sometimes". Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their property quickly 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. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the discounted price may in fact be in line with current market values, not below.

What's involved in buying a short sale?

• Before you make any purchase offers, do your homework. Using a qualified real estate agent from Unicasa International USA Realty to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you determine how much to offer.

• Get a real estate agent with short sale knowledge. Unicasa International USA Realty can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Put my experience and knowledge to work in your favor.

• 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. Know that most short sales will not close in 30 days or less. 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 go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to perform 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 first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.