Looking to purchase a short sale?

Are short sales bargains?

Sometimes. Most people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the reduced price may in fact be in line with actual market values rather than below.

How do I buy a short sale?

• Always do your homework before making any offers. Using a qualified real estate professional from Unicasa International USA Realty to assist you with researching a property will help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you make a decision about how much to offer.

• Hire a real estate agent with short sale experience. Unicasa International USA Realty can help expedite the transaction and ensure that you're protected. Don't permit inexperience to delay 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 probably take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally 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. 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 advise you to make your offer contingent upon the outcome of the inspections.