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Looking to make a deal on a short sale?

Can I get a good deal on a short sale?

The short answer is "sometimes". Many people hear the words "short sale" and instinctively think of a seller that is in trouble and must sell their home quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of 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 declined. In these instances the discounted price may in fact be closer to actual market values instead of below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a qualified REALTOR^® 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 balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you decide how much to offer.

• Get a real estate agent with short sale experience. Unicasa International USA Realty can assist you in expediting the transaction and make sure 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 the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before 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 generally not up for negotiation when working with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Always 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.