Want to purchase a short sale?

Are short sales good deals?

Sometimes. Often times people hear the words "short sale" and instinctively think of a seller that is in default and must sell their house quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the discounted price may in fact be consistent with current market values rather than below.

How do I buy a short sale?

• Always do your homework before making any offers. Using a qualified REALTOR^® from Unicasa International USA Realty to support your research of a property will help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you decide how much to offer.

• Hire a real estate professional with short sale experience. 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. 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 probably 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 terms of the sale. A lot of the time your offer will be sent to 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 normally non-negotiable 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. Make sure to 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'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.