Looking to purchase a short sale?

Can I get a good deal on a short sale?

From time to time, yes. Often times people hear the term "short sale" and instinctively think of a seller that is insolvent and needing to sell their property promptly to prevent further financial problems. This is sometimes 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 with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be in line with current market values instead of below.

What's involved in buying a short sale?

• Before you make any purchase offers, do your research. Using a qualified real estate agent from Unicasa International USA Realty to support your research of a property can 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. Getting this info can help you determine how much to offer.

• Get an agent with short sale experience. Unicasa International USA Realty can assist you in expediting 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 of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed 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 sale terms. Commonly, your offer will go before 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 usually not negotiable when working with a short sale. The lender will be selling the property just the way it is 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 will be looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.