Looking to make a deal on a short sale?

Can I get a bargain on a short sale?

Occasionally. Many people hear the phrase "short sale" and automatically think of a seller that is in default and needs to sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be closer to actual market values instead of below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using an experienced real estate professional from Unicasa International USA Realty to assist you with researching a property will help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you decide how much to offer.

• Hire an agent with short sale experience. Unicasa International USA Realty can assist you in expediting the transaction and make sure 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 circumstances, buying a short sale property will usually 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 getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before a committee to approve or disapprove, 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 dealing with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected 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 recommend that you make your offer contingent upon the outcome of the inspections.