Looking to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and routinely think of a seller that is in default and must sell their house fast to prevent 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 isn't delinquent with their payments, but property values have depreciated. In these instances the discounted price may in fact be consistent with actual market values, not below.

Are you ready to buy a short sale property?

• Prior to making any purchase offers, do your research. Using an experienced real estate professional from Unicasa International USA Realty to assist you with researching a property can help you make informed 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. Getting these facts can help you make a decision about how much to offer.

• Get a real estate agent with short sale expertise. Unicasa International USA Realty can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 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 sale terms. It's not uncommon that 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 negotiable when working with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Be 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'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.