Looking to buy a short sale?

Are short sales good deals?

The short answer is "sometimes". Often times people hear the phrase "short sale" and routinely think of a seller that is insolvent and needing to sell their house fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the discounted price may in fact be in line with current market values rather than below.

How do I buy a short sale?

• Always do your homework before making any offers. Using a knowledgeable REALTOR^® from Unicasa International USA Realty to help you research a property will help you make educated 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. Finding these facts can help you decide how much to offer.

• Hire a real estate professional with short sale knowledge. Unicasa International USA Realty can help expedite the transaction and ensure that 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 generally take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Be sure you 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 results of the inspections.