Want to buy a short sale?

Can I get a good deal on a short sale?

Occasionally. Often times people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their property fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the discounted price may in fact be closer to actual market values, not below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using a qualified REALTOR^® from Unicasa International USA Realty to assist you with researching a property can help you make informed decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you make a decision about how much to offer.

• Hire a real estate agent with short sale expertise. Unicasa International USA Realty can help expedite the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put my knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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. In most cases your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender will sell the property just the way it 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 will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.