Looking to purchase a short sale?

Are short sales bargains?

The short answer is "sometimes". Often times people hear the term "short sale" and automatically think of a seller that is insolvent and needs to sell their property fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, 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 "bargain" price may in fact be consistent with current market values instead of below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a knowledgeable real estate agent from Unicasa International USA Realty to assist you with researching a property will help you make knowledgeable 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 this information can help you make a decision about how much to offer.

• Use a real estate agent with short sale experience. Unicasa International USA Realty can aid you in expediting the transaction and make certain you're protected. Don't let inexperience impede the closing process. Let my experience and knowledge work for you.

• 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 aware that most 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 terms of the sale. Commonly, your offer will be seen by 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 usually not up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure to 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 am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.