Want to purchase a short sale?

Are they good deals?

The short answer is "sometimes". Many people hear the phrase "short sale" and automatically think of a seller that is insolvent and needs to sell their house promptly to prevent 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 is current with their mortgage, but property values have fallen. In these instances the discounted 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 a qualified REALTOR^® from Unicasa International USA Realty to support your research of a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you make a decision about how much to offer.

• Hire a REALTOR^® with short sale experience. Unicasa International USA Realty can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to slow down 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 a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure you 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'm looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.