Looking to make a deal on a short sale?

Are short sales bargains?

Occasionally. Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and must sell their house quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on 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 "bargain" price may in fact be consistent with actual market values rather than below.

What's involved in buying a short sale?

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

• Get a real estate professional with short sale knowledge. 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 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 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 discounted price. It's not uncommon that your offer will be seen by a committee to approve or disapprove, 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 working with a short sale. The lender is selling the property as seen which means the lender won't 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 above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.