Want to make a deal on a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, simply contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.

Purchasing a short sale in North Kingstown, Rhode Island on your own is risky. Contact Greater R.I. Properties, LLC for expert advice.

Are they good deals?

Sometimes. Most people hear the term "short sale" and automatically think of a seller that is in trouble and needing to sell their property promptly 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. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be closer to actual market values rather than below.

Are you ready to buy a short sale property?

  • Before you make any purchase offers, do your research. Using an experienced REALTOR® from Greater R.I. Properties, LLC to help you research a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you decide how much to offer.
  • Get an agent with short sale expertise. Greater R.I. Properties, LLC can help expedite the transaction and make sure you're protected. Don't permit inexperience to impede 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. Know that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Greater R.I. Properties, LLC, when I write an offer, I will be looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Greater R.I. Properties, LLC is available for you. Use my experience and knowledge of real estate to be confident you're getting a fair deal and remain protected during the entire deal.