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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 the property, it's called a short sale.

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

Are short sales good deals?

From time to time, yes. Most people hear the term "short sale" and routinely think of a seller that is in trouble and must sell their home quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be consistent with current market values rather than below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using a knowledgeable REALTOR® from Greater R.I. Properties, LLC to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you decide how much to offer.
  • Hire a real estate professional with short sale expertise. Greater R.I. Properties, LLC can aid you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 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. A lot of the time your offer will be sent to 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 typically not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Greater R.I. Properties, LLC, when I write an offer, I'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.
If you are ready 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 are protected during the complete deal.