Ready to buy a short sale?

When a seller owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed.

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

Can I get a good deal on a short sale?

Sometimes. Most people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needing to sell their property fast to avert further financial problems. This is at times 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 is current, but property values have fallen. In these instances the reduced price may in fact be consistent with current market values instead of below.

How do I buy a short sale?

  • Before you make any purchase offers, do your research. Using an experienced real estate professional 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 amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you determine how much to offer.
  • Use a REALTOR® with short sale expertise. Greater R.I. Properties, LLC can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to delay the closing process. Put my experience and knowledge to 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. 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. In most cases your offer will go before 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 typically 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. Be sure you reserve the right to perform inspections 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 suggest that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it be a short sale or a typical home sale, Greater R.I. Properties, LLC can help you. Utilize my experience and knowledge of real estate to be certain you are getting a fair deal and will be protected during the entire matter.