Looking to purchase a short sale?

If a seller is upside down on their mortgage payments, 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 due. If you have questions regarding real estate in North Kingstown, Rhode Island, contact me here or e-mail me.

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 bargains?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to sell their house promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the discounted price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

  • Before making any purchase offers, do your research. Using an experienced REALTOR® from Greater R.I. Properties, LLC to help you research a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.
  • Hire a real estate agent with short sale expertise. Greater R.I. Properties, LLC can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know 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. Commonly, 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 normally non-negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Make sure to 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 am looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, Greater R.I. Properties, LLC can help you. Apply my experience and knowledge of real estate to be certain that you're getting a fair deal and remain protected during the entire process.