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Looking to purchase 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.

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?

Occasionally. Many people hear the term "short sale" and routinely think of a seller that is in financial trouble and needing to sell their house fast to prevent 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. Alternatively, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the "bargain" price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a knowledgeable real estate professional from Greater R.I. Properties, LLC to help you research a property will help you make knowledgeable decisions. We can help discover 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 data can help you determine 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 hinder 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. Be informed that a majority of 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 sale terms. In most cases your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Make sure to 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 am looking out for your interests above all else and will always advise you to make your offer contingent upon the results 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 certain you're getting a fair deal and protect yourself during the whole transaction.