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Looking to buy a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, you can contact me through my site or e-mail me. I'm glad to address 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.

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 insolvent and needs to sell their property fast to prevent further financial problems. This is occasionally 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, but property values have depreciated. In these cases the reduced price may in fact be in line with actual market values instead of below.

What's involved in buying a short sale?

  • Before making any purchase offers, do your research. Using a qualified real estate agent from Greater R.I. Properties, LLC to help you research a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you determine how much to offer.
  • Hire a REALTOR® with short sale expertise. Greater R.I. Properties, LLC can help expedite the transaction and make sure you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Be 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 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 can help. Use my experience and knowledge of real estate to make sure that you are getting a fair deal and remain protected during the complete matter.