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Looking to make a deal on a short sale?

A short sale happens when the homeowner's lender has agreed to collect a reduced payment to release a mortgage. Should you have any 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.

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Many people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the discounted price may in fact be in line with current market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using an experienced real estate agent from Greater R.I. Properties, LLC to help you research a property can help you make educated 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. Obtaining this data can help you decide how much to offer.
  • Use a REALTOR® with short sale knowledge. Greater R.I. Properties, LLC can help expedite the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work in your favor.

  • 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. Know that many 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 seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender will sell the property just the way it is which means the lender isn't going to pay for repairs. Always 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 above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it's time to buy, whether it be 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 feel confident you're getting a fair deal and will be protected during the complete process.