Want to make a deal on a short sale?

A short sale means the homeowner's lender consents to get a reduced payment to release a mortgage. For more information, simply contact me through my site or e-mail me. I'm glad to answer any questions you have regarding 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 bargain on a short sale?

From time to time, yes. Often times people hear the term "short sale" and routinely think of a seller that is insolvent and needing to sell their home promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from 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 depreciated. In these cases the discounted price may in fact be in line with true market values instead of below.

How do I buy a short sale?

  • Always do your homework before making any offers. 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 find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding 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 assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work in your favor.

  • 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 most 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 sale terms. A lot of the time your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender is selling the property "as is" which means the lender will not be paying 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 will be looking out for your interests above all else and will always recommend 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. Apply my experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the complete purchase transaction.