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Ready to purchase a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. Should you have any questions about 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 bargain on a short sale?

From time to time, yes. Many people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their home quickly to prevent further financial problems. This is occasionally 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 isn't delinquent with their payments, but property values have depreciated. In cases such as these the "bargain" price may in fact be closer to actual market values rather than below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a qualified real estate professional from Greater R.I. Properties, LLC to assist you with researching a property will 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. Locating these facts can help you determine how much to offer.
  • Hire a REALTOR® with short sale knowledge. Greater R.I. Properties, LLC can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally 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 terms of the sale. A lot of the time your offer will be sent to 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 working with a short sale. The lender will sell the property "as is" which means the lender won't 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 am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
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 certain that you are getting a fair deal and protect yourself during the complete purchase transaction.