Want to purchase a short sale?

Are they good deals?

Every now and then a good deal will come along. Often times people hear the term "short sale" and automatically think of a seller that is in trouble and needs to sell their house quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the discounted price may in fact be in line with true market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified REALTOR^® from Greater R.I. Properties, LLC to support your research of a property can 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. Obtaining this information can help you decide how much to offer.

• Hire a real estate professional with short sale experience. Greater R.I. Properties, LLC can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be sent to 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 generally non-negotiable when buying a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Greater R.I. Properties, LLC, when I write an offer, I'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.