Want to buy a short sale?

Are short sales bargains?

The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their property promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the "bargain" price may in fact be consistent with current market values instead of below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a qualified real estate professional from Greater R.I. Properties, LLC to assist you with researching a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you determine how much to offer.

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

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. 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 protection warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Be sure you 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 first and will always suggest that you make your offer contingent upon the results of the inspections.