Want to make a deal on a short sale?

Are short sales bargains?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and routinely think of a seller that is in default and needs to sell their home promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the discounted price may in fact be in line with true market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using a qualified real estate professional from Greater R.I. Properties, LLC to support your research of a property can help you make educated 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 data can help you determine how much to offer.

• Use a real estate agent with short sale experience. Greater R.I. Properties, LLC can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in 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 go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender is selling 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 am looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.