Want to make a deal on a short sale?

Are short sales bargains?

Every now and then a good deal will come along. Most people hear the term "short sale" and routinely think of a seller that is in financial 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 isn't delinquent with their payments, but property values have depreciated. In these instances the discounted price may in fact be closer to true market values instead of below.

How do I buy a short sale?

• Before making any purchase offers, do your homework. Using a qualified REALTOR^® from Greater R.I. Properties, LLC to support your research of a property will help you make informed 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 make a decision about how much to offer.

• Hire a REALTOR^® with short sale experience. Greater R.I. Properties, LLC can help expedite the transaction and ensure that 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 circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of 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 discounted price. In most cases your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when working with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you 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'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.