Ready to make a deal on a short sale?

When a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's due. For more information, simply contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.

Purchasing a short sale in North Kingstown, Rhode Island on your own is risky. Contact Greater R.I. Properties, LLC for expert advice.

Are short sales bargains?

Occasionally. Many people hear the term "short sale" and routinely think of a seller that is in financial trouble and must sell their house fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the discounted price may in fact be closer to actual market values rather than below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a knowledgeable REALTOR® from Greater R.I. Properties, LLC to support your research of a property will help you make informed decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you decide how much to offer.
  • Hire a real estate agent with short sale expertise. Greater R.I. Properties, LLC can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience hinder 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. 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 terms of the sale. In most cases your offer will be sent 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 negotiable when working with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Be sure you 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'm looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.
When it is time to buy, whether it's a short sale or a typical home sale, Greater R.I. Properties, LLC can help. Utilize my experience and knowledge of real estate to be confident you're getting a fair deal and remain protected during the whole purchase transaction.