Ready to make a deal on a short sale?

Can I get a good deal on a short sale?

Sometimes. Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to sell their home fast to avert 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. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these cases the discounted price may in fact be closer to true market values, not below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a qualified REALTOR^® from Greater R.I. Properties, LLC to assist you with researching a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you determine how much to offer.

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

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure to 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 foremost and will always recommend that you make your offer contingent upon the inspection results.