Looking to purchase a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.

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

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 in trouble and must sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the "bargain" price may in fact be in line with true market values instead of below.

How do I buy a short sale?

  • Before you make any purchase offers, do your homework. Using an experienced real estate agent from Greater R.I. Properties, LLC to assist you with researching a property can help you make informed decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you make a decision about how much to offer.
  • Use a real estate agent with short sale experience. Greater R.I. Properties, LLC can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede 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. Be aware that many short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Make 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 am looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it be 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 that you're getting a fair deal and will be protected during the whole deal.