Looking to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is in default and needs to sell their home quickly 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. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be consistent with true market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using an experienced real estate agent from Greater R.I. Properties, LLC to help you research a property will help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you determine how much to offer.

• Use an agent with short sale experience. Greater R.I. Properties, LLC can assist you in expediting the transaction and make sure 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 usually take longer than a typical real estate transaction. Be informed that many 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 sale terms. Commonly, your offer will go before a committee to approve, 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 dealing with a short sale. The lender will sell the property "as 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 results of the inspections.