Looking to buy a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Many people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their home fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these cases the discounted price may in fact be consistent with actual market values rather than below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using an experienced REALTOR^® from Greater R.I. Properties, LLC to assist you with researching a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you decide how much to offer.

• Use a real estate 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 let inexperience delay the closing process. Put my knowledge and experience to work for you.

• 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 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. 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 normally not negotiable when working with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Always reserve the right to have 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 recommend that you make your offer contingent upon the outcome of the inspections.