Looking to buy a short sale?

If a homeowner owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. For more information, just contact me through my site or e-mail me. I'm happy to answer questions you have about 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.

Can I get a good deal on a short sale?

Sometimes. Often times people hear the term "short sale" and instinctively think of a seller that is insolvent and needs to sell their house promptly to avert further financial problems. This is sometimes 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 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.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a knowledgeable real estate agent from Greater R.I. Properties, LLC to assist you with researching a property can help you make educated decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you decide how much to offer.
  • Hire a real estate agent with short sale experience. Greater R.I. Properties, LLC can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience impede 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 usually 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 having to get approval from the seller, but the lender must also agree to the sale terms. 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 warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay 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'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.
When it's time to buy, whether it be a short sale or a typical home sale, Greater R.I. Properties, LLC can help. Use my experience and knowledge of real estate to be certain that you're getting a fair deal and will be protected during the full purchase transaction.