Looking to make a deal on a short sale?

Can I get a bargain on a short sale?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is insolvent and needing to sell their house fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the "bargain" price may in fact be consistent with current market values instead of below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a qualified real estate agent from Greater R.I. Properties, LLC to assist you with researching a property will help you make informed 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. Finding this information can help you make a decision about how much to offer.

• Use a real estate agent with short sale expertise. Greater R.I. Properties, LLC can aid you in expediting the transaction and make certain you're protected. Don't allow 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 circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that a majority of 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 discounted price. In most cases your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Be 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'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.