Want to buy a short sale?

A short sale happens when the homeowner's lender has agreed to accept a reduced payoff to release a mortgage.

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

Are short sales good deals?

Every now and then a good deal will come along. Most people hear the words "short sale" and routinely think of a seller that is in financial trouble and must sell their house fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, 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 "bargain" price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

  • 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, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you determine how much to offer.
  • Get an agent with short sale knowledge. Greater R.I. Properties, LLC can aid you in expediting the transaction and make certain you're protected. Don't permit 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. Know that a majority of short sales will not close in 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 discounted price. Commonly, 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 normally non-negotiable when buying a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Make sure you 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 will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.
When you are ready to buy, whether it is a short sale or a typical home sale, Greater R.I. Properties, LLC can help you. Utilize my experience and knowledge of real estate to be confident that you're getting a fair deal and are protected during the complete transaction.