Your Rhode Island real estate expert

Ready to buy a short sale?

If a homeowner owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. For more information, you can contact me through my site or e-mail me. I'm happy to address any questions you have regarding 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. Most people hear the term "short sale" and routinely think of a seller that is in financial trouble and must sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the "bargain" price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

Prior to making any purchase offers, do your research. Using a qualified real estate agent from Greater R.I. Properties, LLC to support your research of a property can help you make educated decisions. We can help find out 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 decide how much to offer.
Get a REALTOR^® with short sale expertise. Greater R.I. Properties, LLC can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work for you.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to 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 normally not up for negotiation when buying a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Be sure to reserve the right to have the property inspected 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 suggest that you make your offer contingent upon the inspection results.

If you are ready to buy, whether it is a short sale or a typical home sale, Greater R.I. Properties, LLC can help you. Use my experience and knowledge of real estate to be certain that you're getting a fair deal and protect yourself during the complete deal.