Looking to purchase a short sale?

A short sale happens when the seller's lender agrees to receive a reduced sum to release a mortgage. For more information, you can contact me through my site or e-mail me. I'm glad to answer 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.

Are they good deals?

Sometimes. Often times people hear the words "short sale" and automatically think of a seller that is in trouble and needing to sell their property fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the discounted price may in fact be in line with true market values instead of below.

What's involved in buying a short sale?

  • Prior to making any purchase offers, do your homework. Using an experienced real estate professional from Greater R.I. Properties, LLC to assist you with researching a property can help you make informed 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. Obtaining this info can help you determine 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 ensure that you're protected. Don't let inexperience hold up 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 generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in less than 30 days. 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 sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Be 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 first and foremost and will always advise you to make your offer contingent upon the inspection results.
When it is time to buy, whether it's a short sale or a typical home sale, Greater R.I. Properties, LLC is available for you. Use my experience and knowledge of real estate to make sure you're getting a fair deal and protect yourself during the full transaction.