Ready to purchase a short sale?

A short sale is when the seller's lender has agreed to collect a reduced payment to release a mortgage. For more information, you can contact me through my site or e-mail me. I'm happy to address 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.

Are they good deals?

Sometimes. Many people hear the words "short sale" and routinely think of a seller that is in trouble and must sell their property promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the discounted price may in fact be in line with current market values instead of below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your homework. Using an experienced real estate agent from Greater R.I. Properties, LLC to support your research of a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you make a decision about how much to offer.
  • Use an agent with short sale knowledge. Greater R.I. Properties, LLC can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to 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 probably take longer than a typical real estate transaction. Be informed that many short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be presented 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 normally not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Be sure to 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 will always advise you to make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it's 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 you're getting a fair deal and protect yourself during the complete deal.