Looking to make a deal on a short sale?

Can I get a bargain on a short sale?

Occasionally. Often times people hear the words "short sale" and routinely think of a seller that is in default and must sell their property quickly to avert further financial problems. This is sometimes 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 declined. In these instances the "bargain" price may in fact be in line with true market values, not below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a knowledgeable real estate agent from Greater R.I. Properties, LLC to support your research of a property will 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 this info can help you make a decision about how much to offer.

• Hire a real estate 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 allow inexperience to delay the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually 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 getting approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will go before 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 typically not negotiable when dealing with a short sale. The lender will be 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 will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.