Looking to purchase a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, just contact me through my site or e-mail me. I'm glad to address any 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.

Can I get a good deal on a short sale?

The short answer is "sometimes". Often times people hear the words "short sale" and routinely think of a seller that is insolvent and needs to sell their property fast to avert further financial problems. This is sometimes 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 declined. In cases such as these the discounted price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Before you make any purchase offers, do your homework. Using a qualified REALTOR® from Greater R.I. Properties, LLC to assist you with researching a property can help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you decide how much to offer.
  • Get a real estate agent with short sale expertise. Greater R.I. Properties, LLC can help expedite the transaction and make sure you're protected. Don't permit 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. Know that most short sales will not close in the customary 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 terms of the sale. Commonly, your offer will go before 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 typically non-negotiable when working with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure you 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 above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it's time 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 feel confident you're getting a fair deal and protect yourself during the complete transaction.