Want to buy a short sale?

When a seller owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's due. Should you have any questions about real estate in North Kingstown, Rhode Island, contact me here or e-mail me.

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?

From time to time, yes. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and must sell their house fast to avoid 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 depreciated. In cases such as these the "bargain" price may in fact be consistent with current market values instead of below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a qualified real estate agent from Greater R.I. Properties, LLC to support your research of a property will help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you decide how much to offer.
  • Get a REALTOR® with short sale experience. Greater R.I. Properties, LLC can aid you in expediting the transaction and make sure you're protected. Don't let inexperience delay the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that a majority of 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 discounted price. Commonly, your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Make 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 above all else and will always advise you to make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it is a short sale or a typical home sale, Greater R.I. Properties, LLC can help you. Apply my experience and knowledge of real estate to make sure you are getting a fair deal and will be protected during the complete matter.