Ready to buy a short sale?

Are they good deals?

Sometimes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needs to sell their house quickly to prevent further financial problems. This is at times 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 cases such as these the "bargain" price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

• Prior to making any purchase offers, do your homework. Using a knowledgeable real estate agent from Greater R.I. Properties, LLC to help you research a property can help you make knowledgeable 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. Finding this information can help you determine how much to offer.

• Use a real estate professional with short sale experience. Greater R.I. Properties, LLC can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to delay the closing process. Let my experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy 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 or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Be 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'm looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.