SHORT SALE HOMES ON THE MARKET IN RIVERSIDE, RI 02915
As most Rhode Islander's who are looking to buy a house know, we have a limited supply available. Seller's are not putting their houses on the market until the prices go up. Our 4th quarter housing numbers show we are in a balanced market with about a 6 month supply of houses available. Our market has shifted.
Now might be the time to start looking at short sale properties. Short sales have a bad rap, but they are a great alternative if you have the time to invest in the process. Most short sale properties are selling below market value, so you will gain instant equity in your purchase.
Right now there are 11 short sale homes in Riverside, RI 02915. Ranging in price from $194,000 to $64,900.
The short sale process can be time consuming. Those home buyers under a time constraint are not advised to go this route. Those home buyers who can afford a 3-6 month period of time for the process to run its course are well rewarded in the end (in my opinion). The process involves the buyer, seller, seller's lender, and the attorney or short sale negotiator. With so many parties involved it's no wonder why the process can take awhile.
As a Realtor I advise my clients who are looking at short sales to fully understand the issues that can arise.
1. Buying a short sale takes time.
2. The property condition is sometimes an issue (sub par) which may or may not be corrected by the seller/seller's lender.
3. Communication between ALL parties can be lengthy and time consuming. The amount of paper work needed for one short sale would kill off a tree.
4. Working with the banks can also be a slow, time consuming process. They are processing a lot of short sale properties and the paper work can be overwhelming. The "hurry up and wait" adage applies here.
With all that being said I firmly believe that if you choose to purchase a short sale property you will WIN out in the end with a great home at a great price.
As always remember before looking for houses have your pre-approval letter from your bank or lender in your hand, and always use a Realtor to help you navigate the waters of your home purchase.