Rhode Island Insider Tips

	Ginny L. Gorman	Insider Tips
	Ginny L. Gorman, ABR Phillips Post Road Realty 6454 Post Road North Kingstown, RI 02852 (w) 401.884.4100 ext. 268  or (c)  401.529.7849 Fax: 401-884-5254 [email protected]	Tweet

The Rhode Island ‘Uncommon Deal’

There is a reason people come to live and buy in Rhode Island and it has a lot to do with its name the Ocean State. The uncommon great deals in real estate are here for the ones who are willing to seek them out and be patient. This state that exemplifies ocean and Narragansett Bay living. Whether it is the city (Providence, Warwick or Cranston are our big three), rural living from Scituate to Richmond or the coastal towns of Jamestown, Newport to Westerly and on, there are properties that may be in distress or the seller is just ready to move on that be available to be that great buy.

There is no doubt that now is the time to buy RI real estate if you have been sitting on the side lines of debating whether the time is right to purchase ‘that’ home. You have unprecedented low mortgage rates and the mortgage products are still attractive to buyers with good credit. Get yourself pre-approved for that waterfront RI property or city loft before you go any further. It is the buyer who is well prepared and has done their buyer ‘needs’ homework, as well as have a good team (mortgage, Realtor and real estate attorney) to get the sale done. Prices are at the lowest prices in a decade so it is the right time to buy.

No matter where you want to live in RI, there are very specific searches that will help you determine the community you want to live in. Access to highway based upon your commute to work, property taxes by town, projected tax base by town, quality of financial town management, leisure and play activities, proximity to hospitals, close to beaches or Narragansett Bay boating, etc. Defining these parameters of needs and wants is important to limit your search and thereby focus in on the ‘uncommon deal’ properties at hand. There are many to be had in all areas of the state.

Choose a knowledgeable realtor who can and will work with you to find the REO, short sale or bargain negotiated property that will make you proud. These are one of the properties to focus on in RI now. A diligent realtor who is getting updated daily on your price range, towns and requirements and follows up with you on these properties quickly is important. Make sure they are a technology based realtor who can be on top of the latest offerings and is always web connected. A well connected realtor who knows other realtors and works well with these people is paramount. Realtors love to work with realtors who they know and like! Your realtor should be exploring these professional connections to see what is not on the market yet but may be soon that may be of interest to you at the right price.

If you have time to wait the short sales can be excellent buys but you need to have stamina. Short sales are properties whereby the homeowner owes more on their mortgage than the house is worth. The lending bank(s) agree due to some economic homeowner hardship to sell the home for less than the mortgage and usually below market value. Many banks will proceed with an agreed upon price for sale prior to a buyers offer price which saves time. On the REO (real estate owned and have gone through foreclosure) RI properties the price initially might not be that attractive to you for ‘the deal’. However, make an offer or keep the property on your realtor’s radar and watch to when it drops to a value that makes it the great value you consider a catch. There are enough short sales and REO properties in every RI town to be of interest to the buyer who is searching for the ‘uncommon deal’.

Buyers come to RI especially for the waterfront- whether for the beaches or the boating. And there are buys out there from Watch Hill to Bristol RI (it is that RI waterfront property again) for the search and seize realtor. Knowing the RI geographic area is paramount…you want buy the lowest priced home in the neighborhood. Yes, you want to know your neighborhoods and ensure it is safe too. How do other homeowners in the neighborhood you want to buy into maintain their homes? These are some of the important questions to be considered when saying yes to the ‘uncommon deal’ property.

RI has many communities that are considered and designated as rural communities and qualify for USDA loans for the borrower. These loans were originally for farmers but now they are for buying in qualified areas of the state. With lending up to 102% of the appraised value of the property and with no down payment, these properties from Exeter to West Greenwich and parts of North Kingstown, offer a way to fund the RI real estate purchase. Many a buyer has found a property that was listed incorrectly as needing work when it was minor cosmetic repair at an extraordinary low sales price. It is the watchful eye that hooks the ‘uncommon deal’ for you will not smell the salt water here but you will enjoy the benefits of the great find.

It is the seeker of value that finds the right deal in Rhode Island real estate…be one of them.