Short Sales in Narragansett RI 02882 – Narragansett Homes for Sale

Short Sales in Narragansett RI 02882 – Narragansett Homes for Sale

Along with the blooms of spring come the increase of Narragansett homes on the market as well as short sales.

 With approximately 7,000 households in Narragansett RI real estate, short sales remain in the minority in houses on the market as compared to other RI cities like Warwick or Providence, RI.

A Narragansett ‘short sale’ or being ‘under water’ on your home in real estate refers to the ‘shortage’ of monies the lender, mortgage holder, will be shorted when the home is sold because the market value of the home has fallen below the amount the homeowner owes on it.  The home is now worth substantially less than the homeowner paid for the home.  Due to a hardship such as loss of job, divorce, medical problems, the homeowner needs to sell the home and can no longer afford to pay the mortgage. 

As I have shared before in past posts, a short sale truly begins when an offer on a home for sale is received at less than the mortgage owed on the home and then presented by the seller’s listing agent to the lender. There is a successful process to follow in order to make it to the closing table in a reasonable amount of time, so ensure you work with Realtor® who knows how to do short sales.

With 180 Narragansett homes for sale and a steady move in housing numbers in the town, short sales present a way to buy a home that is priced to sell (if the short sale agent has done their job and priced it at a comparative market sales price).  Depending upon the lender, some short sales can close within 6 weeks to two months or less if the offer is a cash offer while others can take up to 3 months.   If you are interested in searching for Narragansett homes for sale, short sale or otherwise, now is the time to do it with interest rates low.

There are 6 homes in Narragansett RI for sale in short sale status as follow:

1) 168 Camden Road, mls # 983096, a 5 room cape cod with 994 sq. ft. of living space for $485,000 (89 days on market).

2) 19 Stratford Avenue, mls#967398, ahomes 10 room contemporary with 2904 sq.ft. of living space for $459,000 (327 days on market).

3) 17 Southern View Drive, mls# 970519, a 9 room colonial with 2257 sq.ft. of living space for $459,000 ( 226 days on market).

4) 5 Winterberry Rd., mls# 980182, a 7 room raised ranch with 858 sq.ft. of living space for $274,900 (151 days on market).

5) 114 Iroquis Rd., mls# 988310, a 5 room split level with 1257 sq.ft. of living space for $250,000 (14 days on market).

6) 36 Lakeview Drive, mls# 983666, a 7 room ranch with 774 sq.ft. of living space for $200,000 (79 day on market).

These Narragansett short sale home offer buyers a chance to own a home in neighborhoods you want to live in at good prices.  If you have an interest in Narragansett short sales or other Narragansett RI homes for sale, please give me,Ginny, a call today, your Narragansett real estate agent, at 401-529-7849. 

Short Sales in Narragansett RI 02882 – Narragansett Homes for Sale

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Ginny Lacey Gorman is your go to agent for homes for sale in Narragansett RI and beyond…knowing the geographic area, schools, happenings, important tidbits of local information and businesses well. She’s the RI real estate agent with the Sparkly Red Shoes.

Waterfront, oceanfront, luxury and coastal RI homes for sale are her specialty but all of RI is her backyard.  So feel free to search for RI homes for sale.  When you are in need of a good professional for your buying and selling needs find an internet savvy marketer who sells RI houses in this real estate market and call Ginny at 401.529.7849.