Looking out for Bank approved short sale on long island?

Often shopping for a home, you may notice labels as bank approved short sale on long island, short pays and per-foreclosures. All these terms mean the same thing: the seller is attempting to negotiate a deal with the lender in the hope of avoiding foreclosure.

A short sale occurs when a homeowner is no longer able to make their mortgage payment. In such cases, the bank or lender agrees to accept less than the amount owed on the mortgage. This transaction is beneficial to the bank as it avoid Bank foreclosures for sale on long island , which is often expensive and time consuming.

So if you are interested in buying a property that is listed as a short sale, then here are some points that are needed to be considered.

First of all, buying short sale property is a simple way, where a contract would be made that specifies the terms according to lender’s approval.

Along with this an individual should have all necessary documents that are needed to precede further for short sale i.e. a contract of sale and purchase, HUD-1 settlement statement, detailed information on the financial condition of the seller (pay checks, bank statements, and personal financial statement).

For a layman doing short sale by themselves is difficult. So to be on a safe side, it’s a must, to find a short sale agent as they are the ones who handle negotiations with the bank. Further read on the points in this article, so as to find a reliable agent:

• Contact the local agents: as your friends and family about good agents and further make a list of all agents who are specialized in short sales. Ask those agents how many short sales they have handled in the last year so as to know their experience.
• Market the property: hiring a good agent is must, as he/she would know how to effectively market your property. Thus ultimately would help you get right property value.
• List of past clients: one must ask list of past clients with whom the agents have worked. Thus by interviewing the agents it helps to know the record of short sales done by agents. Thus one must call these clients and ask them if they were happy with the service they received. Along with that one must query about the time period taken by the agent to buy or sell residences by short sale.

Log on to http://licashbuyers.com/ and find out the best long island Bank approved short sale or foreclosures properties on long island.