Short Sale & Foreclosure
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Resolution Realty | Freeport, Long Island
Address

2953 Merrick Road, Bellmore, NY, 11710

Email

Salchierico@aol.com

Phone

Office: 516.221.0661

Fax: 516.221.0214

Freeport, Long Island Short Sale & Foreclosure Services | Resolution Realty

Short Sale & Foreclosure Specialist

Real Estate | Freeport, NY

Freeport & Long Island, New York

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Short Sale & Foreclosure Real Estate, Freeport, Long Island, NY | Resolution Realty Short Sale & Foreclosure Real Estate, Freeport Long Island, NY | Resolution Realty

Founder: Salvatore Chierico

Freeport

Long Island

New York

Allow Resolution Realty to assist you with a Short Sale or Real Estate Foreclosure today!

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Short Sale & Foreclosure Real Estate Freeport, NY | Resolution Realty

Resolution Realty | Freeport, & Long Island, NY Areas

Buying A Home | Long Island, NY

This is one of the most important decisions you will ever make. Don’t make it too quickly! An appraisal report tells you the market value of a property in Freeport or any other Long Island area. Get your own certified appraiser to prepare an appraisal report for you.

Selling A Home | Long Island, NY

In the maze of forms, financing, inspections, marketing, pricing, and negotiating, it makes sense to work with real estste professionals who know Freeport and other Long Island communities as well. Those professionals are the local Realtors who serve your area like Salvatore Cherico

Long Island, Home Value Assessments

You should be able to get an appraisal for a fair cost, and it can have an impact on your net worth on a home in the Freeport, or Long Island areas. Don’t simply accept the appraisal provided by the lender who gives you a mortgage. Find the best rates first before making an informed decision!

Refinancing in Long Island, NY

This according to the research from the National Bureau of Economic Research, which notes a fifth of homeowners who could refinance, don’t – leaving $5.4 billion on the table. If you wish to refinance in the Freeport or Long Island area Resolution Realty is where to get the best interest rate!

NY, Home and Building Inspections

Get a home inspection in Freeport or the Long Island area. Find out ahead of time if the home needs repairs. Don’t find out that your roof leaks only after you have moved into a Long Island, NY house. A home inspection may be a slight expense, but it’s well worth it in the long run.

Long Island, NY Local & State Codes

The Albany Central Office and eleven regional offices throughout the state provide regional service to elected officials and local code enforcement personnel regarding general requirements for code enforcement. Each Town throughout Long Island including Freeport has a specificset of guidelines.

Buildings Department, Long Island, NY

The Division of Building Standards and Codes provides technical assistance, administers variances, delivers educational courses, and oversees the enforcement practices of local governments. Towns such as Freeport, & Long Island Division of Building Dept. serves as secretariat to the State Fire Prevention and Building Code Council throughout freeport & Long Island.

Property Investing on Long Island

Certain areas regarding investing in Freeport and other parts of long Island, New York will always be in demand. Among those areas that will always be in demand are areas with good public school districts. And generally speaking, the closer to the subway, restaurants, drugstores and other neighborhood and cultural amenities, the better.

Short Sale & Foreclosure Specialists
Freeport & Long Island, NY Areas

Short Sale & Foreclosure Real Estate Professional Services | Freeport, Long Island, New York

Short Sale & Foreclosure Specialist

Freeport & Long Island, New York Areas
Contact Salvatore Resolution Realty of Bellmore, Long Island, NY Today!

Resolution Realty | Real Estate Professional Services
Freeport & Long Island, New York Areas

Short Sale & Foreclosure Specialist | Freeport, & Long Island, New York


Short Sale & Foreclosure | Pros vs. Cons


wether the location is Freeport, Bellmore, or any other area of Long Island, neither a short sale nor a foreclosure is an easy way out for sellers attempting to get rid of their home mortgage, because they almost never get back the amount of equity put into the home.

Do Your Research Before placing an offer on a short sale property, work with your real estate agent professional service such as Resolution Realty to do investigative work on the property. Resolution Realty can check public records to see how much money the Freeport, or Long Island homeowner still owes on the mortgage. Between that and the comparable properties in the Freeport or Long Island area, Resolution Realty should be able to give you good advice about making an offer.

The Lender Has the Last Say In Everything You may be working with the seller and their agent to submit an offer, but keep in mind that, ultimately, the lender’s in control of the short sale process. Always do a home inspection by a Resolution Realty Professional Agent You may be tempted to waive the inspection when buying a short sale to speed up the process, but that would be a big mistake. You should always hire a professional home inspector to evaluate the home. Buying a house without a proper inspection can be disastrous. Partner with an expert real estate agent at Resolution Realty Whether you’re selling or buying in the short sale process, you need an expert real estate agent who has specific experience with short sale properties. Because short sales are so complex, you’ll need a Resolution Realty agent you can trust to walk you through the process and answer any questions you have along the way.

ResolutionRealtyLI.com | Short Sale Professional Services, Freeport, Long Island, NY

Short Sale

  • Hot Deals
  • Letter of authorization allowing agent speak with the bank
  • A preliminary closing statement
  • A completed financial statement or RMA
  • Letter of hardship from the seller
  • Two years tax returns & W2
  • 30 days payroll stubs
  • Two months of bank statements
  • list of recent comparable sales in the area (CMA)
ResolutionRealtyLi.com | Foreclosure Professional Services, Freeport, Long Island, NY

Foreclosure

  • Late Payment
  • Notice To Borrower
  • Owner Bankruptcy or Forbearance Agreement
  • Debt Reaffirmed or Property Surrender
  • Bank or 3rd Party Buyer
  • Payment Plan
  • Trustee Sale
  • List With Agent or Sell to Bank
  • Establish House Insurance


Why Lenders Do Short Sales Throughout the Freeport & Long Island, NY Area

The only reason a lender would want to go through a short sale process, and accept a mortgage payoff amount that’s less than the balance owed is because they believe it’s their best chance to recoup as much of the mortgage loan balance as possible based on equity.
Because of that reason, a lender will not consider a short sale if:
The loan is current. If the homeowner is making regular payments, the lender has no reason to think they can’t continue making them. (This is very obvious!) In most cases in freeport and other Long Island areas the homeowner must be issued a notice of default in order for the lender to even consider a short sale request.
The homeowner declares bankruptcy. Negotiating a short sale is considered a collection activity, which is not allowed in bankruptcy. The only benefit to the lender is that a short sale is faster and less expensive for them than a foreclosure. Once it’s clear a foreclosure is going to be unavoidable, a lender is more likely to approve a short sale request.

Why Homeowners Do Short Sales in the Freeport & Long Island, NY Areas

If a homeowner is considering a short sale, things have gotten bad. For them, a short sale means losing their home without a profit. Plus, they also have to endure the emotional stress of convincing the lender to allow them to do it. Selling a house through the short sale process is never ideal; the only reason a homeowner would want to do it is to avoid foreclosure. Throughout the process, the homeowner’s focus is convincing the lender that a short sale is the best option. The homeowner must prove they won’t be able to bring the mortgage current and that they have no assets—cash, savings, cars, etc.—that can be used to catch up on payments. Confirm the local housing market value has gone down so low that the home won’t sell for enough to pay off the current balance of the mortgage. Provide most lenders a signed contract with a buyer to consider a short sale.

Make sure the short sale agreement includes a waiver of the lender’s right to pursue the homeowner for the remaining balance of the loan. In order for a short sale to take place, both the lender and the homeowner have to be willing to sell the house at a loss. The homeowner will make no profit, and the lender will actually lose money for selling the house for less than the amount owed.
A short sale is not a do-it-yourself deal. A real estate agent who’s experienced in short sales is absolutely essential.

Three Things to Consider Before Buying a Short Sale in the Freeport & Long Island, NY Areas

There’s not a simple answer to whether or not one should purchase a short sale home in Freeport or any other Long Island, New York area. Deciding if a short sale property is right for you depends on your specific situation and the details of the property.If you want to buy a short sale property, in most cases you need to be prepared for a lengthy, complicated process.

Here are three things you should know before submitting an offer for a short sale property:

1. The timeline will be slow and unpredictable. Because the lender has to approve the short sale contract, it can take weeks or months before you know if your offer has even been accepted. There’s no way to know exactly how long the process will take since it’s completely up to the lender and their willingness to sell the home at that price.

2. You’ll probably have to buy the house as-is. Because the lender is in the driver’s seat, it’s also unlikely they will agree to pay for any extras, like closing costs or requested repairs. You may not be able to ask for repairs, but you should always get an inspection so you know exactly what you’re signing up for when you purchase the home.

3. You may not be getting a great deal. When a short sell listing hits the market, it may be listed for less than it’s worth to draw buyers in. But that doesn’t mean that’s the price it will sell for. In the short sale process, the lender typically doesn’t evaluate the price until there’s a proposed contract and an appraisal—because they’ll want to get a price as close to market value as possible.

A seller might be ready to accept an offer lower than the list price—maybe for the ideal closing situation or because they have a rushed timeline. However, the lender’s goal is to lose as little money as possible in a short sale. While there may be instances where a short sale property really is a great deal, that won’t always be true—so be careful.

Find a Short Sale Expert like Sal Chierico at Resolution Realty! Before you consider buying a short sale home, you need to talk to a real estate agent who has experience with the short sale process.

Foreclosure in the Freeport & Long Island, NY Areas

In a foreclosure situation, the bank takes ownership of the Freeport or Long Island home after the buyer is unable to make payments. This process is initiated by the lender. The lender will force the sale of the home in order to try to recover as close to the original loan amount as possible.

Most foreclosed homes in Freeport, and other Long Island areas usually have already been abandoned, but if the homeowners are still living in the house, the lender will evict them during the foreclosure process. The lender will then attempt to sell the property either through an auction or through a real estate agent professional service like Resolution Realty.

The foreclosure process typically takes less time than a short sale because the lender is trying to liquidate the home as quickly as possible.

Which Is Better, a Short Sale or Foreclosure in the Freeport & Long Island, NY Areas?

For Freeport, and most Long Island homeowners, a short sale is typically preferable to a foreclosure for two reasons. First, a short sale is voluntary (while a foreclosure is forced). Secondly, after a foreclosure, most people are required to wait a standard seven years before obtaining another mortgage loan (while a short sale may cause you to wait for at least two years). Most lenders would prefer a short sale to a foreclosure process because it allows them to recoup as much of the original loan as possible without a costly legal process. In fact, in most cases a homeowner and lender will only pursue a foreclosure after an attempt to sell the home through a short sale process.

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