Whatever you do, there are pros and cons. Therefore, if you are going to make a move, you always have to strategize. You always have to ask yourself whether you are in the gaining end or in the losing end. If there are more pros than cons, then you surely are doing the right thing. If you want to buy foreclosure homes in Nassau County, Long Island NYC, then you have to check the Notice of Default and determine the short sale. Whenever lenders discount the existing loan payoffs, you should make the most out of it.
You may want to go for a short sale or let the home entirely go to foreclosure. Either way, there are factors that determine the turn around.
Short Sales v/s Foreclosure
For some homeowners, it is easier for them to just throw their hands up in the air and let their banks take their homes because they clearly could not pay for their mortgage anymore. So this is where you come in. This is where you can buy foreclosure homes and make investments from it. There are benefits when you buy foreclosure homes. If you want some quick gratification, this is already available when you enter into this kind of investment early on. First and foremost, you are already in control of the sale and not the bank. But you just have to make sure that you are knowledgeable.
You will also realize that you can sleep better at night if you know what you are getting into. You may not have shelled the cash yet but you have the right to check the property out. Since you are buying the home, it is only fair that you know the market value since you will be the one who will retain it. It is not spoken as much but there is a social stigma if your property gets foreclosed. Therefore, on to the other side of the coin, as an owner of a property, you have to make sure that you pay your mortgage in full and on time so that your bills won’t pile up and will be the reason for you to surrender the property.
Finally, when you buy foreclosure homes, you have to remember that the payments you make should not be after 30 days. You and your lender must come up with a solution that you pay the full amount in a month’s time. There have been cases wherein the property is returned to the market because of this. Now, foreclosed homes usually amount to 3 years of waiting. Now that you’re so close to this opportunity, why would you let it slip?