The American Way

When my Grandma Inez came to this country as a young girl, she was told that the streets were paved with gold.  On her 80th birthday she confided in me that she was still hoping to find that gold paved road.  But she also told me that she was proud to raise her children in a place where the only thing that could possibly hold them back was a lack of imagination and an unwillingness to try.
 
It’s important to realize even in the toughest of times that as Americans we are among the luckiest people on earth.  If we don’t like our circumstances we can change them with hard work and perseverance.  Everyday I see families who have turned their lives around and found a way to achieve the American Dream of home ownership.  I’m sure like my Grandma Inez they are still hoping to find that illusive gold paved road too.  In the meantime it’s comforting to know that you achieve all that you hope if you are willing to put in the effort.
 
This Fourth of July take time to enjoy your personal American Dream.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

Financing REO

One great advantage to buying REO property is the price.  REO properties are generally sold for fair market value, minus the cost of necessary repairs, which can make for a very attractive sale.  REO properties also have the advantage of being financed traditionally.  Frequently, people find the foreclosure market very attractive but they are intimidated by prospects of paying cash for a property, which is frequently what the terms are at a foreclosure auction.
 
If you are interested in purchasing REO property you will need to qualify for a loan in the same way you would for buying a traditional home.  You will be expected to provide documentation about your financial situation and if your loan is approved you will pay your mortgage in the same way you would any other mortgage.  The only real difference in buying REO property as opposed to traditional property will be in the length of escrow.  Typically REO property will have a shorter escrow.  The length of time will vary from state to state, but REO properties typically close in between 30-45 days.
 
Stay tuned to the Blog for more information about viewing and inspection REO properties.
The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

REO Explained

REO (Real Estate Owned) is a term used for properties that have been foreclosed upon and failed to sell at auction.  These properties are now available to be sold by the lender for fair market value minus the cost of necessary repairs.  Right now the REO market is white hot because of the sheer number of properties that qualify as REO. 
 
REO properties are a direct result of the current economic difficulties.  As more and more homes went into foreclosure more and more homes became REO.  It is widely estimated that half of the homes in foreclosure will convert to REO properties.  That was certainly the case last year.
 
For a home buyer there are several advantages to buying REO properties.  Price is certainly one of the biggest advantages, but there are also financing advantages and timeline advantages as well.  Stay tuned for the next few blogs as we talk about some of these advantages in depth.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

Tomato Plants

Have you ever noticed how life is like your average tomato plant?  You can take the smallest tomato plant, plant it in rich soil and the most amazing things happen.  You need to water it regularly, of course, but the harvest is almost guaranteed to be abundant if you are willing to work with the right ingredients.
 
Every time I help a family to find an economical REO property, I think of roots being sunk into rich dark loam and being given the space to grow to abundance.  I love to drive by those same homes months and even years later.  You can tell when happiness resides in a home.  I love to see the fresh mowed lawns and the colorful flowers blooming by the mail boxes.  In the winter I love to see the snow men in the front yards and the holiday lights. 
If you are interested in putting down solid roots and creating a recipe for abundance in your family’s life, you should definitely consider buying REO property.  Island Advantage Realty LLC is the recognized leader in REO property for the Metro New York and Long Island areas.  Call our offices to view all of the amazing opportunities available in the REO market.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

Somebody Explain REO to Me!

You’ve heard the term REO, it seems like everybody is talking about it these days, but what does it mean?  REO stands for Real Estate Owned and it is a term that applies to properties that went through the foreclosure process and failed to sell at auction.  Now the lender or bank legally owns the property and they want to sell it in order to recoup their original investment. 

It’s important to note that banks and lenders don’t want to own property. They accept it as a form of collateral, because of its inherent value.  But banks are not in the business of real estate, nor do they want to be.  So when a bank finds itself owning a property, they generally want to sell it as quickly as possible to a qualified buyer.  As long as the bank is only holding the note on a property, the property is an asset to them.  Once they own a property there are costs for upkeep, so an owned property becomes a liability.  Banks prefer to keep things in the asset column.

For a Home buyer this means an opportunity to buy a home from a motivated seller. It also means the home will be offered at fair market value minus the costs of necessary repairs, and the timeline for escrow will be shorter.  This is usually all really good news for a home buyer; however it requires having your own paperwork in order and working with experienced professionals who can help you to meet all of the necessary deadlines.  Island Advantage Realty LLC is the recognized expert in REO property sales for the Metro NY and Long Island areas.  If you want some one to help you take advantage of the current REO market, look no further.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

Stop the Insanity

I had a young couple in the office the other day; they had come to Island Advantage Realty LLC because, as the wife put it, she wanted to “Stop the Insanity!”  In the last year both the husband and the wife had experienced unforeseen career changes and while they are both working their annual income have been reduced.  Their house payment has not been reduced.  As a result they have been functioning at a deficit each month which has been eating at their savings.

Part of their joint decision to “Stop the Insanity” has been to sell their home and to buy a REO property.  It wasn’t an easy decision to come to and both the husband and the wife were concerned about what kinds of properties would be available to them in their new price range. 

They were thrilled not only with the selection of REO properties available but also the prices.  At one point while we viewing homes the wife turned to the husband and said, “You mean we could live here and not have to go to sleep every night worrying about how we’re going to make the payment?”  The relief in her voice was evident.

If you are in a situation that is giving you stress, and you want to stop the insanity of paying too much for your monthly mortgage please give our offices a call.  We’ll be happy to show you what the REO market has to offer.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

Pick Me!

What is it about a house that makes you want to call it home?  While everyone’s criteria may be different, there are some things that are important to everyone.

Location! Location! Location! – We all know the old cliché, but it’s true, where a home is located is important. It’s important to you and it will be important to prospective buyers if you ever decide to sell the home.  Location will determine how long it takes you to get to work, where your children will go to school and even where you will shop.

Floor plan – If you have five children, chances are you won’t be looking for a one bedroom cottage, and you will certainly be looking for more than one bathroom!  Floor plan needs can be as easy as the number of bedrooms, or as specific as the square footage of each room.  Floor plan also creates a mood for a home, because it dictates the way in which you move through the home.

Price – Price is often one of the biggest criteria when buying a home. 
A home can be stellar and meet all of your location and floor plan needs, but if you can’t afford it, it’s not really the home for you. 

One of the greatest things about today’s real estate market is the availability of a wide range of REO homes.  If you have not yet investigated the REO market, you owe it to yourself to contact Island Advantage Realty to see how REO property can meet all of your important criteria, including price.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

REO vs. Foreclosure

At Island Advantage Realty LLC we work with REO properties, foreclosures and even short sales.  There are different advantages to each based on your needs and desires. 

For people who are looking for an opportunity with great rewards and very little risk, I encourage them to look at the REO market.  REO homes are offered for fair market value, minus the cost of repairs.  So not only will you get a great deal on the home, you will also have the ability to take care of any existing issues.  Also REO properties are sold in a similar way to traditional home sales.  The financing is often the same and the only real difference is that REO properties generally have a shorter escrow process with tighter timelines which must be adhered to.

For clients who are interested in a bigger savings and are willing to take on more risk, I encourage them to look at the foreclosure market.  Frequently foreclosure homes are available for a lower price, but the trade off is that you aren’t always able to fully examine them, or have a contractor give you estimates, which can be risky.  Foreclosures usually require that you pay cash, which not everyone can arrange within the tight time line that foreclosures require.

Short sales are a great opportunity that requires you to be ready with financing at a moment’s notice and then have incredible patience and fortitude to wait for the right opportunity.  Short sales are the real estate’s equivalent of the Hollywood’s “hurry up and wait.”

Whatever you preference, Island Advantage Realty LLC has the team that can help you to safely accomplish your real estate dreams.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

For the Fathers

This year I want to honor all of the D ads out there who work tirelessly to provide for their families.  It wasn’t until I was in college that I fully appreciated how wonderful my father, my grandfathers and my uncles were.  I thought that every young girl was surrounded by honorable men who had their families best interests at heart; men who would work and save in order to buy a home and keep good food on the table.  For those of us how have been lucky enough to enjoy these kinds of male role models, I salute you gentlemen!
 
For all the nights you walked the floor with colicky babies, for all the times you carried a weather worn wallet a little longer so your kids could afford new shoes – I salute you.  For all the times you stood and held a purse while your daughters shopped for prom dresses, for all the times you found something positive to say after disastrous little league games – I salute you.  For all the times you stood up for what you believed in and all the times you shouldered your burdens silently – I salute you.
For all the times you made your family feel safe and loved – I salute you.
 
This father’s day join me in thanking all of the Dads that have helped us all to realize our dreams and become the best we can be.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

REO Fixer Upper

Remember back in the day when a Fixer Upper meant that a property just needed a little TLC.  Then at some point “fixer-upper” became synonymous with “falling down around your ears.”  It used to be that REO property, Real Estate Owned, was typically property that was extremely run down.  In the market of even five years ago, REO property was not uncommon, but there also wasn’t a large selection.  Typical REO properties had been neglected for long periods of time and then sat empty for months if not years.  Generally they were in bad shape.

When the market changed, so did the status of REO Properties.  Suddenly there were a wide variety of properties available, homes that had been cared for, homes that were still in great shape.  It’s important to realize that today’s REO market is unlike any other at any other time.  There are “fixer-uppers” available, there are properties that require extensive remodeling and there are even properties that are essentially move in ready.  There are REO homes available in every size, price range and neighborhood imaginable.

The real task in this current market is being able to identify these homes and negotiate terms with the lender. Island Advantage Realty LLC is a proven expert in this field.  We are the recognized leaders in the REO foreclosure market for the Metro NY and Long Island areas.  If you are ready to work with the best, we’re ready to show you everything this exciting market has to offer.
The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances.  Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com