Things are heating up in the REO market. As the largest amount of ARM loans reset their interest rates in the last 2 months, a record number of homes have fallen into some stage of foreclosure. With the domino effect, more and more of the foreclosed upon homes have converted to REOs. It is likely [...]
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Posted in REO BASICS, REO Investment, tagged Buying REO, IARNY, Long Island Real Estate, Long Island REO, NY Real Estate, NY REO, REO, REO BASICS on May 29, 2008 | Leave a Comment »
I have a great family. It’s a huge family. I have cousins and aunts and uncles in every borough and all over the Island. And I have one cousin who lives in St. Louis. He’s the family rebel. Once a year the rebel comes “home” – his words, not mine. He’s lived in St. Louis [...]
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Posted in REO BASICS, REO Investment, tagged Buying REO, IARNY, Long Island REO, NY Real Estate, NY REO, REO, REO BASICS, REO Benefits on May 28, 2008 | Leave a Comment »
There was a time when REOs were purchased predominantly by wealthy investors who were considered “real estate insiders”. It was not uncommon for someone who purchased REO property to have an inventory of properties all of which were REOs. Some investors flipped them, others rented them. Today the typical REO client is vastly different. Now [...]
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Posted in REO BASICS, REO Investment, Uncategorized, tagged Buying REO, IARNY, Long Island REO, NY Real Estate, NY REO, REO, REO BASICS on May 27, 2008 | Leave a Comment »
If you are buying REO property it could a substantial amount of money. There are unspoken rules in the traditional real estate world. In general real estate professionals will counsel clients not to put a low ball offer in writing. It’s considered insulting to the seller, and often creates a hostile negotiation atmosphere which is [...]
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Sounds like a nightmare doesn’t it? Who would want to buy a property without a bathroom? A smart investor. I wasn’t involved in the sale of this particular home, it was actually in another state, but I think it is a great illustration of what can happen in today’s real estate market.
A couple bought a [...]
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What does your dream home look like? Isn’t it a great question? You can ask anyone from 3 years old to 103 years old and they instantly light up and start giving details about what their dream house looks like. Owning a home and having it suit your needs, wishes and desires is as universal [...]
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People are talking about REO property but there are a lot of misconceptions about what REOs are and what they aren’t. Hopefully we can clear some of that up. REO stands for Real Estate Owned, and basically what it means is the property was foreclosed upon – the owner was not able to meet their [...]
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Okay, I admit it. Occasionally, I have been known to listen in on stranger’s conversation. I know it’s not considered polite, but sometimes it’s almost unavoidable. Yesterday was one of those times. I was sitting in my favorite Starbucks, enjoying my one vice (A Green Tea Soy Latte with whipped cream on top – YUM!); [...]
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Posted in REO BASICS, REO Investment, tagged Buying REO, How to Purchase REO, IARNY, NY Foreclosure, NY REO, Purchasing REO, REO, REO BASICS on May 16, 2008 | Leave a Comment »
We’ve been diligently trying to figure out if a certain REO property is a qualified bargain. First we looked at the location of the property, then we took a look at the assets and liabilities of the property and now we are ready to look at the bottom line.
As we said in the first blog [...]
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Posted in REO BASICS, REO Investment, tagged Buying REO, IARNY, NY Foreclosure, NY REO, Purchasing REO, REO, REO BASICS, REO Liabilities on May 15, 2008 | Leave a Comment »
We’ve taken a look at an REO home and so far we’ve examined its location and given it a generous once over just looking for strengths and assets. Now it’s time for us to brutally dissect its liabilities. When I say brutal I’m serious, because when we are done we want to clearly see if [...]
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