This is a uniquely interesting time in our country’s real estate history. For various reasons a large number of Americans have recently lost their homes to foreclosure. While this is nothing to celebrate, it has caused a real opportunity for another group of Americans, the opportunity of home ownership.
Because there is such a tremendous inventory of foreclosed properties out there, more and more of these properties are reverting to REO status. In simple terms the properties aren’t selling at auction and now the banks have taken ownership and are listing them for fair value market price minus repairs. This is a really important distinction 
as it will allow an entire group of prospective home owners to afford the privilege of ownership.
My Grandmother always said “Every dark cloud has a silver lining.” The REO market is certainly proving to be a silver lining for many families in today’s economy. If you, or someone you know is interested in viewing the many homes that are available on the REO market in the Metro NY and Long Island areas, make sure you contact us at Island Advantage Realty LLC. We are the recognized experts in the REO market and can help you to find your silver lining.
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
