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Archive for January, 2009

logo4There are some fundamental differences between foreclosure properties and REO properties.  Foreclosure properties are generally sold at auction to the highest bidder. It isn’t always possible to view a foreclosure property before bidding on it.  REO properties are foreclosure properties that failed to sell at auction. 

Once a property becomes REO it is sold in much the same way as traditional homes.  floweerProspective buyers are allowed to thoroughly inspect the property and make an offer.  If the bank or lender accepts the offer the property goes through escrow in much the same way as traditional escrow with some additional considerations and particularly stringent timelines. 

If you are interested in purchasing REO property please contact Island Advantage Realty LLC, the respected leader in REO property for the New York Metro and Long Island areas.

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

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logo4One of the main misunderstandings surrounding REO property are their state of disrepair.  Some REO properties are in deplorable shape, the vast majority are simply suffering from neglect issues.  When you consider that the average home owner performs weekly upkeep on a home, it does not take very long for a home to show signs of neglect.

In the case of most REO properties they have sat empty for at least a month before coming on the market.  daisyNothing stresses a home more than sitting empty.  The good news is that neglect issues are generally easy and inexpensive to fix.  Once the home is given the respect it deserves it can quickly revert to its original state.

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

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logo4It’s so important in today’s economy to make wise financial decisions.  The decisions we make today will stay with us for years to come.  If you are still renting your home it is time to consider what your long range plans are.  Any investor will tell you that the ideal time to buy a home is when rents are the same or more than the cost incurred by buying.  If the cost to buy is less than renting, it only makes sense to buy.  house

Consider the long range ramifications.  When you rent you basically throw your money away each and every month.  When you buy a home you make an investment in your future.

One great ways to enter the home ownership arena is to purchase REO property. These properties make ideal investment properties or first time homes.  For more information about purchasing an REO home, contact Island Advantage Realty LLC. We are the recognized experts in REO properties for the Long Island and Metro New York areas.

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

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logo5Everyone has different needs.  What is important and a sticking point to one person is of little consequence to another person.  I recently had a client who was not sure if she could buy an REO property.  She liked the concept of saving money on her home purchase, but she had very definite ideas about the kind of home she wanted to purchase.  I assured her that REO properties come in every size, shape, design and neighborhood. 

Her sticking point was California Custom Closets, her home had to have them.  I explained to her that even if we couldn’t find an REO with California Closets she could certainly have them installed after she bought the home.  Ultimately, closetwe found the REO home of her dreams, complete with four California Custom Closets.  There was other work that needed to be done on the home and she had great fun pouring over paint chips and deciding color schemes.  In the end she had a home she could be proud of for a great price.  What kind of REO are you interested in?

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

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logo5Even before Ground Hog Day, I find myself longing for a break in the weather, some sign of spring.  On those days I take the advice of Martha Stewart and pull out a seed catalogue and plan the garden that I will sow in the spring.  From the time I was a small girl my grandmother trained me in the joys of having a garden that offered both floral beauty and an abundant harvest of summer vegetables.

It was my first lesson in the power of investment, those gardening lessons.  The garden had to be planned in the watercressdead of winter when things where at their most bleak.  Then in the spring with another investment of time, sweat and a little money, the seeds were planted.

Then there were long periods of waiting with small periods of maintenance.  And finally the investment began to pay off with beautiful blooms and luscious ripe vegetables. 

If you stop and think about it is very similar to the process of investing in real estate.  We are in a long winter, now is the time to set in motion the seeds that you would like to plant to ensure your financial harvest.  Call us at Island Advantage Realty and we’ll be happy to show you our catalogue of available 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

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logo4Do you remember the old Burger King Commercial where they sang, “Have it your way” while people danced around and placed special orders?  I always think of that when one of my REO clients really gets the idea that they money-treecan customize their new home to their own desires without ending up owing more than their home is worth. 

When you walk into a typical home and see sculpted shag carpet you think to yourself, “That will need to be replaced.” And you mentally hear a cash register singing,”Cha – Ching.”  In an REO property every time you see damage or neglect you still hear a “Cha-Ching” noise but instead of being additional money to make the home habitable it is money that can actually be deducted from the fair market value of the home.

So have it your way, buy REO.

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

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logo4Many people have expressed interest in REO Property, but there is still a great deal of confusion about what REO property is.  These are regular homes in all types of neighborhoods. They are bank owned.  In many cases they are homes that have sat empty for a month or more and are suffering from at least minor neglect issues.  So what makes these properties worthwhile investments?

Banks and lenders offer these properties dollar-doorfor fair market value minus the cost of actual repairs and they allow you to thoroughly inspect the property before making an offer.  This offers a wonderful opportunity to buy into the market at a lower price, perform sweat equity on the property or to buy a home which you can customize to meet your tastes without starting out with an upside down mortgage. 

If you are interested in more information about REO properties please contact us at Island Advantage Realty LLC, we are the recognized experts in Foreclosure and REO property for the Long Island and Metro NY areas.

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

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