There is a new generation of buyers who are finding their way to home ownership. More and more I am seeing smart young 20 and 30 somethings in our offices at Island Advantage Realty, LLC. They are ready to buy their first home and they’re prepared to do it in a slightly different way than their parents did. They aren’t in to taking huge risks, but they like the idea of putting some sweat equity into a property so they can begin home ownership with a loan for substantially less than what they owe at the bank. In an economy where so many Americans are upside down in their current mortgage it’s a great idea to start home ownership with a comfortable equity cushion. So how can you do that? The answer is REO property.
REO property is bank owned. The original owner defaulted on the loan and the lender was forced to foreclosure in order to recoup their investment. 
Once the lender owns the property they are interested in selling it quickly and efficiently for fair market value, minus the cost of any repairs. What a lot of new buyers are discovering is that REO property is a great solution if you want to buy a high value home as a safe investment. By purchasing a home that needs some work on it you can effectively begin your home ownership with a smaller mortgage and by investing your time in creating the home of your dreams you can be building your equity.
It’s great to see so many new homers grasp and embrace the concept of REO property. It may mean looking at homes that aren’t in magazine perfect shape for the open house, but that can translate into a fabulous equity cushion!
If you are interested in buying an REO home please give us a call at Island Advantage Realty LLC. We are the recognized experts in this field for the Long Island, Metro NY area.
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
Island Advantage Realty, LLC specializes in Foreclosures and Bank Owned properties in the Metro NY and Long Island Areas. They are dedicated to educating home buyers about the home buying process in the Foreclosure and REO markets.
