Are you frightened about buying an REO property because you don’t know all the ins and outs of the process? Don’t worry you aren’t alone. Every day at Island Advantage Realty, LLC we meet home buyers who have heard how affordable REO properties are but they are afraid the purchase process will be difficult, incomprehensible and rife with pitfalls.
The truth about the REO purchase process is that it is very similar to buying a traditional home with a few notable exceptions. For this reason it is essential to have an experienced REO real estate professional handling your REO search, negotiation and purchase.
Sometimes REO properties are sold without every making it to typical MLS. Banks will frequently contract with one or two preferred REO Realtors in order to sell properties quickly and discretely. If you aren’t working with those realtors it is unlikely that you will see the vast majority of affordable, quality properties that are actually available. Additionally there is a negotiation phase that happens before escrow with REO properties, because REO properties are generally sold “As Is”. This is a crucial time for a home buyer and you need to make sure that you are represented by some one who has successfully navigated these negotiations with countless other home buyers.
Escrow for REO properties is quick, and structured. Banks are not interested in wasting time or money. If you are working with a realtor who is not experienced, you run the risk of missing deadlines and being fined or even losing your interest in the home.
If you are looking for REO property in the metro NY or Long Island areas you will want to contact Island Advantage Realty, LLC. We are the recognized leaders in REO properties and have the expertise to handle your REO purchase with total efficiency.
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.
