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Posts Tagged ‘Long Island Foreclosure’

“Now is the winter of our discontent…”  Well, I guess it depends on how you look at things.  There are a lot of people around the world that are unhappy.  Winter weather can be a trial and the economy, the economy, the economy.  It’s enough to make anyone discontented, if that’s all they focused on.  But what about people who are willing to focus on opportunity instead of negativity, are they feeling discontented?  Not from where I sit. 

Everyday I help families to find the REO property of their dreams.  These high value homes are sold a reduced cost to compensate for necessary repairs giving home owners an ideal opportunity to invest in their future.  It’s funny how inconsequential some February slush can be when you finally realize the dream of home ownership.  Winter of our discontent, I don’t think so.  In my office I like to think of it as the Winter of Opportunity.

If you’ve been waiting for the opportune moment to become a home owner, don’t wait any longer.  Pick up the phone and call Island Advantage Realty, LLC we are the recognized experts in REO sales for the Metro NY and Long Island areas.  We have the knowledge and expertise to help you find a great opportunity.

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.

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Congratulations!  You’ve decided it’s time to buy  REO property!  Wouldn’t you like to know some “insider” tips to help you to find the perfect property for the perfect price?

Tip #1 Only work with a REO expert!

Chances are, if you adhere to tip #1, you won’t need any other tips.  The REO market is different from the rest of the market.  There is a very specific process that brings  REO properties to the market.  If you aren’t working with a REO expert, you run the risk of not even being able to see the full gamut of properties that are available on the market.  And even if you are lucky enough to find the property of your dreams without a REO property expert, you run the risk of losing the property through missed deadlines.  Don’t make the mistake of trusting your REO purchase to anyone other than a bona fide REO specialist.

Tip #2 Look for Value

When you begin to look at REO properties with your REO Realtor keep an open mind about what you will see.  Everyone prefers to walk into a beautifully maintained property, but almost no one prefers paying more for their mortgage.  REO properties are often neglected and in need of repairs.  As a home buyer this should not discourage you, in fact it is actually good news.  REO properties are sold for fair market value minus the cost of repairs.  The more repairs are needed the smaller your mortgage will be.  Look for value and you will find a home for a great price.

Tip #3 Only work with an REO expert.
It bares repeating.

If you live in the metro New York or Long Island areas and would like to investigate the REO market, follow steps #1 and #3 and give us a call at Island Advantage Realty, LLC.  We are REO experts and we can help you to find the Real Estate of your dreams.
 
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.

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I have a good friend who likes to ask me, “When would now be a good time?”  She says this whenever I am putting something off or stalling on some important task.  “When would now be a good time?” she asks me when I say I want to treat myself to a day at the spa.  “When would now be a good time?” she persists when I say that I really need to make an appointment for my yearly mammogram.  The question is clever because it cuts to the heart of the matter, there will be a moment when “now” will be a good time.  Is it possible that it is “now”?

There are so many things that we put off in life, actions that we could take that could change the entire trajectory of our lives.  Buying a home is one of those actions that changes a life.  It isn’t just about changing an address; it’s about putting down roots and making a commitment to your financial future.  Buying a home is about giving yourself and your family long term emotional and financial stability.

Of course there are good moments and not so good moments, relatively speaking, to buy a home.  All of the experts seem to be in agreement that this moment in time is one of the most opportune to purchase a home.  There are so many homes to choose from and they are reasonably priced. Additionally there is a limited time tax credit for qualified buyers, making this moment particularly advantageous to buy a home.  Factor in the savings that can be had by purchasing REO property and all I can ask is, “When would now be a good time to buy a home?” 

If you are ready to look at the REO market in the metro New York and Long Island areas, please give us a call at Island Advantage Realty, LLC.  We are the recognized experts in the REO market for this area.  No one is better equipped to help you make “now” your moment to buy a home.

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.

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Have you looked at what the REO market has to offer lately?  If you haven’t, you really should.  Imagine finding out that the home of your dreams is available in your price range and for a limited time you could buy it and receive a sizable tax credit.  Thousands of Americans are finding that this is the current reality of the REO market.  At Island Advantage Realty, LLC we deal primarily with properties in the metro New York and Long Island areas, and we are seeing a tremendous influx of happy home buyers.

The main thing to keep in mind with REO properties is value.  The vast majority of these properties are in need of cosmetic repairs.  In almost all cases they are suffering from some form of neglect. The wonderful thing about neglect and cosmetic repairs is that they are generally relatively easy and inexpensive to fix. For REO properties they can mean a substantial savings.  REO properties are sold for fair market value minus the cost of repairs.  So when you see a run down property, be mindful of the value of the property after the repairs are made.  REO properties have tremendous value and are a great way for home owners to build equity from day one of home ownership.

If you are interested in seeing what the REO market has to offer in the metro New York or Long Island areas make sure you call Island Advantage Realty, LLC.  We are the recognized experts in this field and can show you the many opportunities that are available for home buyers.
 
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.

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People frequently ask me for an update on the REO Market.  The short answer is that now is the moment to buy.  The long answer is that we are seeing an unprecedented moment in Real Estate history.  There have never been this many REO properties available, and there has certainly never been this range of properties available before.

REO properties are not a new phenomenon.  However, until recent years they were a lesser known segment of the Real Estate world.  Generally people who purchased REO properties in the past were serious investors who were well versed in real estate.  They bought REO properties mainly as investment property either to fix up and use as rentals or to “flip” for profit.  Savvy investors are still buying REO properties for investments but first time home buyers are also discovering the benefits of buying REO properties.

There is a window of opportunity right now to buy REO property and to receive a tax credit of up to $8,000 if you qualify.  Don’t miss this opportunity.  If you aren’t sure if you qualify and you are looking for property in the metro New York or Long Island area please give us a call at Island Advantage Realty, LLC.  We are experts in this field and can answer all of your questions.
 
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.

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logo3Wouldn’t it be great if you could look into a crystal ball and know for certain what was in your future?  Imagine how much easier it would be if you could know for certain what action you could take that would provide you with financial security.  You may not be able to look into a crystal ball to see the future but you can look to the past as a great predictor of what the future may look like.

When we look to the past we see that the real estate market has always had ups and downs.  People who have purchased their homes in down cycles have traditionally gained the most from home ownership.  You don’t have to be an economist to reason it out.  applesThe less expensive your home purchase is the more you stand to gain if the house grows in value.  And we know from the past that homes consistently grow in value over time, despite short periods of down turn.

All things considered REO property is a very smart buy at this time.  When you buy REO property you not only get into a low market, you get into a home that frequently has a reduced price in consideration for any repairs that need to be done.  I don’t know about you but I would rather have money off a purchase price to make repairs than pay a higher price and be stuck with some one else’s design choices.

If you are interested in buying an REO property in the metro NY or Long Island areas you will want to talk to Island Advantage Realty, LLC.  We are the industry leader in REO home sales.  Let us help you to understand this exciting market.

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.

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logo3I like a good deal, don’t you?  I’m the kind of person that hunts for a bargain and thrills in making it my own.  I went to a wedding last weekend and got so many compliments on my dress, you would have thought that it was a designer original.  The truth is that it was a fairly inexpensive knock off that had the most hideous buttons when I bought it.  I can’t help but think that it was so cheap because of the buttons.  I bought the dress and had my Aunt Louise replace the buttons and do a few minor alterations.  The end result was a one of kind dress that looked like a million bucks for no where near the cost. 

REO properties are a lot like my dress.  They have a lot of potential but need the right eye to recognize it. red-leaf One of my favorite things about helping people buy REO properties is watching them put their own special stamp on their home.  Seeing a property transformed with a little paint, some new carpeting and some new fixtures is truly amazing. I love that REO property offers you the opportunity to own your home for a reduced price and then alter the property to suit your own needs.  It’s like getting your dream home for less.  For these reasons I think buying REO property is not just a good idea, it’s a great idea.

If you are looking for a good deal in the metro NY or Long Island area, make sure you call Island Advantage Realty, LLC. We are the leader in REO property sales for the area.  We have the expertise to help you find the home of your dreams for the price of your dreams.

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.

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logo1Are 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.fall-leaves 

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.

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logo2There is an old Latin phrase, Carpe Diem, which literally translates to “Seize the Day”.  Never has there been a more accurate phrase for the current REO market.  If you have been sitting on the fence thinking about buying REO property, it’s time to kick it into gear and take action.  There are a number of time sensitive issues that make this a particularly opportune moment to buy REO property.

There is a tax incentive for 1st time home buyers that will expire at the end of November.  If you qualify for this incentive you could get credit for as much as $8,000, which could equal a substantial portion of your down payment.

o�clock and moneyThe market is currently flooded with REO properties, providing a wide selection to choose from.  Whether you want a fixer upper or a home that is move in ready, chances are the market has something for you, even in the most desirable neighborhoods.
REO homes are generally less expensive than traditional homes.  They are sold for fair market value, minus the cost of necessary repairs.  Sometimes a savvy buyer can purchase property for as much as 25% below market value.  

One word to the wise, REO homes tend to have a quick escrow, so there is still time to buy before the tax incentive expires, however it does take some time to identify the home you want to purchase, qualify for financing and negotiate the sale.  Don’t wait until the last minute; the best buys are available right now. 

For more information about specific REO properties available in the metro NY and Long Island areas, contact the industry leader in Foreclosures and REO property, Island Advantage Realty, LLC.  Seize the Day! 

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.

 

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logo6REO properties aren’t for everyone.  In fact it takes a specific kind of buyer to really enjoy buying an REO property.  With a little inspiration from Jeff Foxworthy I have decided to make a list.

You know REO property isn’t right for you when:

You feel compelled to pay top dollar for everything and actually feel that the value of some thing is less if you get a great price.

REO Properties are sold for fair market price, minus the cost of necessary repairs, so they are frequently less expensive than other comparable homes.Outdoor fresh flowers at farmers street market

You know REO property isn’t right for you when:

You have a hard time making design choices and loathe even small home improvement projects.

REO properties are generally sold AS IS, however the buyer is compensated for necessary repairs.  Frequently REO home buyers will find that they need to pick new carpeting and even color schemes for one or more of the rooms in the house. For someone who enjoys making a home uniquely their own this can be a great opportunity, but if you don’t like improvement projects REO property probably isn’t for you.

You know REO property isn’t right for you when:
You like long drawn out escrows.

REO properties generally have very short escrow timelines.

Do you still think REO property might be right for you?  Give us a call at Island Advantage Realty, LLC we’ll help you to find the REO property of your real estate dreams.

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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