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Archive for July, 2008

We all want to do the right thing, but sometimes it isn’t easy to know what the right thing is.  It’s so much easier to look back and say, “I should’ve, could’ve and would’ve, if only I had known.”  The truth is that none of us has a crystal ball or the ability to predict the future, so we have to make informed decisions based on facts and historical evidence.  When all else fails we have to go with our gut feeling.

People ask me all the time if I think the market has reached the bottom.  The truth is, I don’t know and no one really knows.  But there are some things that I do know.  Value is value.  So if you buy a home that has value it will continue to have value no matter what the market does.  Still, people want a bargain. I understand; this is why I offer the solution of buying an REO.

The right REO property will offer you a great bargain with terrific value.  There are more REO properties on the market right now than at any other time in history.  It makes sense to grab this opportunity while interest rates are low and properties are available.  This opportunity won’t last.  Knowing the right thing can be difficult, and then again sometimes it is incredibly clear. 

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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The papers and the internet are filled with reports about the growing foreclosure market.  More and more people are beginning to report about REO properties as well.  Still there is some confusion about what REO property actually is.  REO stands for Real Estate Owned, it is some times referred to as Bank Owned. These terms are used for properties that have fallen into foreclosure but did not sell at auction.  Now the bank or lender is the legal owner of the property and has the right to sell the home.

REO properties have many advantages over traditional properties and even over foreclosure properties. REO properties are generally less expensive than traditional homes on the market.  Banks and lenders will offer them for fair market value minus the cost of any necessary repairs, for if you are getting a fixer upper the cost of the home will reflect it.

The greatest advantage of REO properties over other foreclosure properties is the ability to inspect the property at your leisure before making an offer.  In this way REO is a really safe investment, you have the time and the opportunity to do due diligence and understand exactly what the property is before purchasing.

These two strong points, lower price and the ability to inspect, are good reasons why more and more home buyers are investing in REO property.  Isn’t it time for you to look at the REO 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

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As late summer looms it is time to enjoy the bounty of the harvest.  I love this time of year.  Fruit and Vegetable stands are open for business and displaying all the lovely benefits of an early spring planting.  Is there anything better than an heirloom tomato dripping with juice, ripe with flavor?  I love the idea that in February a farmer planted a tiny seed into a pellet of dirt and with a little time and attention that seed has now grown into a tall plant with an abundance of tomatoes, enough to nourish me and half of Long Island.  I like watching things grow, develop and flourish.

To me it is the same thing as buying REO property.  When you first purchase REO property it is a little seedling, it needs a little attention and a bit of loving care.  With time the investment grows until that little seedling of REO property becomes a valuable asset that can nourish your family’s financial future.  It’s always nice to enjoy the fruits of a good investment.

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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Reo Property is real estate that has been foreclosed upon, but did not sell at auction. Banks and Lenders will foreclosure on properties after a legal length of time when funds are owed to the lender and the home owner fails to satisfy the debt as per the original agreement set out in the mortgage.  At that time the house is offered for auction. 

There is a frequent misconception that if a property is not capable of being sold at action then it probably isn’t worth looking at.  Nothing could be further from the truth.

The market is currently so overwhelmed with foreclosures; there simply aren’t enough people in the market to buy all of the auction homes available.  Buying at auction can be a risky affair, so a lot of investors choose not to participate in this method of home buying.  Most people would prefer to inspect a home before buying it.  In the case of most real estate auctions you either aren’t permitted to view the inside of the property before the auction or you are given such a limited window in which to look that it is quite difficult to schedule looking at multiple properties before an auction.

In terms of financing an auction sale is much more difficult than buying an REO or a traditionally sold home. Some auctions are cash sales requiring you to have all of your financing upfront or a large amount of liquid assets.

For these reasons and many others there are a wide variety of lovely homes that do not get sold at auction and become REO properties.  These properties are available for inspection and purchase with traditional financing.  If you would like to investigate this exciting market be sure to contact Island Advantage Realty NY LLC.

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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We all know the American Dream, own a home, make a nice living, have 2.5 children and be able to afford to send them to a decent college. 

Of course there are variations; a lot of Americans also want a million dollars.  It’s not a bad goal.  I view owning REO property as a way to jump start all of these dreams. 

Obviously owning an REO home fulfills the first dream of home ownership.  I see clients on a weekly basis who had previously been priced out of buying a home but were able to purchase REO.

As for making a nice income, I have many clients who have purchased REO properties as investment properties that they will rent and build equity in, in order to have a secure income even in retirement. 

Owning an REO can’t help you to have 2.5 children, but it makes a wonderful place to raise them.As for the million dollars, over time savvy investors stand to make millions because of smart investments in today’s REO market. 

If you are seeking the American Dream shouldn’t you check out the REO Market? Island Advantage Realty LLC is the industry leader in REO properties for the Metro NY, Long Island area; let us help you to secure your American Dream! 

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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I heard someone say the other day, “REO properties are those horrible gutted out properties, you don’t want to even look there, it’s a waste of time.”

Clearly, this was an overheard conversation.  Anyone who even remotely knows me knows I am a huge advocate of buying REO property.  But I love it when someone makes a comment like this because it gives me the perfect opportunity to educate them about today’s REO market. 

Many years ago REO properties could easily be characterized as mostly extreme fixer uppers.  And there will always be these kinds of properties on the market, but in today’s market there are some fabulous REO opportunities, if a person is willing to look.

It costs nothing to look.  Although that’s not entirely true, it costs time.  For that reason I recommend working with Island Advantage Realty LLC, we are the recognized leaders in REO property for the NY metro and Long Island areas.  We can show you what is available and how much money you can save simply by opening your mind to the idea of purchasing 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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I have a lot of cousins, but one of my favorites is my cousin Vinny.  He took a lot of guff from his cousins when the popular movie “My Cousin Vinny” came out years ago, but he weathered it like a gentleman.

Vinny is an avid griller, you know the type, constantly marinating things finding new ways to create new flavors and to cause our entire family to gasp and beg for water.  Did I mention that Vinny likes it hot; I mean burn your sinuses hot!

Vinny invited us all over last weekend to show off his new barbeque deck.  This deck, which Vinny lovingly built by hand (with the help of about 8 cousins) is attached to Vinny’s new home – an REO which I’m proud to say Island Advantage Realty LLC helped Vinny to find and put an offer on.

It had always been Vinny’s dream to have a huge deck on the back of his house, where he could barbeque even in the dead of winter.  When Vinny first started home shopping he was looking for a house that already had the deck, and he wasn’t finding exactly what he wanted. 

Finally, I asked him to look for a perfect home that he could add a deck to and within a week we located Vinny’s dream.  With the money Vinny saved buying an REO property he was able to add the perfect deck that completed the picture.  He is thrilled.  Of course, he thinks we’re going to come over and sit on his deck in mid January.  We’ll break the news to him later; I don’t want to spoil his excitement.

If you are looking for a specific type of home or with a specific feature, don’t overlook the REO market, these homes are priced perfectly for an individual who wants to renovate, add on, or just customize their home.  Island Advantage Realty LLC is ready to help you in your quest for perfection.

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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