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Archive for February, 2009

logo3One of the values my parents, grandparents, uncles and aunts always tried to instill in us was the necessity to take care of what was ours.  There is something about the pride of ownership that encourages us to take care of what we own.

A home is usually the single largest investment a person will make in a lifetime.  The initial purchase is only the beginning, most home owners will continue to invest in their home during the american-dreamentire time they own it.  It makes sense to invest in a home and to enjoy the benefits of a great long term investment.  It’s like living in your piggy bank.

Currently REO property is one of the most worthwhile investments available.  If you are interested in investigating the REO market further, please contact us at Island Advantage Realty, LLC.  We are the recognized leader in REO property for the Metro New York 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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logo7Now more than ever it is essential to work with REO real estate professionals who are experienced and reputable.  For the past 2 years thousands of home buyers have taken advantage of this exciting market purchase valuable homes at affordable prices.  Now that REO property has become a household commodity more and more realtors are jumping on the REO bandwagon.  Unfortunately, not all REO tulipsproperties are created equally and an inexperienced real estate agent may not be aware of all the differences.

If you are shopping for an REO property you will want to treat yourself to the best representation possible.  For Metro New York and the Long Island areas Island Advantage Realty LLC is the recognized expert in the REO market.  Give us a call to receive the ultimate REO property for your needs.

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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logo3The escrow process for REO property is significantly different than a traditional property.
Because REO Property is sold “as is” the inspection and negotiation will happen before escrow which significantly shortens the escrow process.  This is good news.  However, home buyers need to understand the shortened escrow process and be prepared to keep pace with the time lines and requirements.

Because REO properties are owned by banks they will adhere to the escrow timeline with precision accuracy and theypencil crayon macro will expect the same from the home buyer.  This is another good reason to surround yourself with the very best in experienced REO professionals such as Island Advantage Realty, LLC.  Using a lesser, or inexperienced agent could result in a missed deadline which could mean hefty fines and even the loss of the home.  Take advantage of the streamlined escrow process and use only the most experienced REO experts to close on your ideal REO property.
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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logo2After you have found the proper property it is time to make an offer.  With REO property this comes after having a professional perform a lengthy and specific inspection.  REO property is generally sold “as is”, so it is vital before making an offer to know exactly what the necessary repairs are.

With foreclosure properties it is either difficult or impossible to inspect the property before purchasing.  istock_000005871456xsmallMany people prefer to buy REO property simply for the peace of mind of knowing exactly what they are getting. 

Every home buyer is different.  Make sure when you are inspecting an REO property and making an offer on it that you take in to consideration the time and expense of all repairs and renovations needed for the property. 
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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logo1After you have identified your priorities and began working with an REO Professional of the highest caliber it is time to start viewing properties.  I always like to mentally prepare my clients by reminding them to look for value.  If you are shopping for traditional property and you come across a broken window it is instantly considered a negative. The broken window will have to be fixed diamondand there will have to be a negotiation to decide who will pay for it and who will fix it.  With REO property I tell clients to consider these small cosmetic issues a plus.

REO properties are sold for fair market value minus necessary repairs.  The broken window will have to be considered in the offer made on the home, but it will most certainly be a deduction.  All repairs will be listed and considered in the pre-buying phase so that escrow will move quickly. 

Consequently it is essential to be discriminating when looking at REO properties.  You have to be able to separate what is cosmetic and what is actually a permanent negative issue.  Always remember to look for value and you will find yourself quickly distinguishing a good deal from a “turkey”.

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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logo3Finding the right REO starts with working with the right professionals. It’s always a good idea to surround yourself with knowledgeable experts but in the case of REO property it is absolutely essential.  REO stands for Real Estate Owned, these properties are owned by banks and lenders.

It is important to remember that banks and lenders are not in the business of owning or selling real estate.  When a property returns to the bank they will hire an experienced realballoon estate agent to list the property.  Typically REO properties are not publicized in the same fashion as typical properties.  Banks prefer discreet transactions performed by experienced agents who are capable of quickly and effectively marketing a property to well qualified buyers. 

If you are working with an REO specialist they will be aware of the wide variety of properties available.  If you are working with a real estate agent who is new to REO, you may be limiting your choices and effectively block yourself from finding the ideal REO property for your needs.  Work with the right professional to find your ideal REO property.
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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logo3REO property is currently a top story all across the nation.  More and more people are looking at this market as the economy continues to concern even the most stoic economic advisors.  Why is everyone so interested in the REO market?

Currently the REO market is larger than it ever has been.  As foreclosures continue to flood the market more and more appleandorangesproperties are reverting back to the lenders.  These are valuable properties that need to be purchased in order for our economy to recover and grow.  They represent a wonderful opportunity for today’s home buyer.

With the market so full of these homes how does a buyer go about finding the right REO for their individual needs?  This is a topic that I am going to explore over the next few blogs, starting with the most essential aspect to buying an REO property, which is working with the right professionals.  Stay tuned.
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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