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Archive for July, 2009

logo7My Aunt Tova has a coin purse that belonged to my beloved Grandmother.  Every one of my nieces and nephews remembers that coin purse fondly.  When we were little it was the coin purse that came out to buy us an Italian ice when Mr. Grasso steered his cart down our street.  Later, when we were older it was the coin purse that came out as we were leaving to go back to college.  A twenty dollar bill that would pay for late night pizza would wiggle its way out of that beautiful beaded coin purse.  And on more than one occasion substantially larger amounts of cash came forth from that same coin purse.  pink hydrI personally saw her pull $7,000 out of the coin purse once when my Uncle Teddy’s business burned to the ground.  It was an amazing little purse and it serves as a symbol to my entire family to this day.  It’s a symbol of how powerful money can be if you are wise and careful.

You have to understand, none of us thought the purse was magic and that money just appeared there.  No, even at a young age we all understood that the money in that purse was money Grandma made by renting a small house that she had purchased after World War II.  And while my grandfather supported the idea of her buying the property it was well known that the property was my Grandmother’s business.  She maintained the property, collected the rent checks and reinvested her profits back into more real estate.  At the time of her death Grandma owned four properties outright and had two others she was making payments on.  When I think of all the things that were made possible by that little coin purse, I have to smile.  I know that if my Grandmother were alive today she would be so excited about the current REO market.  Each time I help a family to buy a cost effective REO property I can’t help but wonder all of the wonderful things that will come to that family as the result of investing in quality real estate.

If you are interested in investing in real estate so you too can have a magic coin purse to show your grandchildren, give us a call at Island Advantage Realty, 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

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 and the home buying process in the Foreclosure and REO markets.

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logo5Why buy REO property?  Because you want to save between 10-30% on your next home purchase.  That got your attention, didn’t it?  There’s a great deal of talk about REO properties these days and it is important to know the truth about this amazing market.

First you need to understand that banks and lenders are not giving these properties away. pink flip The urban myths you’ve heard about people buying homes for pennies on the dollar are just that – myths.  Banks and lenders are selling REO properties for fair market value minus the cost of necessary repairs.  So if you find a home that needs a substantial amount of work done on it you could find yourself paying 10-30% less than market value.

The advantageous thing about buying below value it that you have the opportunity to do the work yourself and save money.  It is a great way to buy a home and start out with considerable equity, which in this day and age is almost unheard of.

REO property is one of the safest real estate investments you can make right now.  For all the people who are afraid to buy because they are concerned the market will fall further and they will end up upside down like so many others, consider buying REO and beginning homeownership with a built in equity bumper.  These are just some of the advantages of purchasing REO property.  To find out more information, contact Island Advantage Realty, LLC.  We are the leaders in foreclosure and REO sales 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

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 and the home buying process in the Foreclosure and REO markets.

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logo8There are many advantages to buying REO property.  The first one is definitely price. REO properties are sold by banks or lenders for fair market value minus the cost of necessary repairs.  If you are willing to invest some time and effort into a home you can actually purchase it for below market value.

The second is freedom.  Haven’t we all experienced going to look at a home that has been freshly painted a color that you just can’t live with?  Or there is brand new carpet in the most atrocious shade of Pepto Bismol pink, and you think – “I wish they had let me make the choice of carpet color!”  With REO property, that is exactly what you get to do.  Hot Air BaloonThe lender deducts the cost of the necessary repairs from the purchase price, rather than making the choice for you.  If you are in the market for specific needs, whether it be for gardening or handicap accessibility, REO property gives you the ability to customize your new home without losing capitol or equity.

The third is timeline.  REO properties have a shorter than normal escrow, so if you want to be in a great value home in a short amount of time REO property is definitely the way to go!

If you want to learn more pluses about buying REO property in the Metro New York or Long Island areas, give Island Advantage Realty, LLC a call.  We are the recognized leaders in the foreclosure and REO real estate markets for this 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 and the home buying process in the Foreclosure and REO markets.

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logo7Generally when people buy a home they do so through the use of a mortgage held by a bank or lender.  Even a few short years ago an interested home buyer could go to a lender and get a pre-qualified letter, which they would take to their realtor and together the client and the realtor would set out to find a house in the price range specified in the pre-qualification letter.  caterFast forward a few years, the economy has changed and the lending practices of mortgage companies have also changed. 

In today’s market a letter of pre-qualification is not strong enough to help you to buy a high value property on a short time line.  While a pre-qualification letter can take weeks to prepare, it is not stringent enough to actually guarantee that you will get approved for the actual loan in this market.  What it says to banks and other seller is that your status is still unknown.  It will take additional weeks to determine if you can be approved.

It’s much stronger and smarter to take the time to get pre-approved before you go home shopping.  Pre-approval takes longer, but once you have it lenders know that you are in an actual position to negotiate with authority.  Great valued properties move quickly in this market.  Take the time to get pre-approved so that you too can move with lighting speed.

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 and the home buying process in the Foreclosure and REO markets.

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logo7As we enter the dog days of summer, I always find myself thinking of my Grandfather.  He was one of the hardest working men I have ever known, but as hard as he worked he still knew the importance of hard core relaxation.  In late July and early August you could see him seated in an Adirondack chair in his backyard, a glass of lemonade on the table next to him along with his reading glasses, the New York Times and an old dial radio, which was usually tuned to baseball, preferably the Mets.  My grandfather would spend hours relaxing in that chair. lemondade I remember being a kid and asking him what he was doing.  I’ll never forget, he said to me, “Gabby, I’m enjoying all that I have sowed.  If a man doesn’t stop every once in a while and enjoy what he has he forgets what he is working for.”  My Grandfather was a very wise man.

The dog days of summer are an opportunity for us to slow down and enjoy what we have.  They are also an opportunity for us to ask ourselves what we are working for.  If you are working for a home you can’t afford is there really ever any time to enjoy it?  Likewise if you are renting, what is it you are working so hard for, to simply survive?  That can end up feeling like and endless treadmill.

There is a great opportunity available in the current REO real estate market.  The cost to own an REO home is often close to or even below the cost to rent.  Imagine being able to own a home for the same amount of money you are spending monthly to rent. Isn’t it time for you to consider looking at the REO market?

If you would like to sip lemonade in your own back yard, please contact Island Advantage Realty, LLC. We are committed to helping educate home owners and investors in the benefits of buying REO properties.

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 and the home buying process in the Foreclosure and REO markets.

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logo8I walked into a kitchen the other day that made me weak in the knees.  Do you know what I’m talking about?  This wasn’t just a gourmet kitchen, this was a deluxe Chef’s kitchen.  Brazilian Cherry cabinets with self closing drawers, a Wolfe six burner stove and a glass front Sub Zero refrigerator, I could go on, but you get the idea.  Upgrades were everywhere, custom tile, and amazing sky light and an actual hearth so the owner can light a fire in the winter.  Seriously, this was the kind of kitchen even Paula Dean must dream of.  saladBut it wasn’t a celebrity chef’s home, it wasn’t even a celebrity actor’s home.  I can’t tell you whose home it was, but I can tell you it was a client of mine, some one who had a vision and carried it out.

A year ago a client came to me looking for an REO property with very specific requirements.  The home they were looking for had to have a certain amount of square footage on the first floor and the lot size and bedrooms had to be within a specific size and facing in a particular direction.  Even with the restrictions there were a number of properties within the client’s price range that fit the bill. 

The client chose a property that was in an excellent location but it required a substantial amount of work.  I had no idea that they already had a plan to all but gut the downstairs of the home.  Now a year later, I was given the full tour, including the gardens in the backyard.  In all honesty, this is a home that even Martha Stewart would be in awe of. 
Of course the really incredible news is that the client was able to create the home of her dreams, within the budget of her reality because she wisely purchased an REO property.

If you are interested in creating your dream home within a realistic budget, please call us at Island Advantage Realty LLC.  We are experts in foreclosure and REO properties for the 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

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 and the home buying process in the Foreclosure and REO markets.

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logo7All of a sudden it’s not only a great financial decision to buy REO property, it’s actually chic!  I shouldn’t be surprised, for years I’ve been amazed that more people weren’t taking advantage of the value that can be found in the REO market.  But it seems that the “cat is out of the bag” and more and more people are enjoying the benefits of buying REO property. 

Here at Island Advantage Realty, LLC we specialize in foreclosure and REO properties in the Metro New York and Long Island areas. Kites As the numbers of quality REO properties has risen exponentially so have the numbers of home owners who are thrilled to purchase these quality homes.

What’s really exciting is that home buyers are starting to “get it!”  They understand that by the time property becomes bank owned it has generally sat empty for a while, and it will show some signs of neglect.  Instead of being disappointed that the homes aren’t showroom beautiful, buyers are starting to be excited!  They know that if a wall needs painting, it’s going to mean a lower purchase price and they will ultimately be able to choose the color of paint that ends up on the wall. In a lot of ways it just makes more sense to buy a home this way.  You save money and you get to implement the design choices in your home.

If you are interested in viewing REO properties to witness for yourself all the possibilities, please contact Island Advantage Realty, LLC.  We are experts in the field of foreclosure and REO properties, we can help you find the home of your dreams.  Buy REO property, its chic!

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 and the home buying process in the Foreclosure and REO markets.

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