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Archive for November, 2009

There is much to be thankful for this year.  If you are willing to look there are always things to be grateful for. This year I am grateful for my family, for my parent’s health and for my Grandma Happy, the last of my living grandparents.  I am grateful for my brothers, my aunts and uncles, my cousins and all of their children.  This year I am especially grateful for my nieces and nephews and for their health.  I am grateful for friends and co workers who work beside me every day, attempting make the American Dream of owning an affordable home possible for everyone.
 
I am grateful that the tax credit for first time home owners has been extended and will now include some existing home owners.  This has been a great program for families who want to take advantage of the competitively priced REO homes that are currently on the market.  With the extension, the income limits were also raised, making more people eligible for this unique opportunity.  If you aren’t sure if you qualify for the tax credit, contact your mortgage professional.  Better yet, if you are interested in buying REO property in the Metro NY or Long Island areas, give us a call at Island Advantage Realty.  We are the leading experts in this area of real estate and can help you to buy an affordable home in today’s ever changing 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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We’ve been talking a great deal about the benefits of buying REO property.  It should not be left unsaid that buying REO property, when you are working with the right REO expert, is easy.  In fact it is a lot like buying a traditional home, but with a no nonsense escrow.  REO properties are purchased with conventional loans.  They often qualify for first time home buyer tax incentives, and they come with the same benefits as traditional homes.

People are often afraid to buy REO homes, because they are afraid of some imagined risk.  The truth is that there is no added risk to buying REO property.  When you buy an REO property you have the ability to not only view the property but you also have the ability to have it fully inspected by a professional.  There is no guessing involved in purchasing REO property so there is no added risk.

If you are ready to see what the REO market has to offer and you live in the Long Island or Metro New York areas, you owe it to yourself to working with leading experts in the REO field, Island Advantage Realty, LLC.  We have the knowledge, resources and experience to help you find the REO property 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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When prospective home buyers hear of the many benefits of buying REO properties they are usually excited to take a peek at the REO market to see what kinds of homes are available in their price range.  Unfortunately, this is the moment when a lot of people make a crucial error.  They call the Realtor that they have known for the longest, it doesn’t matter if this is their cousin Phil who just passed his real estate license test last week, or if it is the Realtor who helped them with the sale of their last home and was MIA during most of the closing.  People tend to call the realtor they know.  This isn’t always a bad idea; you might know a great Realtor.  The question you should be asking is, “Do you know a great REO Realtor?”

In the case of REO properties all Realtors are NOT created equally.  This is for many reasons. REO Properties are governed by very specific rules and considerations.  It is always important to use a seasoned REO professional when buying REO properties, but in today’s economy, with new legislation pouring out of Washington, it is absolutely imperative.  I always use the example of Doctors.  You may know a great internist, but when it comes time to have brain surgery you wouldn’t think of letting anyone operate on you who didn’t specialize in that particular kind of brain surgery.  It is the same with REO properties.
A seasoned REO Realtor will not only be able to lead you successfully through the buying process, they will also be able to show you an infinitely wider range of properties.  Some banks in an effort to be discrete will only allow one or two Realtors to even show a REO property.  If you aren’t working with the best you may not ever get to see the home of your dreams.

If you are shopping for REO properties in the Long Island or Metro New York areas you will want to call Island Advantage Realty.  We are the recognized experts in REO properties.  Our experience speaks for itself.  Call us today to get the full range of services you should expect from expert REO Realtors.
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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As promised, in this blog I am going to talk about some of the advantages of buying REO property.  In the last blog I mentioned that by the time a property becomes REO it has usually suffered some neglect.  In some cases it has sat empty for several months, in other cases it has played host to an owner who had no funds for even minor repairs.  This seems like it would be a negative for home buyer, in the case of REO properties, however, it is a huge plus!

Normally when you buy a traditional home you hope that the needed repairs will be minimal, because you want to keep your costs down.  REO properties are sold for fair market value minus the cost of necessary repairs; so in their unique case repairs actually lower the cost of the home to you.  Yes, the repairs still need to be done, but there is no added cost to you.  Frequently buyers consider this a huge plus as they have the freedom to choose the quality and style the repairs will take on.  It can be an opportunity to customize your new home without having added expenses.

On the other hand it can be an opportunity to build sweat equity in a home and keep your monthly costs down.  Once you purchase an REO property you can decide when to make the repairs and who you want to do them.  By doing the repairs yourself you can save money while increasing the value of your home and building all important equity.  These are just some of the many benefits to buying REO property. 

If you are interested in purchasing REO property in the Metro New York or Long Island areas, please give us a call at Island Advantage Realty, LLC.  We are the recognized leaders in this industry and would be happy to help you find the REO property 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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The number one question we get at Island Advantage Realty is “What is REO property?”  The second most asked question is “Why should I buy REO property?”  These happen to be my two favorite questions, because the answers tend to be life changing.  In the next few blogs I will be not only answering these questions but many others in an attempt to clarify the process of buying REO property.  If you have further questions feel free to write in!  I love to answer questions about REO properties and the benefits of buying them.

Let’s start with the basics shall we?  REO stands for Real Estate Owned, and usually implies that the property is owned by the bank or lender who was forced to foreclose.  I think it is important to talk a little bit about why REO properties come into existence, in order to dispel some of the misconceptions that frequently surround REO homes.  There are many different reasons why a bank or lender is forced to foreclose.  In today’s economy we hear all different types of stories.  Cases where circumstances have changed and the family could no longer make their agreed upon payments.  No bank ever wants to foreclose, but it is a reality when payments are not made in the agreed upon timeline.

 
 It is important to realize that foreclosure is a lengthy process it can take months, in some cases more than a year.  This is an important fact because during a foreclosure process a home will frequently be neglected.  The reality is that if someone does not have the money to make their mortgage payment they equally do not have the money to make necessary repairs or finance upkeep on their home.  So when the bank does eventually take possession of a home it is not unusual for it to be run down and in need of repairs. In a future blog I will explain why this is a great advantage for the home buyer.

 
Eventually the home will be offered at auction.  This is a great opportunity for an investor to buy a home for a reduced price.  Unfortunately, buying real estate at auction is process that involves great expertise and access to cash funds.  At most foreclosure auctions, buyers are forced to purchase properties without having seen the inside of the home!  So it is completely understandable why even highly desirable properties will fail to sell at auction.  When this happens the property is returned to the bank and is now considered REO.
In the next blog I will detail some of the advantages of buying REO property.  If you have questions please write in or contact us at Island Advantage Realty, we are experts in the REO field for the Long Island and Metro NY 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 about the home buying process in the Foreclosure and REO markets.

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My Aunt Tova always tells the tale of the woman whose husband was the conductor of the Super Chief Train.  The Super Chief was the railroad line that ran from Chicago to Los Angeles. In its heyday it was considered a luxurious liner and the wife longed to ride it.  Every week her husband would leave on the train and she would listen to its whistle as it pulled out of town and she would dream of riding it.  But, there were dishes to do, diapers to change, meals to prepare.  Time passed and while the wife continued to dream of riding the train, she never did. 

Years passed, the couple grew older and one day the husband died suddenly while on the job.  The wife was forced to ride the super chief at last, only to bring her husband’s body home to rest.  Her greatest dream was achieved but in a time of great sorrow, because she had waited so long.  As she rode the train home, she wished that she had taken the time to ride the train with her husband earlier in life.  My Aunt Tova would tell us this story any time she wanted us to remember to live our lives fully and not postpone happiness.  We heard the story so many times that eventually she simply had to say, “Remember to ride the Super Chief!”
I think of that story often when taking families to see REO properties.  Frequently my clients are people who have wanted to own their own home for a long period of time, but just didn’t see how it was going to happen.  They are often skeptical, sometimes even afraid when they first contact me.  They want the dream of home ownership so badly, they are actually afraid to look at homes for fear they won’t be able to afford them. It is amazing when we are able to show them a home they can afford, they are so thrilled, relieved and dumbfounded.  They frequently express regret that they didn’t look at the REO market sooner.  If you are a renter who dreams of home ownership I want to encourage you to ride the Super Chief!  Live your dreams today by looking at REO properties with an REO expert. 

If you live in the Long Island or Metro New York area, give us a call at Island Advantage Realty, we are the recognized experts in this field.  We can help you to take advantage of all of the new tax incentives making home ownership that much more affordable.  Live you dreams, ride the Super Chief!

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 recently got a call from out of state, a mom getting ready to send her son to film school in New York, but devastated by the price tag attached to dorm life in New York City. It wasn’t that she couldn’t afford the dorm; it was that she couldn’t bear the thought of spending all of that money and having nothing to show for it at her son’s graduation. Being a savvy property owner she Googled New York REO and found Island Advantage Realty, LLC, which isn’t surprising because we are the leaders in REO sales for the Metro New York and Long Island areas.
 
We talked on the phone and I got a clear idea of what she was looking for, I was able to compile a list of properties that met her specifications and budget and emailed them to her.  She looked over the property specs and made arrangements to visit our fair city.  I am happy to say that her son is the proud owner of a lovely property with monthly payments that are less than his tuition. Not only that there are two additional bedrooms in the home which he can rent for additional income if he chooses to.
 
Instead of writing a check for dorm rent his parents will be helping him to build equity in a building that will more than likely grow in value while he is at school.  It is a gift that continues to give.  Additionally he will be building good credit while living there and since he is a first time home buyer he qualified for the first time home buyers tax credit for a whopping $8,000 paycheck.  Not bad for a college student.
 
If you or someone you know is moving to the Metro New York or Long Island area and is interested in buying quality real estate for a great price, tell them to all Island Advantage Realty, LLC.  We are experts in the REO field.

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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