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Archive for January, 2010

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.

Read Full Post »

Clients frequently ask me what the difference is between a foreclosure property and REO property.  Foreclosure is a term for a lengthy process during which a bank or lender seeks to regain their investment on a property that is no longer satisfying the terms of its mortgage. During the process of foreclosure home owners are sometimes able to sell the home traditionally.  When that happens the foreclosure stops, the bank receives payment on their loan and all parties are satisfied.  Sometimes at the end of a foreclosure process a bank will agree to a short sale.  This is a process where both the bank and the owner agree to sell the home to an interested party in order to avoid foreclosure. 

If the home owner is not able to make the payments on the loan and they are unable to sell the home the bank is forced to order the home to be sold at auction, in order to regain their investment.  If a property does not successfully sell at auction the ownership of the property reverts back to the bank and they have the legal right to do whatever they want with the property.  This is when the property becomes REO (real estate owned).

Generally banks prefer to sell REO property.  They are not in the business of owning or selling property so they will almost always contact a reputable REO Realtor and ask them to begin showing the property. REO properties are offered for fair market value minus the cost of necessary repairs, making them a great economical choice.

If you are interested in more information about REO properties in the Metro NY or Long Island areas give us a call at Island Advantage Realty, LLC.  We are experts in this field and we would be delighted to share our knowledge and expertise with you.

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.

Read Full Post »