Tip #1 Only work with a REO expert!
Chances are, if you adhere to tip #1, you won’t need any other tips. The REO market is different from the rest of the market. There is a very specific process that brings REO properties to the market. If you aren’t working with a REO expert, you run the risk of not even being able to see the full gamut of properties that are available on the market. And even if you are lucky enough to find the property of your dreams without a REO property expert, you run the risk of losing the property through missed deadlines. Don’t make the mistake of trusting your REO purchase to anyone other than a bona fide REO specialist.
Tip #2 Look for Value
When you begin to look at REO properties with your REO Realtor keep an open mind about what you will see. Everyone prefers to walk into a beautifully maintained property, but almost no one prefers paying more for their mortgage. REO properties are often neglected and in need of repairs. As a home buyer this should not discourage you, in fact it is actually good news. REO properties are sold for fair market value minus the cost of repairs. The more repairs are needed the smaller your mortgage will be. Look for value and you will find a home for a great price.
Tip #3 Only work with an REO expert.
It bares repeating.
If you live in the metro New York or Long Island areas and would like to investigate the REO market, follow steps #1 and #3 and give us a call at Island Advantage Realty, LLC. We are REO experts and we can help you to find the Real Estate 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.