Feeds:
Posts
Comments

Posts Tagged ‘First time home buying’

“Now is the winter of our discontent…”  Well, I guess it depends on how you look at things.  There are a lot of people around the world that are unhappy.  Winter weather can be a trial and the economy, the economy, the economy.  It’s enough to make anyone discontented, if that’s all they focused on.  But what about people who are willing to focus on opportunity instead of negativity, are they feeling discontented?  Not from where I sit. 

Everyday I help families to find the REO property of their dreams.  These high value homes are sold a reduced cost to compensate for necessary repairs giving home owners an ideal opportunity to invest in their future.  It’s funny how inconsequential some February slush can be when you finally realize the dream of home ownership.  Winter of our discontent, I don’t think so.  In my office I like to think of it as the Winter of Opportunity.

If you’ve been waiting for the opportune moment to become a home owner, don’t wait any longer.  Pick up the phone and call Island Advantage Realty, LLC we are the recognized experts in REO sales for the Metro NY and Long Island areas.  We have the knowledge and expertise to help you find a great opportunity.

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 »

logo3Two years ago Jan was a stay at home mom with two small children.  Her husband Dan had a great job and they were in the enviable position that Jan didn’t need to work in order to help support their family.  Then out of the blue Dan’s job was outsourced to another country. As quick as the snap of a finger the entire plan that Jan and Dan had for their lives and their children’s lives changed.  Jan thought about going back to work, but she mourned the loss of watching her children grow.

It was at that time that Jan and Dan first came to Island Advantage Realty, LLC. pumpkin-close-upThey had heard about the savings in buying an REO property and had decided to sell their home and buy REO property in an effort to reduce their monthly bills.  Two things happened, they were able to buy a great property and reduce their bills and Jan saw the clear advantages to owning REO property.  She decided to become a landlord instead of going back to work.  She bought a second property close to their new home.  It was a duplex that needed a fair amount of work, but the price was right. 

Jan lent all of her home decorating skills to the duplex and with in a short amount of time she was able to successfully rent both units for significantly more than the mortgage. Over a year and a half later Jan is enjoying her time at home with her children.  She has a healthy income from her REO investment.  Dan is finally back at work.  With their profits from the first REO investment they have decided to buy another REO property.

 If you are interested in viewing REO properties that are ideal for rentals in the metro NY or Long Island areas, please call us at Island Advantage Realty.  We can show you all the possibilities that are currently available on the 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.

Read Full Post »

logo1If someone handed you $8,000 right now, what would you do with it?  I know what I would do. I would use it to put a down payment on an REO property.  The United States Government hopes you think the same way I do.  As part of their stimulus package they are offering a tax incentive to first time home buyers.  If you aren’t a first time home buyer don’t be put off, you may still qualify.  For the purposes of the program a first time home buyer is considered someone who has not owned a home in the last 3 years.

If you buy a home before December 1st of 2009, and you qualify (there are some income restrictions), you can receive a tax credit for 10% of the home purchase price, up to $8,000.  picket-fenceThis tax credit can be claimed in either 2008 or 2009.  Because it is a tax credit you can use it to pay any outstanding tax and any amount left over will be rebated to you as cash.  The best part about this incentive is that unlike previous incentives you do not have to pay this one back as long as you own your home for 36 months.  It truly is like having someone hand you $8,000 for buying a home.

 If you aren’t sure if you qualify for this program, give us a call at Island Advantage Realty, LLC.  We are the industry leaders for Foreclosure and REO properties in the metro NY and Long Island areas.  We can tell you what programs you qualify for and help you to find an affordable home that meets 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

Read Full Post »

logo5I enjoy working in the REO market.  I love being able to help families buy affordable homes.  I also love the creative people who buy REO properties and renovate and restore them.  REO properties are ripe with potential.  They offer a home buyer the ability to buy an affordable home and have the ability to create a distinctive and unique home.
 
Whether you need to create a handicap accessible space or you just have a unique design vision, REO properties offer and opportunity to make your home design20dreams a reality. daisyThere is nothing I enjoy more than see home owner’s faces shine with ideas for how they will make a space uniquely there own. 
 
The current REO market offers a wide array of possibilities in every price range, square footage and neighborhood.  If you would like to view REO properties please call Island Advantage Realty LLC we are experts in the REO market for the Metro NY 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

Read Full Post »

logo6REO properties aren’t for everyone.  In fact it takes a specific kind of buyer to really enjoy buying an REO property.  With a little inspiration from Jeff Foxworthy I have decided to make a list.

You know REO property isn’t right for you when:

You feel compelled to pay top dollar for everything and actually feel that the value of some thing is less if you get a great price.

REO Properties are sold for fair market price, minus the cost of necessary repairs, so they are frequently less expensive than other comparable homes.Outdoor fresh flowers at farmers street market

You know REO property isn’t right for you when:

You have a hard time making design choices and loathe even small home improvement projects.

REO properties are generally sold AS IS, however the buyer is compensated for necessary repairs.  Frequently REO home buyers will find that they need to pick new carpeting and even color schemes for one or more of the rooms in the house. For someone who enjoys making a home uniquely their own this can be a great opportunity, but if you don’t like improvement projects REO property probably isn’t for you.

You know REO property isn’t right for you when:
You like long drawn out escrows.

REO properties generally have very short escrow timelines.

Do you still think REO property might be right for you?  Give us a call at Island Advantage Realty, LLC we’ll help you to find the REO property of your real estate 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

Read Full Post »

logo6Building equity in a home is a wonderful thing.  Many Americans are in the unenviable position right now of owing more on their mortgage than there home is worth.  You may have heard this being referred to as being “upside down”.  I heard someone say the other day that they wished they could take advantage of the low interest rates and low housing prices, but they were afraid to buy,house-keys they were afraid that they would end up upside down like their friends who bought 3 years ago.
 
I, of course, encouraged them to look at the REO market.  The great thing about REO property is that it is sold for fair market value minus the cost of necessary repairs.  For a home buyer who is willing to do repair work themselves this can create a healthy ratio of sweat equity built into the home.
 
In this turbulent market, it’s a wonderful luxury to start your home ownership with built in equity.  If you are interested in viewing the REO market and all its hidden treasures please contact us 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

Read Full Post »

logo6Are you ready to view REO property? It’s important to have the right mindset when shopping for REO property.  When you view properties that have been through foreclosure you need to be able to view them with an eye that is trained to distinguish between neglect and damage. flower-choice By the time a property becomes REO it has frequently sat empty for a period of time, sometimes even months.  Houses don’t like to be empty and they tend to show signs of neglect fairly quickly.  The thing about most neglect issues is that they are easily rectified and often for very little money.
 
As you go through an REO property you want to ask yourself how easily the damages can be repaired.  If you walk into a room with a giant stain on the carpet, it tends to be the thing you focus on, but new carpeting is very easily installed.  So as you view properties you want to spend more time looking at the structure and the floor plan, are they to your liking?  Remember that REO properties are offered for fair market value minus the cost of necessary repairs.  If you see damage note it, but instead of thinking of it as a negative, think of it as money deducted from the asking price.  That puts damages in a whole new light!

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

Read Full Post »

Older Posts »