The REO Bedtime Story

Once upon a time in a land that was not so very far away there lived a house. The house was neither old nor new. It wasn’t a tiny house, but it wasn’t a palatial mansion either. The truth is the house was quite cute, but a bit neglected. His foundation was solid but his trim was worn and in need of paint. The carpet in his formal living room was worn and had an ink stain. Worst of all, his kitchen floor was covered with linoleum that was old and yellowing. He shuddered to think what people thought as they walked through his rooms. Were they able to see beyond his worn surfaces to see that he was structurally sound? Would they dismiss him because of the broken window on his second floor? Would anyone recognize his true value?

One day a family arrived and looked at the house with tender eyes. The mother saw where the vegetable garden once was and instead of concentrating on the dead weeds that covered the ground she envisioned the garden restored and providing fresh produce to her family. The father noticed the linoleum in the kitchen but in its place he pictured wide planked floors in deep cherry along with resurfaced kitchen cabinets. The children scurried across the worn carpet and imagined finding presents under the Christmas tree and stockings hung by the fireplace. The family looked at the house and saw its worth. The family bought the home and made it their own, applying loving touches here and there until the house was clearly cared for and cherished. They all lived happily ever after. Buying REO property doesn’t have to be a fairy tale. If you would like to view the REO properties currently for sale in the Metro NY, Long Island areas please call Island Advantage Realty, LLC. We are experts in the field of 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 about the home buying process in the Foreclosure and REO markets.

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Tips on Buying REO Property

Congratulations!  You’ve decided it’s time to buy  REO property!  Wouldn’t you like to know some “insider” tips to help you to find the perfect property for the perfect price?

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.

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When Would Now Be a Good Time to Buy REO?

I have a good friend who likes to ask me, “When would now be a good time?”  She says this whenever I am putting something off or stalling on some important task.  “When would now be a good time?” she asks me when I say I want to treat myself to a day at the spa.  “When would now be a good time?” she persists when I say that I really need to make an appointment for my yearly mammogram.  The question is clever because it cuts to the heart of the matter, there will be a moment when “now” will be a good time.  Is it possible that it is “now”?

There are so many things that we put off in life, actions that we could take that could change the entire trajectory of our lives.  Buying a home is one of those actions that changes a life.  It isn’t just about changing an address; it’s about putting down roots and making a commitment to your financial future.  Buying a home is about giving yourself and your family long term emotional and financial stability.

Of course there are good moments and not so good moments, relatively speaking, to buy a home.  All of the experts seem to be in agreement that this moment in time is one of the most opportune to purchase a home.  There are so many homes to choose from and they are reasonably priced. Additionally there is a limited time tax credit for qualified buyers, making this moment particularly advantageous to buy a home.  Factor in the savings that can be had by purchasing REO property and all I can ask is, “When would now be a good time to buy a home?” 

If you are ready to look at the REO market in the metro New York and Long Island areas, please give us a call at Island Advantage Realty, LLC.  We are the recognized experts in the REO market for this area.  No one is better equipped to help you make “now” your moment to buy a home.

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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New York Foreclosure and REO Markets

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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REO Market Update

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 »

Foreclosure Vs. REO

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.

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The New Year’s Resolution, The NY Foreclosure Report

This year as you make your way through this last day of the last year of this decade in a new century, you may find yourself thinking about where you are in life and where you would like to be.  Your thoughts may be on career and finance, you might be thinking about resolving to quit smoking or to start a new exercise program.  New Year’s Resolutions are meant to improve the quality of your life.  That is why this year I think everyone should resolve to buy REO property.  Think about it, what would add more quality to your life than to own your own home and to be able to comfortably afford your mortgage payments?

For more and more Americans the dream of home ownership is becoming a reality because of the REO market and its ability to accomodate a wide variety of buyer’s needs.  REO homes are affordable because they are offered for fair market value, minus the cost of necessary repairs.  They are a great investment in your future and the process of buying REO property ensures that you know exactly what kind of property you are buying.

Isn’t it time you took the plunge and looked at the REO market?  Resolve to at least look and I think you will be amazed.

All of us here at Island  Advantage Realty, LLC want to wish you and your family a Happy and Safe New Year.  We hope that 2010 will prove a prosperous year where all of your real estate dreams come true.

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 6 Month Christmas Tree, NY Foreclosure Report

My Aunt Barbara loves Christmas trees; she always left hers up long after the winter season was over.  Each year she left it up a little longer until one year she left it up until July.  We teased her until the next Christmas and were surprised when she took the next one down on New Year’s Day.  Years later she told my cousin that dusting that July Christmas tree was the hardest housework she’d ever had to do. She explained that it’s all about timing, apparently anything past New Year’s and the Christmas ornaments require dusting!

Timing is important in all kinds of arenas.  For instance now is an incredible time to purchase REO property.  The market is flooded with quality properties priced to please.  Additionally, the current tax incentives for first time home buyers are an unprecedented opportunity to trade renting for home ownership.  Many factors have contributed to make this moment in time a rich real estate opportunity for a savvy buyer with the right REO Realtor, but the moment won’t last. 

If you are interested in taking advantage of this historic event in real estate history, you will want to find the right REO realtor to help you locate the property of your dreams.  If you live in the Metro New York or Long Island area you will want to call Island Advantage Realty.  We have the knowledge, experience and professionalism to help you achieve all of your real estate goals.

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 Domino Tradition, The NY Foreclosure Report

 We have a long standing holiday tradition in our family.  We play dominoes all throughout the holidays. This is not your average pedestrian game of dominoes; this is hard core dominoes with a double elimination tournament and even a cheer section. The winner gets to take home the special train trophy until the next time the family gets together.  The train is one of a kind, coveted by all who see it, and all those who play but never win in the end. That is, until last week, when my cousin Johnny, the annual loser told us that he wanted all of us to come and play dominoes in his new home.

Johnny is one of those guys who doesn’t like to be pinned down.  Despite all of the family lectures about the benefits of home ownership, Johnny has always preferred to rent.  Or at least that’s what we always thought.  Imagine my surprise when Johnny came to me in early October and asked me to help him find a REO property he could afford.  It seems that, like a lot of people, Johnny didn’t think he could afford to buy a home.  He had a good job, his credit rating was good, but he didn’t have enough of a down payment saved, or so he thought.  He heard about the tax incentives for first time home buyers and he knew this was his chance. Johnny had made more money this year than expected and had been saving because he knew he had a big tax bill coming in April.  With the tax incentive he was able to use that money toward a down payment and now he is the proud owner of his own home.

He swore me to secrecy so he could tell the family all at the same time.  My Uncle Pete was so proud of him, that when we went to Johnny’s house to play dominoes the other night he presented him with a train trophy that makes the dominoes trophy look like chopped liver.  Johnny may not have won at dominoes but he certainly was a big winner in real estate.

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 »

Foreclosure Vs. REO, The NY Foreclosure Report

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 »