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Posts Tagged ‘NY REO’

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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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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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.

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logo3Wouldn’t it be great if you could look into a crystal ball and know for certain what was in your future?  Imagine how much easier it would be if you could know for certain what action you could take that would provide you with financial security.  You may not be able to look into a crystal ball to see the future but you can look to the past as a great predictor of what the future may look like.

When we look to the past we see that the real estate market has always had ups and downs.  People who have purchased their homes in down cycles have traditionally gained the most from home ownership.  You don’t have to be an economist to reason it out.  applesThe less expensive your home purchase is the more you stand to gain if the house grows in value.  And we know from the past that homes consistently grow in value over time, despite short periods of down turn.

All things considered REO property is a very smart buy at this time.  When you buy REO property you not only get into a low market, you get into a home that frequently has a reduced price in consideration for any repairs that need to be done.  I don’t know about you but I would rather have money off a purchase price to make repairs than pay a higher price and be stuck with some one else’s design choices.

If you are interested in buying an REO property in the metro NY or Long Island areas you will want to talk to Island Advantage Realty, LLC.  We are the industry leader in REO home sales.  Let us help you to understand this exciting 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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logo3Buying REO property takes dollars and sense. Fortunately for you it usually takes less dollars than a traditional home. REO properties are bank owned. In most cases they are foreclosure homes that failed to sell at auction, now the bank or lender is forced to sell the home for fair market value minus the cost of necessary repairs. In most cases this means a savings to the buyer of between 3%-20%. When you think about saving 10, 15 or even 20% on your next home purchase, it’s quite mind boggling. If you haven’t owned a home in the last three years you may be eligible to receive a tax credit equaling up to $8,000 on your new home purchased before December 1st 2009.

Imagine looking at a home that is valued at $250,000 in the traditional market. fall-leavesThe house next door to it is an REO property with comparable features but it has sat empty for several months and is in need of several key repairs. The home is being offered for $220,000 in its “as is” state. The smart couple buying the property also qualifies for the tax credit and receive an additional $8,000 at tax time, simply for purchasing the home before December 1st. The final cost of the home is $212,000, the couple are now homeowners with $38,000 worth of equity built into their home, not a bad way to start out home ownership. Their final savings is more than 15%. This is just one of the reasons why REO properties make good sense for American families.

If you are interested in learning more about REO properties available in the metro NY or Long Island areas, please call us at Island Advantage Realty, LLC. We are experts in the field of REO properties and we look forward to showing you this exciting opportunity to own 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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logo1Are you frightened about buying an REO property because you don’t know all the ins and outs of the process?  Don’t worry you aren’t alone.  Every day at Island Advantage Realty, LLC we meet home buyers who have heard how affordable REO properties are but they are afraid the purchase process will be difficult, incomprehensible and rife with pitfalls.fall-leaves 

The truth about the REO purchase process is that it is very similar to buying a traditional home with a few notable exceptions.  For this reason it is essential to have an experienced REO real estate professional handling your REO search, negotiation and purchase.

Sometimes REO properties are sold without every making it to typical MLS.  Banks will frequently contract with one or two preferred REO Realtors in order to sell properties quickly and discretely.  If you aren’t working with those realtors it is unlikely that you will see the vast majority of affordable, quality properties that are actually available.  Additionally there is a negotiation phase that happens before escrow with REO properties, because REO properties are generally sold “As Is”.  This is a crucial time for a home buyer and you need to make sure that you are represented by some one who has successfully navigated these negotiations with countless other home buyers. 

Escrow for REO properties is quick, and structured.  Banks are not interested in wasting time or money.  If you are working with a realtor who is not experienced, you run the risk of missing deadlines and being fined or even losing your interest in the home.

If you are looking for REO property in the metro NY or Long Island areas you will want to contact Island Advantage Realty, LLC.  We are the recognized leaders in REO properties and have the expertise to handle your REO purchase with total efficiency.

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 »

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