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Posts Tagged ‘REO Long Island’

logo3I like a good deal, don’t you?  I’m the kind of person that hunts for a bargain and thrills in making it my own.  I went to a wedding last weekend and got so many compliments on my dress, you would have thought that it was a designer original.  The truth is that it was a fairly inexpensive knock off that had the most hideous buttons when I bought it.  I can’t help but think that it was so cheap because of the buttons.  I bought the dress and had my Aunt Louise replace the buttons and do a few minor alterations.  The end result was a one of kind dress that looked like a million bucks for no where near the cost. 

REO properties are a lot like my dress.  They have a lot of potential but need the right eye to recognize it. red-leaf One of my favorite things about helping people buy REO properties is watching them put their own special stamp on their home.  Seeing a property transformed with a little paint, some new carpeting and some new fixtures is truly amazing. I love that REO property offers you the opportunity to own your home for a reduced price and then alter the property to suit your own needs.  It’s like getting your dream home for less.  For these reasons I think buying REO property is not just a good idea, it’s a great idea.

If you are looking for a good deal in the metro NY or Long Island area, make sure you call Island Advantage Realty, LLC. We are the leader in REO property sales for the area.  We have the expertise to help you find the home of your dreams for the price 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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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.

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logo7This is the time of year when a large portion of my family goes to upstate to Saratoga to see the horses race.  I have an uncle who trains thoroughbreds and it gives us all a great excuse to make the trek upstate and enjoy all of the sites and sounds of August in Saratoga.  I enjoy watching the races, but I’m not a big better.  I prefer a sure bet to a long shot. 

I think that’s one of the reasons I like working with REO properties. Close Up of Thoroughbred HorseThey are a great real estate investment.  They are generally cheaper than typical real estate because they are offered at fair market value minus the cost of necessary repairs.  So there is generally a sizable savings.  But REO properties don’t come with some of the risks that are involved in buying foreclosure properties.  With foreclosures it is often difficult or impossible to view the property before bidding on it.  REO properties are available to be viewed and inspected before you make an offer on them.  Like a lot of people I prefer to be able to view a home before I buy it.

Some people prefer the savings of buying a foreclosure property; they enjoy the big pay off; like betting on the long shot. I’ll stick with watching the ponies and my REO properties.  For more information about purchasing foreclosure properties or REO properties in the metro NY or Long Island areas contact Island Advantage Realty, LLC.  We are the industry leaders for this type of 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 and the home buying process in the Foreclosure and REO markets.

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logo8Ahhh, August.  It is the time of the Tomato Wars.  When I was little my grandmother’s garden grew a bumper crop of tomatoes.  We ate fresh ripe tomatoes until we couldn’t look at them anymore. Then my grandmother and my aunts would get out the Ball canning jars and can tomatoes for days.  Beautiful rows of ruby red tomato jars lined the shelves waiting for winter stews and soups and still there were tomatoes. Pile of Assorted Heirloom TomatoesThat was when Grandma instituted the yearly Tomato Wars. 

One afternoon a summer all of the cousins were invited to Grandma’s in our oldest clothes.  Two wheelbarrows full of tomatoes were positioned on either end of the yard.  Teams were chosen.  Grandma blew a whistle and chaos ensued.  It was quick, sticky and smelly.  Sun warmed tomatoes start to smell quickly upon rupture.

It was a simple lesson in supply and demand.  When the supply overwhelmed her Grandma was willing to barter her tomatoes for some good old fashioned fun.  While no one is offering up REO properties for fun, they are offering them for some incredible prices.  The supply of REO properties is sizable at the moment.  But like my Grandmother’s Tomato Wars it won’t be available for ever.  Take advantage of it while you can.

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 and the home buying process in the Foreclosure and REO markets.

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logo8I went to a family celebration the other day and was struck by an unusual phenomenon.  I was in my aunt’s rec room and on one end my nephew Thomas who is 15 months old was building a tower out of wooden blocks, in the same room two of my younger cousins were carefully building a house of cards, while in the front room my brother was giving advise to my nephew Bobby who will leave for college in a few weeks and on the back patio my cousin Julie was describing the house she and her husband recently bought.

As I moved through the rooms I realized that no matter what stage they were at they were all doing the same thing, they were building towards a future, and they were all happy because of it. Abutilon Julie and her husband bought an REO property, of course, and they are very excited to be moving their growing family in their new home.  With three small children and a fourth on the way (talk about building for a future!) they desperately needed more space but not more mortgage.

An REO property was the perfect solution for them.  It’s possible it could be the perfect solution for you as well.  To find out more information about available REO homes in the Metro New York and Long Island areas give us a call at Island Advantage Realty, LLC.  We love helping people build for their future.

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 and the home buying process in the Foreclosure and REO markets.

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logo6I love this time of year.  Everything is in bloom, everything that was planted months ago has come to fruition.  It is the same thing in the REO business.  There are so many families that are moving into their homes this month, because they started the process of getting pre-approved for a home loan months ago.  SunflowerAfter their approval there were plenty of homes to look at before deciding which home to pursue.  All of that hard work has paid off now and the families are now able to move in and put down new roots.

Anything worthwhile takes time.  Buying a home requires time and patience, buying an REO property requires working with the right professionals.  I work for Island Advantage Realty, we are experts in the field of foreclosure and REO properties in the New York and Long Island areas. We work tirelessly to stay informed about new legislation that affects home owners and especially those buying REO properties.

We understand that for most people the REO market is an unknown adventure.  We are devoted to educating our clients to understand what the REO market has to offer.  If you are interested in purchasing an REO property either as a primary residence or an investment property, give us a call at Island Advantage Realty.

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 and the home buying process in the Foreclosure and REO markets.

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logo8You have to have a sense of humor when you work in the REO market.  REO properties are owned by the bank or lender.  The property was foreclosed upon but did not sell at auction.  In today’s market more and more homes are converting to REO status. This is due in large part to the overwhelming number of foreclosures and the lessening number of people who have the capital to buy at foreclosure sales.  The reality of an REO property is that it has very likely sat empty for a month or two and sometimes the previous tenants left in a hurry and/or were unable to take all of their belongings, hence the need for a sense of humor.

While REO properties don’t typically boast sparkling clean kitchen floors and newly shampooed carpets at their open houses, their purchase price makes up for it.  rainbow umbI recently showed a home to a couple and when we got to the master bathroom they found it gutted to the studs.  I had warned them about it but it was still a bit of a shock.  The wife smiled and calmly said, “That’s okay.  It’s a good excuse for you to give me that garden tub I’ve always wanted,” which made all three of us laugh. 

The great news is that it looks as though she’s going to get the garden tub of her dreams.  The lender discounted the price of the home because of the necessary repairs making both the home and the garden tub affordable for the couple.

If you have a great sense of humor and an even better sense of value call Island Advantage Realty, LLC.  We will be happy to show you all the REO market has to offer in the Metro New York 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

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 and the home buying process in the Foreclosure and REO markets.

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