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Posts Tagged ‘Tax incentive for first time home buyers’

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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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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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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 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 »

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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Every client has different needs. Last winter I had a couple for clients who were anxious to find the perfect REO property for their individual needs. I knew what the criteria were and showed them several properties.  We went over the pros and cons, weighed and measured everything.  Nothing quite jelled; the wife was not excited about any of the properties even though there were several that fit their wish list. 

I am an avid gardener and on one of the outings I happened to take several seed catalogs and a gardening book with me. The wife caught sight of one of the catalogues in my briefcase and couldn’t take her eyes off it. I offered it to her and she reacted as if she were reunited with an old friend.  This was amazing to me because nowhere on their list was a property that was suitable for gardening.  I asked the wife if she liked to garden.  It turns out that it had always been a dream of hers to have a large garden but she had never had the opportunity.  I realized that we had been looking at all the wrong properties and quickly took them to several properties that had ample space for gardens. They were thrilled and quickly made an offer on a home that had once sported an award winning garden.  The garden had since been neglected and was now a veritable jungle of unkempt vegetation.  My clients were overjoyed.

By the end of summer their garden was once again a showplace.  If you are interested in finding the REO property of your dreams in the Long Island or Metro NY area, please call Island Advantage Realty, LLC.  We are the industry leaders for REO properties in this area and we will be happy to show you all the wonderful homes available in this 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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A client I found a house for 6 months ago called me to tell me how thrilled she was to be in her new neighborhood.  I was pleased that she was enjoying her new home and her new neighbors.  She told me she was surprised that she fit right in.  She’d found the neighborhood knitting group right away and offered to teach quilting to any and all that were interested.  The neighbors could not have been more thrilled to welcome her.

My client shared that she was afraid that there would be some stigma attached to her house because it was REO property, maybe the neighbors wouldn’t welcome her.  Instead she found the exact opposite.  Her neighbors were thrilled that she bought her REO home.  The home had sat empty for months while the foreclosure took place.  During that time the lawn grew unruly, eventually it died and became an eye sore. The neighbors worried that the unkempt property would drive their home values down.

When my client moved in the neighbors were thrilled and relieved to have a conscientious neighbor who would once again restore the home to its natural beauty.  Far from being ostracized by her neighbors, my client was welcomed by them with open arms.

If you would like to know more about REO properties that are currently available for purchase in the Metro New York or Long Island areas, contact Island Advantage Realty, LLC.  We are the leader in REO sales and can help you to find the REO property 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.

Read Full Post »

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