NY Foreclosure Report

Should You Buy REO?

gabiarny — Sun, 25 Oct 2009 04:38:51 +0000

Wouldn’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. The 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.

Why REO is a Good Deal?

gabiarny — Sat, 24 Oct 2009 04:33:56 +0000

I 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. 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.

Renting REO Properties

gabiarny — Fri, 23 Oct 2009 04:16:35 +0000

Two 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. They 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.

Dollars and Sense of REO

gabiarny — Thu, 22 Oct 2009 04:07:34 +0000

Buying 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. The 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.

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.

Why Invest in REO?

gabiarny — Thu, 15 Oct 2009 04:40:57 +0000

In the sea of financial advice that is currently featured in every media outlet, how can a normal person have any idea what to actually listen to? It’s important to make financial decisions that make sense for you and your family. Personally, I recommend investing in REO property. It makes sense for a lot of different reasons.

First, when investing it is always wisest to buy low and sell high. REO properties are typically sold for anywhere from 3% to 20% below market value, so they are almost always a good buy. By purchasing below market you protect yourself from any downfalls the market might further incur and you leave yourself in a position to reap the strongest rewards when the market recovers.

Real Estate has long been considered a safe long term investment, because despite any down turns, real estate still increases in value over time. When we look at investors who bought real estate during the last recession we see, almost without exception, people whose investment paid well, even in this economy.

On the practical side, real estate provides a roof over your head, something that everyone needs. Whether you use your REO investment real estate as a rental property or for your own home you are investing in the future while keeping a roof over someone’s head.

If you are interested in buying REO property in the metro NY or Long Island areas, make sure you contact Island Advantage Realty, LLC. We have been in the business of foreclosure and REO properties longer than it has been fashionable. We are the recognized experts in the field and we’ll be happy to share that expertise with you to help you find the affordable home of your dreams.

REO Purchasing

gabiarny — Wed, 14 Oct 2009 04:36:08 +0000

Are 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.

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.

Obama’s Housing Incentive

gabiarny — Tue, 13 Oct 2009 04:29:02 +0000

If 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. This 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.

Carpe Diem REO Properties

gabiarny — Mon, 12 Oct 2009 04:22:45 +0000

There is an old Latin phrase, Carpe Diem, which literally translates to “Seize the Day”. Never has there been a more accurate phrase for the current REO market. If you have been sitting on the fence thinking about buying REO property, it’s time to kick it into gear and take action. There are a number of time sensitive issues that make this a particularly opportune moment to buy REO property.

There is a tax incentive for 1st time home buyers that will expire at the end of November. If you qualify for this incentive you could get credit for as much as $8,000, which could equal a substantial portion of your down payment.

The market is currently flooded with REO properties, providing a wide selection to choose from. Whether you want a fixer upper or a home that is move in ready, chances are the market has something for you, even in the most desirable neighborhoods.
REO homes are generally less expensive than traditional homes. They are sold for fair market value, minus the cost of necessary repairs. Sometimes a savvy buyer can purchase property for as much as 25% below market value.

One word to the wise, REO homes tend to have a quick escrow, so there is still time to buy before the tax incentive expires, however it does take some time to identify the home you want to purchase, qualify for financing and negotiate the sale. Don’t wait until the last minute; the best buys are available right now.

For more information about specific REO properties available in the metro NY and Long Island areas, contact the industry leader in Foreclosures and REO property, Island Advantage Realty, LLC. Seize the Day!

Saratoga, NY Foreclosure Report

gabiarny — Tue, 11 Aug 2009 03:42:34 +0000

This 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. They 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.

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.

Tomato Wars, NY Foreclosure Report

gabiarny — Mon, 10 Aug 2009 03:28:43 +0000

Ahhh, 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. That 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.