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You Know REO Property is Right for You When......... - 07/17/09 09:13 PM
Written by Gabriella for Island Advantage Realty LLC REO properties aren't for everyone. In fact it takes a specific kind of buyer to really enjoy buying an REO property. With a little inspiration from Jeff Foxworthy I have decided to make a list. You know REO property isn't right for you when: You feel compelled to pay top dollar for everything and actually feel that the value of some thing is less if you get a great price. REO Properties are sold for fair market price, minus the cost of necessary repairs, so they are frequently less expensive than other comparable (0 comments)
Buy REO, Build Equity - 07/16/09 12:14 PM
Writtern by Gabriella for Island Advantage Realty LLC Building equity in a home is a wonderful thing. Many Americans are in the unenviable position right now of owing more on their mortgage than there home is worth. You may have heard this being referred to as being "upside down". I heard someone say the other day that they wished they could take advantage of the low interest rates and low housing prices, but they were afraid to buy, they were afraid that they would end up upside down like their friends who bought 3 years ago. I, of course, encouraged them to (0 comments)
Viewing REO Property - 07/16/09 12:09 PM
Written by Gabriella for Island Advantage Realty LLC Are you ready to view REO property? It's important to have the right mindset when shopping for REO property. When you view properties that have been through foreclosure you need to be able to view them with an eye that is trained to distinguish between neglect and damage. By the time a property becomes REO it has frequently sat empty for a period of time, sometimes even months. Houses don't like to be empty and they tend to show signs of neglect fairly quickly. The thing about most neglect issues is that they (0 comments)
Investment Properties - 07/15/09 09:07 AM
Written by Gabriella for Island Advantage Realty LLC Have you ever considered investing in real estate? The current REO market has some exceptional opportunities available for long term investments and income properties. It's widely known in real estate that a great time to buy property is when the cost to own is less than the cost to rent. The current market offers the possibility of owning for less than re nting, it also offers a large population who are looking to rent and unable to buy. It is an unfortunate reality in our current economy, but there are a large number (0 comments)
Making the Most of REO - 07/15/09 09:03 AM
Written by Gabriella for Island Advantage Realty LLC If you're willing to investigate the REO housing market you will find that it's chock full of exciting opportunities. It largely depends on how you choose to look at things. I'm a big fan of making the most of any opportunity, and I enjoy working with like minded people. I recently showed a beautiful REO property to a couple who was looking for a new home. This particular property had a unique problem, the front porch was unusable. That might be putting it mildly. After a bad ice storm a delivery truck had spun (0 comments)
How Do I Find a Great REO Property? - 07/14/09 10:40 PM
Written by Gabriella for Island Advantage Realty, LLC More and more people are aware of the existence of REO property, but the #1 question I hear more than any other is "How do I find an REO property?" There are many answers to this question, but let's start with the easiest: work with an expert in REO real estate. Of course, if you live in the Metro New York or Long Island areas you definitely will want to call Island Advantage Realty, LLC but if you are reading this blog from anywhere else in the world, you will want to find (0 comments)
Inspecting REO - 07/14/09 10:36 PM
Written by Gabriella for Island Advantage Realty LLC There are many advantages to buying REO property; one of my favorites is the ability to inspect the property thoroughly. Foreclosure properties have other advantages, but frequently you can't inspect them or there are time restrictions on when you can inspect them. With REO property you have the same capability to inspect the premises as with traditional home sale. You are free to hire a professional to conduct a thorough inspection from top to bottom of the premises. Since REO properties are sold for fair market value minus the cost of necessary repairs it (0 comments)
The American Way - 07/10/09 11:29 AM
Written by Gabriella for Island Advantage Realty LLC When my Grandma Inez came to this country as a young girl, she was told that the streets were paved with gold. On her 80th birthday she confided in me that she was still hoping to find that gold paved road. But she also told me that she was proud to raise her children in a place where the only thing that could possibly hold them back was a lack of imagination and an unwillingness to try. It's important to realize even in the toughest of times that as Americans we are among the (0 comments)
Financing REO - 07/10/09 11:23 AM
Written by Gabriella for Island Advantage Realty LLC One great advantage to buying REO property is the price. REO properties are generally sold for fair market value, minus the cost of necessary repairs, which can make for a very attractive sale. REO properties also have the advantage of being financed traditionally. Frequently, people find the foreclosure market very attractive but they are intimidated by prospects of paying cash for a property, which is frequently what the terms are at a foreclosure auction. If you are interested in purchasing REO property you will need to qualify for a loan in the same way (0 comments)
REO Explained - 07/09/09 09:51 AM
Written by Gabrielle for Island Advantage Realty LLC REO (Real Estate Owned) is a term used for properties that have been foreclosed upon and failed to sell at auction. These properties are now available to be sold by the lender for fair market value minus the cost of necessary repairs. Right now the REO market is white hot because of the sheer number of properties that qualify as REO. REO properties are a direct result of the current economic difficulties. As more and more homes went into foreclosure more and more homes became REO. It is widely estimated that half of the (0 comments)
Somebody Explain REO to Me! - 07/09/09 09:46 AM
Written by Gabrielle for Island Advantage Realty LLC You've heard the term REO, it seems like everybody is talking about it these days, but what does it mean? REO stands for Real Estate Owned and it is a term that applies to properties that went through the foreclosure process and failed to sell at auction. Now the lender or bank legally owns the property and they want to sell it in order to recoup their original investment. It's important to note that banks and lenders don't want to own property. They accept it as a form of collateral, because of its (0 comments)
Tomato Plants - 07/08/09 09:08 AM
Written by Gabriella for Island Advantage Realty LLC Have you ever noticed how life is like your average tomato plant? You can take the smallest tomato plant, plant it in rich soil and the most amazing things happen. You need to water it regularly, of course, but the harvest is almost guaranteed to be abundant if you are willing to work with the right ingredients. Every time I help a family to find an economical REO property, I think of roots being sunk into rich dark loam and being given the space to grow to abundance. I love to drive by those (0 comments)
Stop the Insanity - 07/08/09 08:57 AM
written by Gabriella for Island Advantage Realty LLC I had a young couple in the office the other day; they had come to Island Advantage Realty LLC because, as the wife put it, she wanted to "Stop the Insanity!" In the last year both the husband and the wife had experienced unforeseen career changes and while they are both working their annual income have been reduced. Their house payment has not been reduced. As a result they have been functioning at a deficit each month which has been eating at their savings. Part of their joint decision to "Stop the Insanity" (0 comments)
Pick Me! - 07/07/09 08:42 AM
Written by Gabriella for Island Advantage Realty LLC What is it about a house that makes you want to call it home? While everyone's criteria may be different, there are some things that are important to everyone. Location! Location! Location! - We all know the old cliché, but it's true, where a home is located is important. It's important to you and it will be important to prospective buyers if you ever decide to sell the home. Location will determine how long it takes you to get to work, where your children will go to school and even where you will (0 comments)
REO vs Foreclosure - 07/07/09 08:37 AM
Written by Gabriella for Island Advantage Realty LLC At Island Advantage Realty LLC we work with REO properties, foreclosures and even short sales. There are different advantages to each based on your needs and desires. For people who are looking for an opportunity with great rewards and very little risk, I encourage them to look at the REO market. REO homes are offered for fair market value, minus the cost of repairs. So not only will you get a great deal on the home, you will also have the ability to take care of any existing issues. Also REO properties are (0 comments)
Finding the Right REO - Part V - 07/06/09 11:13 PM
Written by Gabriella for Island Advantage Realty LLC The escrow process for REO property is significantly different than a traditional property.Because REO Property is sold "as is" the inspection and negotiation will happen before escrow which significantly shortens the escrow process. This is good news. However, home buyers need to understand the shortened escrow process and be prepared to keep pace with the time lines and requirements. Because REO properties are owned by banks they will adhere to the escrow timeline with precision accuracy and they will expect the same from the home buyer. This is another good reason to surround (0 comments)
Finding the Right REO - Part IV - 07/06/09 11:08 PM
Written by Gabriella for Island Advantage LLC After you have found the proper property it is time to make an offer. With REO property this comes after having a professional perform a lengthy and specific inspection. REO property is generally sold "as is", so it is vital before making an offer to know exactly what the necessary repairs are. With foreclosure properties it is either difficult or impossible to inspect the property before purchasing. Many people prefer to buy REO property simply for the peace of mind of knowing exactly what they are getting. Every home buyer is different. Make sure (0 comments)
Family Values - 07/03/09 10:01 PM
Written by Gabriella for Island Advantage Realty LLC One of the values my parents, grandparents, uncles and aunts always tried to instill in us was the necessity to take care of what was ours. There is something about the pride of ownership that encourages us to take care of what we own. A home is usually the single largest investment a person will make in a lifetime. The initial purchase is only the beginning, most home owners will continue to invest in their home during the entire time they own it. It makes sense to invest in a home and to (0 comments)
Luck - 07/03/09 09:47 PM
Written by Gabriella for Island Advantage Realty LLC My Aunt Tova had a pillow on the settee in her front parlor that said "The harder I worked the luckier I got." I loved that pillow as a child. Before I could read I loved it because it was soft and beautiful, the stitching was exquisitely done. When I was old enough to read I thought it was funny, but I didn't understand it. I didn't get it until I helped my first client close on an REO property. My first client was a lovely gentleman who had been investing in real (0 comments)
For the Fathers - 07/02/09 10:18 PM
Written by Gabriella for Island Advantage Realty LLC This year I want to honor all of the Dads out there who work tirelessly to provide for their families. It wasn't until I was in college that I fully appreciated how wonderful my father, my grandfathers and my uncles were. I thought that every young girl was surrounded by honorable men who had their families best interests at heart; men who would work and save in order to buy a home and keep good food on the table. For those of us how have been lucky enough to enjoy these kinds of (0 comments)
REO Fixer Upper - 07/02/09 10:13 PM
Written by Gabriella for Island Advantage Realty, LLC WRemember back in the day when a Fixer Upper meant that a property just needed a little TLC. Then at some point "fixer-upper" became synonymous with "falling down around your ears." It used to be that REO property, Real Estate Owned, was typically property that was extremely run down. In the market of even five years ago, REO property was not uncommon, but there also wasn't a large selection. Typical REO properties had been neglected for long periods of time and then sat empty for months if not years. Generally they were in (0 comments)
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