Island Advantage Realty: REO Report

When Would Now Be a Good Time to Buy REO, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Tue, 16 Feb 2010 09:17:39 -0800

Written by Gabriella for Island Advantage Realty

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 putoff 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.

New York Foreclosure and REO Markets, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Tue, 16 Feb 2010 09:07:50 -0800

Written by Gabriella for Island Advantage Realty

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.

REO Market Update, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Wed, 10 Feb 2010 18:24:02 -0800

Written by Gabriella for Island Advantage Realty, LLC

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.

Buy Foreclosure, Metro NY REO, REO BASICS, REO Investment Housing Tax Credit, IARNY, Island Advantage Realty, LLC, Long Island Foreclosure, Long Island REO, NY Foreclosure, NY REO, Obama Housing Tax Credit, REO Experts, Todd Yovino

Foreclosure Vs REO, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Wed, 10 Feb 2010 18:18:42 -0800

Written by Gabriella for Island Advantage Realty, LLC

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 New Year's Resolution, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Fri, 29 Jan 2010 22:36:07 -0800

Written by Gabriella for Island Advantage Realty, LLC

This year as you make your way through this first month 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 6 month Christmas Tree, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Fri, 29 Jan 2010 22:27:47 -0800

Written by Gabriella for Island Advantage Realty, LLC

gabiarny

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.

Posted in Buy Foreclosure, Metro NY REO, REO BASICS, REO Investment | Tagged Buying REO, IARNY, Investing in REO, Island Advantage Realty, LLC, Long Island REO, New York Foreclosure, REO, Tax incentive for first time home buyers, Todd Yovino |

The Domino Tradition, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Fri, 29 Jan 2010 22:22:24 -0800

Written by Gabriella for Island Advantage Realty, LLC

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.

Foreclosure vs REO, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Wed, 27 Jan 2010 22:21:13 -0800

Written by Gabriella for Island Advantage Realty, LLC

The REO Gardeners, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Wed, 27 Jan 2010 22:16:29 -0800

Written by Gabriella for Island Advantage Report, LLC

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 Knitting Group, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Tue, 26 Jan 2010 07:33:01 -0800

Written by Gabriella for Island Advantage Realty, LLC

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.

Home From the Wars, The Ny Foreclosure Report

Todd Yovino (Island Advantage Realty) — Tue, 26 Jan 2010 07:28:05 -0800

Written by Gabriella for Island Advantage Realty, LLC

I'm always happiest when I can fit a well deserving family into a home of their own. I had just such an opportunity this past month. About 6 months ago a young lady by the name of Amy came to me looking for a house she and her husband could afford.

Amy told me that her husband was still overseas and would not be home for awhile. We started looking and little by little the whole story came out. Her husband had been severely wounded in Iraq and had several months of therapy ahead of him. If Amy could find a house, her family and her husband's family would help get the house ready for their little family to move into. I suggested that maybe both Fathers would like to come along to see what we were looking at since we could use their input. Amy was very happy with that idea.

It didn't take us long to find the perfect home for this fallen veteran's family. It was a fixer up, but since major renovations needed to be done to the home in order to make it handicap accessible they actually ended up getting a better deal. Best of all is the location of the home. It is in a great neighborhood, with superlative schools and it is equal distance from both sets of in-laws! The entire family is so excited at the prospect of getting this home ready to receive a true American hero.

If you or someone you know is looking for affordable housing, it's time to look at the current REO market. Give us a call at Island Advantage Realty, LLC. We are experts in the area of REO properties servicing the Metro NY and Long Island areas. We have the experience needed to help you find the REO property of your dreams.

The Fabulous Gold Pen,The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Tue, 26 Jan 2010 07:22:43 -0800

Written by Gabriella for Island Advantage Realty, LLC

My friend Marianne has a wonderful, warm, welcoming family. Her Dad was especially nice and would tell us stories whenever we would gather for a sleepover. While he was alive he always had a gold pen in his shirt pocket and it was always one of the key players in the amazing bedtime stories he would tell us. Marianne's father was a great story teller. Oh, the yarns he would spin for us! The things that pen had seen and done. According to Marianne's Dad that pen had been present when the Emancipation Proclamation was signed. That pen was rumored to have been used by Howard Hughes to sign a million dollar check. That pen was even said to have been used by Elvis to sign autographs as he left to serve in the military. As an adult I now recognize that it is unlikely that the pen really was present for all those momentous occasions. Nonetheless, the pen has always loomed large in all of our memories as being something really special. After Marianne's father died her oldest brother was given the pen and as he lives in Hawaii, it is something that has become a distant memory.

Last week, I was so excited for my friend Marianne when she went to sign the papers for an REO home that I helped her to find. This is her first home and she couldn't have been more excited. With the new tax incentive the home was finally in her reach, and it was a truly momentous occasion. As she sat down to sign the papers there was a bit of commotion in the outer office and I couldn't imagine what was going on. It was a courier, delivering a package, from Hawaii. Both Marianne and I were thrilled when she opened the package to find that fabulous gold pen. Marianne signed the papers to her new home with her father's gold pen and tears in her eyes. For her and for me, it was every bit as momentous as Elvis and the Emancipation Proclamation!

Today's Economy, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Sat, 23 Jan 2010 20:55:37 -0800

Written by Gabriella for Island Advantage Realty, LLC

The phrase "Today's Economy" always reminds me of the stories my Great Grandmother Vava used to tell us about the Depression. Her family lived out on the Island, in what was considered "the country". They had a 13 room house and they frequently took in boarders or family members who were having a tough time surviving. There was plenty of work between laundry and canning, chopping wood and tending the huge garden. Today, things are a little different. Most of us do not have extra rooms, or trees to chop for firewood, but we are none the less finding ways to cope and help our extended families to cope.

I recently helped a woman to find the REO property of her dreams. I was surprised to discover that the home was not for her. It was for her niece's young family. My client is successful and wanted to help her favorite niece by providing a safe home for her growing family. It was a wonderful gesture, but not completely altruistic. It was also a great investment for my client. She was able to buy the house for a great price and now her niece's husband has agreed to do renovations on the property in exchange for rent. My client has done a wonderful deed and she stands to increase her investment exponentially. It's important to survive in today's economy, but why just survive when you can thrive?

For more information on REO properties in the Metro New York and Long Island areas, please contact us at Island Advantage Realty. We have the expertise to help you find the REO property of your dreams.

The Giving of Thanks, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Sat, 23 Jan 2010 20:51:51 -0800

Written by Gabriella for Island Advantage Realty, LLC

There is much to be thankful for this year. If you are willing to look there are always things to be grateful for. This year I am grateful for my family, for my parent's health and for my Grandma Happy, the last of my living grandparents. I am grateful for my brothers, my aunts and uncles, my cousins and all of their children. This year I am especially grateful for my nieces and nephews and for their health. I am grateful for friends and co workers who work beside me every day, attempting make the American Dream of owning an affordable home possible for everyone.

I am grateful that the tax credit for first time home owners has been extended and will now include some existing home owners. This has been a great program for families who want to take advantage of the competitively priced REO homes that are currently on the market. With the extension, the income limits were also raised, making more people eligible for this unique opportunity. If you aren't sure if you qualify for the tax credit, contact your mortgage professional. Better yet, if you are interested in buying REO property in the Metro NY or Long Island areas, give us a call at Island Advantage Realty. We are the leading experts in this area of real estate and can help you to buy an affordable home in today's ever changing 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.

REO Basics Part IV, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Sat, 23 Jan 2010 20:41:01 -0800

Written by Gabriella for Island Advantage Realty, LLC

We've been talking a great deal about the benefits of buying REO property. It should not be left unsaid that buying REO property, when you are working with the right REO expert, is easy. In fact it is a lot like buying a traditional home, but with a no nonsense escrow. REO properties are purchased with conventional loans. They often qualify for first time home buyer tax incentives, and they come with the same benefits as traditional homes.

People are often afraid to buy REO homes, because they are afraid of some imagined risk. The truth is that there is no added risk to buying REO property. When you buy an REO property you have the ability to not only view the property but you also have the ability to have it fully inspected by a professional. There is no guessing involved in purchasing REO property so there is no added risk.

If you are ready to see what the REO market has to offer and you live in the Long Island or Metro New York areas, you owe it to yourself to working with leading experts in the REO field, Island Advantage Realty, LLC. We have the knowledge, resources and experience to help you find the REO property of your dreams.

REO Basics, Part III, NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Fri, 22 Jan 2010 21:43:59 -0800

Written by Gabriella for Island Advantage Realty, LLC

When prospective home buyers hear of the many benefits of buying REO properties they are usually excited to take a peek at the REO market to see what kinds of homes are available in their price range. Unfortunately, this is the moment when a lot of people make a crucial error. They call the Realtor that they have known for the longest, it doesn't matter if this is their cousin Phil who just passed his real estate license test last week, or if it is the Realtor who helped them with the sale of their last home and was MIA during most of the closing. People tend to call the realtor they know. This isn't always a bad idea; you might know a great Realtor. The question you should be asking is, "Do you know a great REO Realtor?"

In the case of REO properties all Realtors are NOT created equally. This is for many reasons. REO Properties are governed by very specific rules and considerations. It is always important to use a seasoned REO professional when buying REO properties, but in today's economy, with new legislation pouring out of Washington, it is absolutely imperative. I always use the example of Doctors. You may know a great internist, but when it comes time to have brain surgery you wouldn't think of letting anyone operate on you who didn't specialize in that particular kind of brain surgery. It is the same with REO properties.
A seasoned REO Realtor will not only be able to lead you successfully through the buying process, they will also be able to show you an infinitely wider range of properties. Some banks in an effort to be discrete will only allow one or two Realtors to even show a REO property. If you aren't working with the best you may not ever get to see the home of your dreams.

If you are shopping for REO properties in the Long Island or Metro New York areas you will want to call Island Advantage Realty. We are the recognized experts in REO properties. Our experience speaks for itself. Call us today to get the full range of services you should expect from expert REO Realtors.
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.

REO Basics, Part II from The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Fri, 22 Jan 2010 21:35:51 -0800

Written by Gabriella for Island Advantage Realty, LLC

As promised, in this blog I am going to talk about some of the advantages of buying REO property. In the last blog I mentioned that by the time a property becomes REO it has usually suffered some neglect. In some cases it has sat empty for several months, in other cases it has played host to an owner who had no funds for even minor repairs. This seems like it would be a negative for home buyer, in the case of REO properties, however, it is a huge plus!

Normally when you buy a traditional home you hope that the needed repairs will be minimal, because you want to keep your costs down. REO properties are sold for fair market value minus the cost of necessary repairs; so in their unique case repairs actually lower the cost of the home to you. Yes, the repairs still need to be done, but there is no added cost to you. Frequently buyers consider this a huge plus as they have the freedom to choose the quality and style the repairs will take on. It can be an opportunity to customize your new home without having added expenses.

On the other hand it can be an opportunity to build sweat equity in a home and keep your monthly costs down. Once you purchase an REO property you can decide when to make the repairs and who you want to do them. By doing the repairs yourself you can save money while increasing the value of your home and building all important equity. These are just some of the many benefits to buying REO property.

If you are interested in purchasing REO property in the Metro New York or Long Island areas, please give us a call at Island Advantage Realty, LLC. We are the recognized leaders in this industry and would be happy to help you find the REO property of your dreams.

REO Basics Part I, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Fri, 22 Jan 2010 21:22:17 -0800

Written by Gabriella for Island Advantage Realty, LLC

The number one question we get at Island Advantage Realty is "What is REO property?" The second most asked question is "Why should I buy REO property?" These happen to be my two favorite questions, because the answers tend to be life changing. In the next few blogs I will be not only answering these questions but many others in an attempt to clarify the process of buying REO property. If you have further questions feel free to write in! I love to answer questions about REO properties and the benefits of buying them.

Let's start with the basics shall we? REO stands for Real Estate Owned, and usually implies that the property is owned by the bank or lender who was forced to foreclose. I think it is important to talk a little bit about why REO properties come into existence, in order to dispel some of the misconceptions that frequently surround REO homes. There are many different reasons why a bank or lender is forced to foreclose. In today's economy we hear all different types of stories. Cases where circumstances have changed and the family could no longer make their agreed upon payments. No bank ever wants to foreclose, but it is a reality when payments are not made in the agreed upon timeline.

It is important to realize that foreclosure is a lengthy process it can take months, in some cases more than a year. This is an important fact because during a foreclosure process a home will frequently be neglected. The reality is that if someone does not have the money to make their mortgage payment they equally do not have the money to make necessary repairs or finance upkeep on their home. So when the bank does eventually take possession of a home it is not unusual for it to be run down and in need of repairs. In a future blog I will explain why this is a great advantage for the home buyer.

Eventually the home will be offered at auction. This is a great opportunity for an investor to buy a home for a reduced price. Unfortunately, buying real estate at auction is process that involves great expertise and access to cash funds. At most foreclosure auctions, buyers are forced to purchase properties without having seen the inside of the home! So it is completely understandable why even highly desirable properties will fail to sell at auction. When this happens the property is returned to the bank and is now considered REO.
In the next blog I will detail some of the advantages of buying REO property. If you have questions please write in or contact us at Island Advantage Realty, we are experts in the REO field for the Long Island and Metro NY areas.

Ride the Super Chief!, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Thu, 21 Jan 2010 06:52:53 -0800

Written by Gabriella for Island Advantage Realty, LLC

My Aunt Tova always tells the tale of the woman whose husband was the conductor of the Super Chief Train. The Super Chief was the railroad line that ran from Chicago to Los Angeles. In its heyday it was considered a luxurious liner and the wife longed to ride it. Every week her husband would leave on the train and she would listen to its whistle as it pulled out of town and she would dream of riding it. But, there were dishes to do, diapers to change, meals to prepare. Time passed and while the wife continued to dream of riding the train, she never did.

Years passed, the couple grew older and one day the husband died suddenly while on the job. The wife was forced to ride the super chief at last, only to bring her husband's body home to rest. Her greatest dream was achieved but in a time of great sorrow, because she had waited so long. As she rode the train home, she wished that she had taken the time to ride the train with her husband earlier in life. My Aunt Tova would tell us this story any time she wanted us to remember to live our lives fully and not postpone happiness. We heard the story so many times that eventually she simply had to say, "Remember to ride the Super Chief!"
I think of that story often when taking families to see REO properties. Frequently my clients are people who have wanted to own their own home for a long period of time, but just didn't see how it was going to happen. They are often skeptical, sometimes even afraid when they first contact me. They want the dream of home ownership so badly, they are actually afraid to look at homes for fear they won't be able to afford them. It is amazing when we are able to show them a home they can afford, they are so thrilled, relieved and dumbfounded. They frequently express regret that they didn't look at the REO market sooner. If you are a renter who dreams of home ownership I want to encourage you to ride the Super Chief! Live your dreams today by looking at REO properties with an REO expert.

If you live in the Long Island or Metro New York area, give us a call at Island Advantage Realty, we are the recognized experts in this field. We can help you to take advantage of all of the new tax incentives making home ownership that much more affordable. Live you dreams, ride the Super Chief!

Renting REO Properties

Todd Yovino (Island Advantage Realty) — Thu, 21 Jan 2010 06:46:55 -0800

Written by Gabriella for Island Advantage Realty, LLC

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.

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.

REO for College Students, The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Wed, 20 Jan 2010 08:58:39 -0800

Written by Gabriella for Island Advantage Realty. LLC

I recently got a call from out of state, a mom getting ready to send her son to film school in New York, but devastated by the price tag attached to dorm life in New York City. It wasn't that she couldn't afford the dorm; it was that she couldn't bear the thought of spending all of that money and having nothing to show for it at her son's graduation. Being a savvy property owner she Googled New York REO and found Island Advantage Realty, LLC, which isn't surprising because we are the leaders in REO sales for the Metro New York and Long Island areas.

We talked on the phone and I got a clear idea of what she was looking for, I was able to compile a list of properties that met her specifications and budget and emailed them to her. She looked over the property specs and made arrangements to visit our fair city. I am happy to say that her son is the proud owner of a lovely property with monthly payments that are less than his tuition. Not only that there are two additional bedrooms in the home which he can rent for additional income if he chooses to.

Instead of writing a check for dorm rent his parents will be helping him to build equity in a building that will more than likely grow in value while he is at school. It is a gift that continues to give. Additionally he will be building good credit while living there and since he is a first time home buyer he qualified for the first time home buyers tax credit for a whopping $8,000 paycheck. Not bad for a college student.

If you or someone you know is moving to the Metro New York or Long Island area and is interested in buying quality real estate for a great price, tell them to all Island Advantage Realty, LLC. We are experts in the REO field.

REO for Seniors from The NY Foreclosure Report

Todd Yovino (Island Advantage Realty) — Wed, 20 Jan 2010 08:45:11 -0800

Written by Gabriella for Island Advantage Realty, LLC

REO property isn't a good choice for everyone, but it is a great choice for a lot of people. Seniors find that there are distinct advantages to purchasing REO properties. Because of the often lower than market price on REO properties senior citizens are able to lower their mortgage payments substantially, which can be crucial on fixed income.

Another advantage to REO properties for senior citizens is the financial ability to modify the new home to meet specific requirements. Frequently REO properties have mild to moderate issues which must be addressed by the new home owner. Banks take this into consideration on the purchase price of the home, giving the home owner the freedom to correct damage issues to their own specifications. If you know that you need to build a ramp on to the front of the house, why not buy a home that needs work on the existing porch anyway, and with the discount on the home finance the new ramp which totally suits your needs? It's just one of the many reasons Seniors are taking advantage of the current REO market.

If you are a senior citizen and would like to take see what the REO market has to offer, give us a call at Island Advantage Realty, LLC. We are the leaders in this specialized market for the Long Island and metro NY 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 about the home buying process in the Foreclosure and REO markets.

WHY IS REO A GOOD DEAL?

Todd Yovino (Island Advantage Realty) — Wed, 06 Jan 2010 13:32:34 -0800

Written by Gabriella for Island Advantage Realty, LLC

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.

SHOULD YOU BUY REO?

Todd Yovino (Island Advantage Realty) — Wed, 06 Jan 2010 13:27:52 -0800

Written by Gabriella for Island Advantage Realty, LLC

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.

Should You Buy REO?

Todd Yovino (Island Advantage Realty) — Wed, 28 Oct 2009 07:44:36 -0700

Written by Gabriella for Island Advantage Realty, LLC