Island Advantage Realty: REO Report

Should You Buy REO?

Island Advantage Realty — Wed, 28 Oct 2009 07:44:36 -0500

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.

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?

Island Advantage Realty — Wed, 28 Oct 2009 07:41:03 -0500

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.

Renting REO Properties

Island Advantage Realty — Tue, 27 Oct 2009 10:43:57 -0500

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.

Dollars and Sense of REO

Island Advantage Realty — Tue, 27 Oct 2009 10:39:29 -0500

Written by Gabriella for Island Advantage Realty, LLC

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.

Posted in Buy Foreclosure, Metro NY REO, REO BASICS, REO Investment | Tagged Buying Foreclosures, Buying REO, IARNY, Island Advantage Realty LLC, Long Island REO, NY Foreclosures, NY REO, REO NY

Why Invest in REO?

Island Advantage Realty — Mon, 26 Oct 2009 11:58:55 -0500

Written by Gabriella for Island Advantage Realty, LLC

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

Island Advantage Realty — Mon, 26 Oct 2009 11:52:07 -0500

Written by Gabriella for Island Advantage Realty, LLC

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 Inventive

Island Advantage Realty — Wed, 21 Oct 2009 12:36:10 -0500

Written by Gabriella for Island Advantage Realty, LLC

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

Island Advantage Realty — Wed, 21 Oct 2009 12:20:27 -0500

by Gabriella, Written for Island Advantage Realty, LLC

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

Island Advantage Realty — Mon, 17 Aug 2009 22:29:11 -0500

Written by Gabriella for Island Advantage Realty LLC

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

Island Advantage Realty — Mon, 17 Aug 2009 20:37:16 -0500

Written by Gabriella for Island Advantage Realty LLC

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.

Building a Future, NY Foreclosure Report

Island Advantage Realty — Sat, 15 Aug 2009 00:05:19 -0500

Written by Gabriella for Island Advantage Realty LLC

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

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

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

Summer's Bloom, NY Forclosure Report

Island Advantage Realty — Fri, 14 Aug 2009 23:59:56 -0500

Written by Gabriella for Island Advantage Realty LLC

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

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

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

REO Humor, NY Foreclosure Report

Island Advantage Realty — Thu, 13 Aug 2009 10:07:15 -0500

Written by Gabriella for Island Advantage Realty LLC

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

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

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

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

Dressing It Up, NY Foreclosure Report

Island Advantage Realty — Thu, 13 Aug 2009 09:57:50 -0500

Written by Gabriella for Island Advantage Realty LLC

I have a good friend who is a Stager. She stages homes for real estate agents so the property will be more appealing and buyers will be willing to pay top dollar for the property. She assures me that there is a psychological rationale for this. If it looks clean and beautifully maintained then buyers will be willing to pay more. The truth is the buyer doesn't really get a choice. The cost of a stager doesn't get absorbed by the realtor or even the seller, it typically gets absorbed by the buyer. I find it fascinating that people are interested in paying more for something that has fresh paint on it. In this economy I would think that more people would rather save money and paint it themselves. They aren't just saving money on the paint and the contract labor, they are also saving money on the stager as well. To top it all off, if they have to paint it themselves, they get to make design choices as well.

I deal in REO homes and occasionally we use the help of stagers also. But the vast majority of our clients would prefer to save money and get to view the property, warts and all. They enjoy knowing that they will be given a discount on the purchase price of the property so they can address the repair needs. Stagers are talented people and I have no desire to take away from my friends business, but in today's economy I think if most people knew how much staging added to the cost of their home they would forego it.

The Coin Purse, NY Foreclosure Report

Island Advantage Realty — Wed, 12 Aug 2009 08:51:37 -0500

Written by Gabriella for Island Advantage Realty LLC

July 30, 2009 by gabiarny

My Aunt Tova has a coin purse that belonged to my beloved Grandmother. Every one of my nieces and nephews remembers that coin purse fondly. When we were little it was the coin purse that came out to buy us an Italian ice when Mr. Grasso steered his cart down our street. Later, when we were older it was the coin purse that came out as we were leaving to go back to college. A twenty dollar bill that would pay for late night pizza would wiggle its way out of that beautiful beaded coin purse. And on more than one occasion substantially larger amounts of cash came forth from that same coin purse. I personally saw her pull $7,000 out of the coin purse once when my Uncle Teddy's business burned to the ground. It was an amazing little purse and it serves as a symbol to my entire family to this day. It's a symbol of how powerful money can be if you are wise and careful.

You have to understand, none of us thought the purse was magic and that money just appeared there. No, even at a young age we all understood that the money in that purse was money Grandma made by renting a small house that she had purchased after World War II. And while my grandfather supported the idea of her buying the property it was well known that the property was my Grandmother's business. She maintained the property, collected the rent checks and reinvested her profits back into more real estate. At the time of her death Grandma owned four properties outright and had two others she was making payments on. When I think of all the things that were made possible by that little coin purse, I have to smile. I know that if my Grandmother were alive today she would be so excited about the current REO market. Each time I help a family to buy a cost effective REO property I can't help but wonder all of the wonderful things that will come to that family as the result of investing in quality real estate.

If you are interested in investing in real estate so you too can have a magic coin purse to show your grandchildren, give us a call at Island Advantage Realty, LLC.

Why Buy REO Property? NY Foreclosure Report

Island Advantage Realty — Wed, 12 Aug 2009 08:45:40 -0500

Written by Gabrielle for Island Advantage Realty LLC

Why buy REO property? Because you want to save between 10-30% on your next home purchase. That got your attention, didn't it? There's a great deal of talk about REO properties these days and it is important to know the truth about this amazing market.

First you need to understand that banks and lenders are not giving these properties away. The urban myths you've heard about people buying homes for pennies on the dollar are just that - myths. Banks and lenders are selling REO properties for fair market value minus the cost of necessary repairs. So if you find a home that needs a substantial amount of work done on it you could find yourself paying 10-30% less than market value.

The advantageous thing about buying below value it that you have the opportunity to do the work yourself and save money. It is a great way to buy a home and start out with considerable equity, which in this day and age is almost unheard of.

REO property is one of the safest real estate investments you can make right now. For all the people who are afraid to buy because they are concerned the market will fall further and they will end up upside down like so many others, consider buying REO and beginning homeownership with a built in equity bumper. These are just some of the advantages of purchasing REO property. To find out more information, contact Island Advantage Realty, LLC. We are the leaders in foreclosure and REO sales for the Metro New York and Long Island areas.

REO Plus, NY Foreclosure Report

Island Advantage Realty — Tue, 11 Aug 2009 23:51:11 -0500

Written by Gabriella for Island Advantage Realty LLC

July 28, 2009 by gabiarny

There are many advantages to buying REO property. The first one is definitely price. REO properties are sold by banks or lenders for fair market value minus the cost of necessary repairs. If you are willing to invest some time and effort into a home you can actually purchase it for below market value.

The second is freedom. Haven't we all experienced going to look at a home that has been freshly painted a color that you just can't live with? Or there is brand new carpet in the most atrocious shade of Pepto Bismol pink, and you think - "I wish they had let me make the choice of carpet color!" With REO property, that is exactly what you get to do. The lender deducts the cost of the necessary repairs from the purchase price, rather than making the choice for you. If you are in the market for specific needs, whether it be for gardening or handicap accessibility, REO property gives you the ability to customize your new home without losing capitol or equity.

The third is timeline. REO properties have a shorter than normal escrow, so if you want to be in a great value home in a short amount of time REO property is definitely the way to go!

If you want to learn more pluses about buying REO property in the Metro New York or Long Island areas, give Island Advantage Realty, LLC a call. We are the recognized leaders in the foreclosure and REO real estate markets for this area.

Pre Qualify vs Pre Approval, NY Foreclosure Report

Island Advantage Realty — Tue, 11 Aug 2009 23:47:06 -0500

Written by Gabriella for Island Advantage Realty LLC

Generally when people buy a home they do so through the use of a mortgage held by a bank or lender. Even a few short years ago an interested home buyer could go to a lender and get a pre-qualified letter, which they would take to their realtor and together the client and the realtor would set out to find a house in the price range specified in the pre-qualification letter. Fast forward a few years, the economy has changed and the lending practices of mortgage companies have also changed.

In today's market a letter of pre-qualification is not strong enough to help you to buy a high value property on a short time line. While a pre-qualification letter can take weeks to prepare, it is not stringent enough to actually guarantee that you will get approved for the actual loan in this market. What it says to banks and other seller is that your status is still unknown. It will take additional weeks to determine if you can be approved.

It's much stronger and smarter to take the time to get pre-approved before you go home shopping. Pre-approval takes longer, but once you have it lenders know that you are in an actual position to negotiate with authority. Great valued properties move quickly in this market. Take the time to get pre-approved so that you too can move with lighting speed.

The Dog Days of Summer, NY Foreclosure Report

Island Advantage Realty — Mon, 10 Aug 2009 22:39:21 -0500

Written by Gabriella for Island Advantage Realty LLC

As we enter the dog days of summer, I always find myself thinking of my Grandfather. He was one of the hardest working men I have ever known, but as hard as he worked he still knew the importance of hard core relaxation. In late July and early August you could see him seated in an Adirondack chair in his backyard, a glass of lemonade on the table next to him along with his reading glasses, the New York Times and an old dial radio, which was usually tuned to baseball, preferably the Mets. My grandfather would spend hours relaxing in that chair. I remember being a kid and asking him what he was doing. I'll never forget, he said to me, "Gabby, I'm enjoying all that I have sowed. If a man doesn't stop every once in a while and enjoy what he has he forgets what he is working for." My Grandfather was a very wise man.

The dog days of summer are an opportunity for us to slow down and enjoy what we have. They are also an opportunity for us to ask ourselves what we are working for. If you are working for a home you can't afford is there really ever any time to enjoy it? Likewise if you are renting, what is it you are working so hard for, to simply survive? That can end up feeling like and endless treadmill.

There is a great opportunity available in the current REO real estate market. The cost to own an REO home is often close to or even below the cost to rent. Imagine being able to own a home for the same amount of money you are spending monthly to rent. Isn't it time for you to consider looking at the REO market?

If you would like to sip lemonade in your own back yard, please contact Island Advantage Realty, LLC. We are committed to helping educate home owners and investors in the benefits of buying REO properties.

REO Chef's Kitchen, NY Foreclosure Report

Island Advantage Realty — Mon, 10 Aug 2009 22:30:07 -0500

Written by Gabriella for Island Advantage Realty LLC

I walked into a kitchen the other day that made me weak in the knees. Do you know what I'm talking about? This wasn't just a gourmet kitchen, this was a deluxe Chef's kitchen. Brazilian Cherry cabinets with self closing drawers, a Wolfe six burner stove and a glass front Sub Zero refrigerator, I could go on, but you get the idea. Upgrades were everywhere, custom tile, and amazing sky light and an actual hearth so the owner can light a fire in the winter. Seriously, this was the kind of kitchen even Paula Dean must dream of. But it wasn't a celebrity chef's home, it wasn't even a celebrity actor's home. I can't tell you whose home it was, but I can tell you it was a client of mine, some one who had a vision and carried it out.

A year ago a client came to me looking for an REO property with very specific requirements. The home they were looking for had to have a certain amount of square footage on the first floor and the lot size and bedrooms had to be within a specific size and facing in a particular direction. Even with the restrictions there were a number of properties within the client's price range that fit the bill.

The client chose a property that was in an excellent location but it required a substantial amount of work. I had no idea that they already had a plan to all but gut the downstairs of the home. Now a year later, I was given the full tour, including the gardens in the backyard. In all honesty, this is a home that even Martha Stewart would be in awe of.
Of course the really incredible news is that the client was able to create the home of her dreams, within the budget of her reality because she wisely purchased an REO property.

If you are interested in creating your dream home within a realistic budget, please call us at Island Advantage Realty LLC. We are experts in foreclosure and REO properties for the New York and Long Island areas.

REO Chic, New York Foreclosure Report

Island Advantage Realty — Fri, 07 Aug 2009 17:16:03 -0500

Written by Gabriella for Island Advantage Realty LLC

All of a sudden it's not only a great financial decision to buy REO property, it's actually chic! I shouldn't be surprised, for years I've been amazed that more people weren't taking advantage of the value that can be found in the REO market. But it seems that the "cat is out of the bag" and more and more people are enjoying the benefits of buying REO property.

Here at Island Advantage Realty, LLC we specialize in foreclosure and REO properties in the Metro New York and Long Island areas. As the numbers of quality REO properties has risen exponentially so have the numbers of home owners who are thrilled to purchase these quality homes.

What's really exciting is that home buyers are starting to "get it!" They understand that by the time property becomes bank owned it has generally sat empty for a while, and it will show some signs of neglect. Instead of being disappointed that the homes aren't showroom beautiful, buyers are starting to be excited! They know that if a wall needs painting, it's going to mean a lower purchase price and they will ultimately be able to choose the color of paint that ends up on the wall. In a lot of ways it just makes more sense to buy a home this way. You save money and you get to implement the design choices in your home.

If you are interested in viewing REO properties to witness for yourself all the possibilities, please contact Island Advantage Realty, LLC. We are experts in the field of foreclosure and REO properties, we can help you find the home of your dreams. Buy REO property, its chic!

Steering Your Financial Future, New York Foreclosure Report

Island Advantage Realty — Fri, 07 Aug 2009 17:11:53 -0500

Written by Gabriella for Island Advantage Realty LLC

Have you ever noticed what happens when you try to steer a car that's alignment is off? It keeps pulling to one side or the other. No matter how hard you pull on the wheel, no matter how hard you try to correct the problem, the car continues to pull. I don't understand car mechanics but I do know that it's because there's something wrong with the base of the car. And until you correct that problem no matter what you do there are going to be issues with the steering. Couldn't the same be said about your financial goals?

You can try and try to improve your financial situation but if you are in a mortgage that is not conducive to long term financial health or is simply beyond your means, you're going to continue to have problems. Likewise, if you continue to rent your home instead of build equity the base of your financial plan is to give your time and money away - How likely is that to build a strong financial base?

One solution to consider is buying REO property. If you are a home owner in a loan that isn't serving you, why not consider selling your home and buying REO property? Imagine the relief of being able to go to bed at night knowing that you owe less for your home than what it is worth? How nice would it feel to know that you could afford your mortgage payments today and for years to come?

REO properties are also a sound investment for first time home buyers. They are a great way to enter the market and begin to build equity, which is the first step towards financial security.

If you are interested in buying REO property in the New York and Long Island areas please give us a call at Island Advantage Realty, LLC. We are the recognized experts in this field. We can help you to get your steering back on track.

Renovating REO Property, New York Foreclosure Report

Island Advantage Realty — Thu, 06 Aug 2009 21:08:31 -0500

Written by Gabriella for Island Advantage Realty LLC

I enjoy working in the REO market. I love being able to help families buy affordable homes. I also love the creative people who buy REO properties and renovate and restore them. REO properties are ripe with potential. They offer a home buyer the ability to buy an affordable home and have the ability to create a distinctive and unique home.

Whether you need to create a handicap accessible space or you just have a unique design vision, REO properties offer and opportunity to make your home design20dreams a reality. There is nothing I enjoy more than see home owner's faces shine with ideas for how they will make a space uniquely there own.

The current REO market offers a wide array of possibilities in every price range, square footage and neighborhood. If you would like to view REO properties please call Island Advantage Realty LLC we are experts in the REO market for the Metro NY and Long Island areas.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact Gabriella@IARNY.com

The New Generation of Home Buyers, New York Foreclosure Report

Island Advantage Realty — Thu, 06 Aug 2009 21:00:58 -0500

Written by Gabriella for Island Advantage Realty LLC

There is a new generation of buyers who are finding their way to home ownership. More and more I am seeing smart young 20 and 30 somethings in our offices at Island Advantage Realty, LLC. They are ready to buy their first home and they're prepared to do it in a slightly different way than their parents did. They aren't in to taking huge risks, but they like the idea of putting some sweat equity into a property so they can begin home ownership with a loan for substantially less than what they owe at the bank. In an economy where so many Americans are upside down in their current mortgage it's a great idea to start home ownership with a comfortable equity cushion. So how can you do that? The answer is REO property.

REO property is bank owned. The original owner defaulted on the loan and the lender was forced to foreclosure in order to recoup their investment. Once the lender owns the property they are interested in selling it quickly and efficiently for fair market value, minus the cost of any repairs. What a lot of new buyers are discovering is that REO property is a great solution if you want to buy a high value home as a safe investment. By purchasing a home that needs some work on it you can effectively begin your home ownership with a smaller mortgage and by investing your time in creating the home of your dreams you can be building your equity.

It's great to see so many new homers grasp and embrace the concept of REO property. It may mean looking at homes that aren't in magazine perfect shape for the open house, but that can translate into a fabulous equity cushion!

If you are interested in buying an REO home please give us a call at Island Advantage Realty LLC. We are the recognized experts in this field for the Long Island, Metro NY area.

You Know REO Property is Right for You When.........

Island Advantage Realty — Fri, 17 Jul 2009 21:13:17 -0500

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 homes.

You know REO property isn't right for you when:

You have a hard time making design choices and loathe even small home improvement projects.

REO properties are generally sold AS IS, however the buyer is compensated for necessary repairs. Frequently REO home buyers will find that they need to pick new carpeting and even color schemes for one or more of the rooms in the house. For someone who enjoys making a home uniquely their own this can be a great opportunity, but if you don't like improvement projects REO property probably isn't for you.

You know REO property isn't right for you when:
You like long drawn out escrows.

REO properties generally have very short escrow timelines.

Do you still think REO property might be right for you? Give us a call at Island Advantage Realty, LLC we'll help you to find the REO property of your real estate dreams.