ny foreclosures: Should You Buy REO?
- 10/28/09 12:44 AM
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 … (0 comments)
ny foreclosures: Financing REO
- 07/10/09 04:23 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)
ny foreclosures: Somebody Explain REO to Me!
- 07/09/09 02:46 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)
ny foreclosures: Tomato Plants
- 07/08/09 02:08 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)
ny foreclosures: Finding the Right REO - Part IV
- 07/06/09 04:08 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)
ny foreclosures: Luck
- 07/03/09 02:47 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)
ny foreclosures: For the Fathers
- 07/02/09 03:18 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)
ny foreclosures: Earth Day
- 06/24/09 03:39 PM
Written by Gabriella for Island Advantage Realty LLC This Earth Day will see more REO home owners celebrating than ever before. More and more environmentally conscious home buyers are discovering the advantages of buying REO property. Rather than buy a home that is already outfitted with solar panels and other "green construction" these home buyers are choosing REO properties in distress and using the savings on the property to retro fit them green. In this way they are not only helping the environment by converting a home to green specifications, they are helping the neighborhood and the economy. As an extra … (0 comments)
ny foreclosures: REO Questions?
- 06/23/09 03:23 AM
Written by Gabriella for Island Advantage Realty LLC The current REO property market is one of the most important real estate opportunities in history. There are those who compare it to the great land rushes, where people who never thought they would be able to own land suddenly found themselves in a position to work hard and own something of great value. I talk frequently about the many advantages of buying REO property, but I would love to know what questions you have. I would like to start a series called "Ask Gaby". If you have a question about REO property … (0 comments)
ny foreclosures: Home Movies
- 06/22/09 07:00 AM
Written by Gabriella for Island Advantage Realty LLC Can the effect of home movies ever be over estimated? This last weekend my family gathered and my cousin Therese announced that she had taken a stack of the old family movies and had them converted to DVD. The next four hours were a blur of tears and laughter as we watched endless scenes of years gone by featuring loved ones both here and gone. What was amazing to all of us was not just the joy of seeing everyone younger but the excitement with which we viewed the locations. There was one … (0 comments)
ny foreclosures: The $8,000 Tax Credit
- 06/19/09 02:58 PM
Written by Gabriella for Island Advantage Realty, LLC The Economic Stimulus Package is a long document with many different provisions. Sorting out what it means to you can be daunting. One of the great opportunities in the new legislation is a tax credit for first time home buyers. The bill defines a first time home buyer as some one who has not owned a primary residence in the last 3 years. So even if you currently own a vacation home you may qualify. The tax credit is for 10% of the home purchase up $8,000. There are salary caps but a … (0 comments)
ny foreclosures: Eye on the Ball
- 06/15/09 07:58 AM
Written by Gabriella for Island Advantage Realty, LLC I've found myself thinking about the USA Women's Olympic Softball team lately. I remember a few years ago watching them explain the secret of their success in raising their batting averages. They marked numbers onto all of their practice balls and then trained everyone on the team to shout the numbers on the balls when they were batting. The pitcher would throw the ball and they practiced keeping their "eyes on the ball" by focusing on seeing the number and yelling it out. Everyone's batting average rose significantly and they won the gold … (0 comments)
ny foreclosures: The Frozen Barbeque Update
- 01/13/09 12:56 AM
Written by Gabriella for Island Advantage Realty LLC Last summer I share about my funny cousin who longed to have a custom deck on his home to showcase his incredible barbeque and his talent for gourmet grilling. He shopped for the perfect home until he finally realized his perfect home didn't exist. He and his wife purchased a lovely REO home with tons of potential. With the money they saved on the home purchase my cousin built a truly amazing deck on to the back of the home. All of the cousins were thrilled for him and laughingly nodded when he … (0 comments)
ny foreclosures: Fall in America
- 11/13/08 01:52 PM
Written by Gabriella for Island Advantage Realty LLC This is the time of year when there is a crisp smell of autumn in the air. It's just a matter of time before snow will begin to fall and we will all find ourselves indoors a little more than we have been the past few months. There is something about fall that brings us all back home. Even high schools have their homecoming celebrations in the Fall. Home means so many things to so many people. For some it is the pride of owning something lasting, a place to put down roots. For others … (1 comments)
ny foreclosures: The Truth About REO
- 10/24/08 12:17 AM
Written by Gabriella for Island Advantage Realty LLC You've been hearing a great deal about REO property and you've made the decision to see for yourself what all the hubbub is about. Good for you! What should you expect to see when viewing your first REO home? While REO properties come in all sizes, shapes and conditions they generally have at least one thing in common. Most of them need a little TLC. This frightens some people away. It shouldn't, but it does. Consider that a property doesn't become an REO overnight. Generally when a mortgage holder falls behind on their … (0 comments)
ny foreclosures: The Other Side of the Coin
- 10/24/08 12:09 AM
Written by Gabriella for Island Advantage Realty LLC My grandmother always said that there are two sides to every coin and two sides to every story. She was an amazing woman who consistently believed in looking for a way to turn tragedy into fortune. When my brother's football landed in the middle of her perfect apple pie, which was cooling on the window sill, she simply laughed and said, "So we'll have cobbler instead of pie." For some reason the "cobbler" she served that night was better than any pie could have been; perhaps because the lesson I took away from … (0 comments)
ny foreclosures: The Best REO Investment
- 10/08/08 05:28 AM
Written by Gabriella for Island Advantage Realty LLC REO property can be a great investment. There are a few criteria to look at to tell you a property is good investment for you. One of the most important considerations is location. A property can be a great deal, but if it's not in an area that works for you and your family then it's probably not the best investment. Another criterion to look at is if the repairs necessary to the home are within the scope of your experience and the time table that you have in which to complete them. … (0 comments)
ny foreclosures: Living in Your Piggy Bank
- 10/02/08 11:44 PM
Written by Gabriella for Island Advantage Realty LLC My Aunt Natasha always used to say that owning a home was like living in your piggy bank. When I was a kid that didn't sound like much fun, my piggy bank was cute but small. Now I understand what she meant, when you rent a home your monthly payment simply disappears into thin air (actually it just gets deposited into someone else's account) When you own your own home the money that you pay actually help you to build a financial future - so you are (in a sense) living in your … (0 comments)
ny foreclosures: REO in Black, White and Grey
- 10/01/08 11:56 PM
Written by Gabriella for Island Advantage Realty LLC The older I get the more I see that there is very little in life that is really black and white. In reality there is actually more grey area than anything else. My nephew loves video games; my mother thinks that they are horrible and that children should be forbidden to use them. The truth is somewhere in the middle, I think. There are video games that are inappropriate for children, I think we are all in agreement about that, and then there are some video games that have clearly demonstrated the ability … (0 comments)
Written by Gabriella for Island Advantage Realty, LLC;)
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