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Long Island Bank Owned Homes

Bank owned homes on Long Island are sparking the interest of many first-time homebuyers and investors alike. At the height of the housing market, prices on Long Island were often times out of reach for the first-time homebuyer, and investors had a difficult time finding homes that they could purchase and rent out without having a negative cash flow.

The increase of bank owned homes on Long Island has created a window of opportunity for many people, in particular the first-time homebuyer. Until recently, many first-time homebuyers felt like they would never have the chance to own a home on Long Island, and started relocating to other parts of the country where homes are more affordable. Plenty of people are still choosing this option, but a number of first-time homebuyers that want to stay on Long Island now have the opportunity to do so, largely because of the availability of bank owned homes.

This is an important development in the Long Island housing market, and it should have a ripple effect which eventually leads to a stronger housing market for the following reasons:

[1] The biggest drag on the Long Island housing market has been the "bottleneck" that has occurred due to a lack of first-time homebuyers. First-time homebuyers entering the market allow people in starter homes to move up to their next home. The sales cycle starts with first-time homebuyers and progresses upwards. I personally witnessed this phenomenon when the sale of a starter home fell through over a few thousand dollars, abruptly halting a move by four families looking to move on Long Island.

[2] The availability of bank owned homes has brought out buyers that have been sitting on the sidelines waiting for the "right" time to buy.

[3] Once buyers get into the mindset of being ready to buy a home, they usually continue their search even if they don't feel that a bank owned home suits their needs.

For those homebuyers and investors that are interested in buying a bank owned home on Long Island, I have put together a list of towns and price ranges where bank owned homes are available. Each week, I will release a list of new bank owned homes that have come on the market in various price ranges and towns, broken down by counties (NASSAU COUNTY, SUFFOLK COUNTY).

To make this list a bit more dynamic, I have created each town as a link. If you click on the name of any town, it will take you directly to information about the community. In most cases, you will be able to find demographic information, census bureau information, average household income and more!

$1 million and over

SUFFOLK COUNTY

West Islip

$750,000 - $999,999

SUFFOLK COUNTY

Dix Hills

Smithtown

East Northport

NASSAU COUNTY

Glen Cove

Port Washington

$500,000 - $749,999

SUFFOLK COUNTY

NASSAU COUNTY

$400,000 - $499,999

SUFFOLK COUNTY

NASSAU COUNTY

$300,000 - $399,999

SUFFOLK COUNTY

NASSAU COUNTY

$200,000 - $299,999

SUFFOLK COUNTY

Port Jefferson Station

NASSAU COUNTY

$100,000 - $199,999

SUFFOLK COUNTY

NASSAU COUNTY

About The Author

Adam Waldman is a Long Island Residential Real Estate Professional that can assist you with the purchase and/or sale of real estate on Long Island, from bank owned homes to new construction to waterfront property, and everything in between. Adam is also a Relocation Specialist that has created a network of real estate professionals throughout the country in an effort to assist relocating Long Islanders in their transition to new areas. These professionals are experts in the field of relocation and can serve many purposes beyond a simple home search.

Please visit www.TheLIReloGuy.com for your relocation needs and www.AdamWaldman.com for your local needs.

Adam Waldman - RE/MAX Best - 631-357-2036 - adam@AdamWaldman.com

Posted by Adam Waldman - Long Island REALTOR® on 04/08/2008 09:08 AM

Comments (13)

long island bank owned homes, long island real estate, long island realtor, first time homebuyers, long island investors

Originally posted at: Long Island Relocation>> Long Island Real Estate: Long Island Bank Owned Homes

This post has been included in New York Information
Post is included in group: Posts to Localism

13 Comments on Long Island Bank Owned Homes

APR

2008

I like the ZipSkinny site, another way to give info on an area!

Lots of good info Adam. You're right. The foreclosure news is bringing first time home buyer out.

Wow, talk about some good information. You are one smart cookie!

Adam, what a comprehensive list and great information for those first time home buyers who may have given up hope!

Adam ~ You put an awful lot of work into this! What a fantastic post! I do hope what you say about the "ripple effect" comes about.

I'm finding the buyers are out and their primary focus seems to be foreclosures. They are harder to buy but they are selling very well in my area. I have a lot of offers out floating and a couple under contract. Offers on both my short sale listings and the banks seem to be responding faster on offers. All positive signs to clearing out inventory.

APR

2008

What great information - we need you in the I love NY group!

APR

2008

In reference to this list of bank owned homes how do I access it? Thanks so much, Dan

"Each week, I will release a list of new bank owned homes that have come on the market in various price ranges and towns, broken down by counties (NASSAU COUNTY, SUFFOLK COUNTY)."

APR

2008

DAN: The new list will be coming out later on today. As far as the individual homes, there are too many to list, which is why I am just listing towns and price ranges. If you are interested in anything more specific, please feel free to contact me directly, and I can run a search for you based on towns, price ranges, etc. Many of the bank owned homes are listed by my company, but there are also a number of them that are not, although I can access any of them for you.

My brother and I are looking for a starter home for the least expensive price in Suffolk/Nassau county border. Any info would help greatly, Thank-you, Nicholas

NICHOLAS: Please feel free to contact me, and I'd be happy to help you and your brother in any way that I can. You can reach me at 631-357-2036 or at Adam@AdamWaldman.com. Thank you.

MAR

Excellent article and still relvant. Many first time home buyers are looking for the bargains. It is actually a good thing to have those REO's sold and occupied. It will stop the declining home prices.

MAY

Hello. My name is Ronald . For compliance purposes I am leaving my Lender's name out. In my blog, anytime you see _________ , i am referring to my banks name. For all realtors or individuals who are seeking oppurtunity, i would read this blog over and over again until it registers and is intergrated in your mind! I am a mortgage specialist who works for the only Mortgage Banker in the United States that has been approved for the Help 4 Homeowners program by HUD >. We are also one of a few banks that have Ginnea Mae warehouse lines and can finance properties for borrowers down to 500 fico's in refinances and 531 ficos on purchases. We have basically monopolized the industry because of these facts!! You may want to keep my number handy in case you have any scenerios with potential borrowers that fall under these guidleines. I would have to say 7 out of 10 borrowers do. I feel it is also important for you to know that my Lender is working with many Wall Street Servicing companies and other Banks with houses that are in foreclosure. We have a ton of listings as well and are RELO's and are agressively bringing aboard realotrs and providing them with our exclisive listings. We as a Lender can not be the bank and selling agent because of laws and confilics of issues so we need your help!! We are even getting the banks and servicing companies to pay for the borrowers closing costs because of the leveredge in the industry we have. The Obama administration just rolled out there new plan in early April. A house can not be foreclosed on unless they first go through an application and get declined for the Help 4 Homeonwers program 1st. There is only one place for them to go as of now and that is _____________! ******Any realtor would die for these listing because it is a for SURE sale and the borrower can not go anywhere else if they want the concessions we offer as a result of the direct cooresponding relationship between ___________ and the Bank or Servicer who we are getting the listing from. They will be committed to _________ to close there loan if they want a purchase with no closing costs and Bank Owned properties being sold at a significantly below market value price.****** Of course they are not obligated to do business with us ( the exclsuive agent ) , but why wouldnt they if there rate, closing costs and purchase price will be much lower as opposed to working with someone else where they would need to pay closing costs, realtor fees and most likely not receive a concession on a rate or purchase price by not working with us??????? < (___________) Let me be clear....The borrower is literrally purchasing there house with not spending a dime because the Lender who gave us the listing is picking up there closing costs!!! Why did they pick ______________??? Again, because we are the only bank in America that is insured by HUD to write a Help 4 Homeowners loan and because we are one of a few who are capable of closing a loan under Ginnae Mae ware house lines ( 500 ficos's) Mostly all banks require a 620 mid. Do you realize how huge that is??? Why are the banks and servicing companies that hold these lisitings not refinancing, selling these properties below market value and allowing the borrower to pay no closing costs and get a rate concession???? Good question!! Here is the answer so pay attention!!! Mainly all banks who have these listings, do not have the ability to write loans and have hired servicing companies who are considered to be Hedge Fund operations. If you know anything about "Hedge Funds"you would know that they are a performace based industry. So... If they have a home that is not performing ( not paying there mortgage ) they are willing to refinance it or sell it where they can make 30 to 60. cents on the dollar when getting it off there books as opposed to making nothing, zero, zilch, and lose hand over fist day after day with per diem interest, house depriciation in a declining market while paying for the homes taxes insurance and lose money on the borrower not making pricipal or interest. I have to admit. The executive's of the Lending institution i work for (____________) had enough foresite and knowledge of over all financing to start working on this prior to the foreclosure boom. It truely is a win win situation for all parties. Isnt that the definition of synergisitc thinking? Probably a major reason why my company is growing at a rate of 400% a year as other banks are closing there doors day after day!!! When you stop to think about it ,they are true geniouses!!!! Please call me to discuss and get on board! Now is the time! We all now that time we allow to pass us by we will never get back, and that a market like this in conjunction with the banks willlingness, is one we have never seen before andl probably never see again. We have dynamically positioned ourselves as the nucleus of this market!! Ron 516. 698. 0630

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