Long Island Bank Owned Homes - Weekly Update: 

The list of the bank owned homes that came on the market on Long Island during the previous week is updated every week. 

Bank owned homes are appealing to first-time homebuyers and investors alike on Long Island.  Please note that bank owned homes are sold in "as-is" condition.  It should also be noted that some bank owned homes are in poor condition, and may not qualify for a mortgage in its current condition, although there are mortgage banks that will finance these homes in "as-is" condition.

Many prospective buyers of bank owned homes have questions about the process.  If you are interested in purchasing a bank owned home, and have any questions about the process, please feel free to leave it in the comment section of this post, or you can contact me directly.

This week's question is about the offer evaluation process...

Question:     "Does it help my offer if I make a cash deal?"

Answer:     Generally, it does.  Regardless of whether you are talking about traditional real estate transactions or the purchase of bank owned properties the answer is the same.  Cash is king!  Whenever a buyer is able to make a purchase with cash, their chances of getting an offer accepted increase.  Since a number of bank owned homes don't qualify for a traditional mortgage, the cash buyer gets even stronger.

The bank owned homes listed at the bottom of this post came on the market between 5/17 - 5/23/08.  Beyond this list, there are a number of other bank owned homes available as well.  If you are interested in bank owned homes, please feel free to contact me, and I will do a search based on your specific search criteria. This information is posted on a weekly basis.  You can check back regularly, or if you'd prefer, you can contact me and be put onto a list of people that receive this update via e-mail.  My contact information is listed at the bottom of the page.

Long Island Bank Owned Homes (NEW On The Market - Week Ending 5/23/08)