foreclosures long island: SHOULD YOU BUY REO?
- 01/06/10 05:27 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)
foreclosures long island: 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)
foreclosures long island: Saratoga, NY Foreclosure Report
- 08/17/09 03:29 PM
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 … (0 comments)
foreclosures long island: Tomato Wars, NY Foreclosure Report
- 08/17/09 01:37 PM
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 … (2 comments)
foreclosures long island: Building a Future, NY Foreclosure Report
- 08/14/09 05:05 PM
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 … (1 comments)
foreclosures long island: Summer's Bloom, NY Forclosure Report
- 08/14/09 04:59 PM
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 … (0 comments)
foreclosures long island: REO Humor, NY Foreclosure Report
- 08/13/09 03:07 AM
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 … (0 comments)
foreclosures long island: Dressing It Up, NY Foreclosure Report
- 08/13/09 02:57 AM
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. … (0 comments)
foreclosures long island: The Coin Purse, NY Foreclosure Report
- 08/12/09 01:51 AM
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 … (0 comments)
foreclosures long island: Why Buy REO Property? NY Foreclosure Report
- 08/12/09 01:45 AM
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 … (0 comments)
foreclosures long island: REO Plus, NY Foreclosure Report
- 08/11/09 04:51 PM
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 … (0 comments)
foreclosures long island: Pre Qualify vs Pre Approval, NY Foreclosure Report
- 08/11/09 04:47 PM
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 … (1 comments)
foreclosures long island: The Dog Days of Summer, NY Foreclosure Report
- 08/10/09 03:39 PM
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 … (0 comments)
foreclosures long island: REO Chef's Kitchen, NY Foreclosure Report
- 08/10/09 03:30 PM
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 … (0 comments)
foreclosures long island: REO Chic, New York Foreclosure Report
- 08/07/09 10:16 AM
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 … (0 comments)
foreclosures long island: Steering Your Financial Future, New York Foreclosure Report
- 08/07/09 10:11 AM
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 … (0 comments)
foreclosures long island: The New Generation of Home Buyers, New York Foreclosure Report
- 08/06/09 02:00 PM
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 … (0 comments)
foreclosures long island: How Do I Find a Great REO Property?
- 07/14/09 03:40 PM
Written by Gabriella for Island Advantage Realty, LLC More and more people are aware of the existence of REO property, but the #1 question I hear more than any other is "How do I find an REO property?" There are many answers to this question, but let's start with the easiest: work with an expert in REO real estate. Of course, if you live in the Metro New York or Long Island areas you definitely will want to call Island Advantage Realty, LLC but if you are reading this blog from anywhere else in the world, you will want to find … (0 comments)
foreclosures long island: Family Values
- 07/03/09 03:01 PM
Written by Gabriella for Island Advantage Realty LLC One of the values my parents, grandparents, uncles and aunts always tried to instill in us was the necessity to take care of what was ours. There is something about the pride of ownership that encourages us to take care of what we own. A home is usually the single largest investment a person will make in a lifetime. The initial purchase is only the beginning, most home owners will continue to invest in their home during the entire time they own it. It makes sense to invest in a home and to … (0 comments)
foreclosures long island: REO Fixer Upper
- 07/02/09 03:13 PM
Written by Gabriella for Island Advantage Realty, LLC WRemember back in the day when a Fixer Upper meant that a property just needed a little TLC. Then at some point "fixer-upper" became synonymous with "falling down around your ears." It used to be that REO property, Real Estate Owned, was typically property that was extremely run down. In the market of even five years ago, REO property was not uncommon, but there also wasn't a large selection. Typical REO properties had been neglected for long periods of time and then sat empty for months if not years. Generally they were in … (0 comments)
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