Buy REO, Build Equity

Writtern by Gabriella for Island Advantage Realty LLC

Building equity in a home is a wonderful thing. Many Americans are in the unenviable position right now of owing more on their mortgage than there home is worth. You may have heard this being referred to as being "upside down". I heard someone say the other day that they wished they could take advantage of the low interest rates and low housing prices, but they were afraid to buy, they were afraid that they would end up upside down like their friends who bought 3 years ago.

I, of course, encouraged them to look at the REO market. The great thing about REO property is that it is sold for fair market value minus the cost of necessary repairs. For a home buyer who is willing to do repair work themselves this can create a healthy ratio of sweat equity built into the home.

In this turbulent market, it's a wonderful luxury to start your home ownership with built in equity. If you are interested in viewing the REO market and all its hidden treasures please contact us at Island Advantage Realty, LLC

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