Erik Reilly- Long Island NY CDPE e-Pro Lic RE Associate Broker

I am amazed as to what I learned while taking my CDPE (Cetified Distressed Property Expert). I have been a Real Estate Broker in Long Island NY for over 20 years. I thought I knew alot about real estate and distressed properties. WOW! I did not know Jack.

Some of the things I learned:

• Approximately 50% of families in foreclosure take little or no action. In essence they gave up control of their future to the bank.
• For those in the military or government employees a foreclosure will affect their security clearance, where a short sale will not.
• A foreclosure will affect your credit for 7 years, where a short sale will be more like 2 years.
• A foreclosure WILL leave you with future financial liability, where a short sale MAY not.
• There are hundreds of thousands of families in some stage of forclosure

• The banks that often sold the debt but processed the loans were getting their fees whether the debt was being paid or not and often it was financially better for them to let the home forclose than to allow a short sale.

I am now committed to assisting those families in Nassau, Suffolk and Queens Counties in New York that are in distress. I will not now or ever call myself an expert (no matter what the designation says). I am a professional, I am experienced but I am no "expert".

It kills me to see hundreds of short sale listings sitting on the market with some agent who is "winging it". I attend the foreclosure Auction in Nassau County every Tuesday and record the results. I record which bank, property address, upset price, opening bid, finl bid and who won the bid (over 80% taken back by the bank). When I get back to the office I look up the properties to see if they are or were on the market. So many were on the market at 120% of todays market value some listed as short sales some not.

When people ask me why I go to the foreclosure auction I tell them it is to learn. I now have an idea as to the Long Island "shadow inventory". I know of future REO inventory. I am learning it not "winging it".

Erik Reilly

Lic RE Broker Associate CDPE REMAX Shores Long Island NY 516-984-0789

This Unique, cooperative (co-op) on Long Island's fabulous south shore
offers the very best quality of living. Oceanside Cove is your chance to
achieve your desired lifestyle with a, pet friendly, 24 hour secure gated community.

For the young, and the young at heart, there is no better location. You have
easy access to all the pleasures of south shore waterfront. The Reynolds
Channel marinas are moments away. Neighboring Long Beach is renowned for one of
the finest beaches of the east coast.
At Oceanside Cove you will enjoy your own beautiful residence. The setting,
open, beautifully landscaped, park-like. Every aspect of gracious living
provided. Oceanside Cove's superior construction and amenities make this
community unique. And with its appealing recreational facilities and terrific
location- affordable prices- it is incomparable.
Oceanside Cove gives you all the pleasures of the season:
In spring and summer, you can play a hard game of tennis, cool off in the pool,
and relax on the sundeck. It's all part of you Oceanside Cove recreational
facilities. In the cool of the evening stroll about the spacious grounds.
Wander through the extensive, untouched foliage and wildlife of the Oceanside
Nature Study Area, or play golf at the local 9-hole course.
Visit any of the 18-hole golf courses, just a short drive away, including the
exclusive Middle Bay Country Club or open to the public Lido Golf course.

But don't forget to visit the Oceanside Park
recreation facility, with its playing fields, swimming pools and children's play
facilities.
Come autumn and winter and the need for indoor pleasures, exercise and relax
with your friends in the exquisite Oceanside Cove Clubhouse. If you feel like
going out, partake of fresh seafood at any of Oceanside's fine restaurants. You
can enjoy your choice of shopping- The Sands Shopping Mall, Waldbaums Plaza and
Lincoln Plaza are moments away. Not to mention many fine boutiques.
There's plenty of community activity, including on-going programs for both
adults and children. Oceanside boasts one of the most highly regarded school
districts on Long Island.
Going to Manhattan? Its only forty scheduled minutes to Penn Station by Long
Island Rail Road, or an easy drive by convenient parkway. Oceanside Cove, just
forty minutes to Manhattan with the bright lights, glitter, music, theater, and
fun of the world's greatest cultural center.
However, for your enjoyment, Oceanside Cove by itself, provides you with a
healthy, pleasurable lifestyle. It's your chance for the secure good life.
It's your Oceanside Cove.

Features:
Buildings:
Custom designed contemporary fascades
Individual front entrances
Private rear patios
Professionally landscaped and sodded with sprinkler systems
Sanitary and storm sewers
Unusually spacious rooms with an abundance of closets
Thermostatically controlled central air conditioning and heating
Energy Features:
Double glazed Thermo break insulated glass windows
Insulated weather stripped steel front doors
Insulated Thermo-Break sliding doors to rear patio
Fiberglass insulation in roof and ceilings
Full thick fiberglass insulation in exterior walls
Energy efficient glass-lined hot water heaters
Perimeter insulation on all exterior foundation walls

Recreation Features:
Exquisitely furnished community clubhouse/recreation center with fully
equipped gym, magnificent lounge with cathedral ceilings, equipped party kitchen
Dog run
tennis courts
3 Swimming pools & Sundeck