Todd Yovino

Written by Gabriella for Island Advantage Realty, LLC

Are you frightened about buying an REO property because you don't know all the ins and outs of the process? Don't worry you aren't alone. Every day at Island Advantage Realty, LLC we meet home buyers who have heard how affordable REO properties are but they are afraid the purchase process will be difficult, incomprehensible and rife with pitfalls.

The truth about the REO purchase process is that it is very similar to buying a traditional home with a few notable exceptions. For this reason it is essential to have an experienced REO real estate professional handling your REO search, negotiation and purchase.

Sometimes REO properties are sold without every making it to typical MLS. Banks will frequently contract with one or two preferred REO Realtors in order to sell properties quickly and discretely. If you aren't working with those realtors it is unlikely that you will see the vast majority of affordable, quality properties that are actually available. Additionally there is a negotiation phase that happens before escrow with REO properties, because REO properties are generally sold "As Is". This is a crucial time for a home buyer and you need to make sure that you are represented by some one who has successfully navigated these negotiations with countless other home buyers.

Escrow for REO properties is quick, and structured. Banks are not interested in wasting time or money. If you are working with a realtor who is not experienced, you run the risk of missing deadlines and being fined or even losing your interest in the home.

If you are looking for REO property in the metro NY or Long Island areas you will want to contact Island Advantage Realty, LLC. We are the recognized leaders in REO properties and have the expertise to handle your REO purchase with total efficiency.

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

Island Advantage Realty, LLC specializes in Foreclosures and Bank Owned properties in the Metro NY and Long Island Areas. They are dedicated to educating home buyers about the home buying process in the Foreclosure and REO markets.

Written by Gabriella for Island Advantage Realty, LLC

If someone handed you $8,000 right now, what would you do with it? I know what I would do. I would use it to put a down payment on an REO property. The United States Government hopes you think the same way I do. As part of their stimulus package they are offering a tax incentive to first time home buyers. If you aren't a first time home buyer don't be put off, you may still qualify. For the purposes of the program a first time home buyer is considered someone who has not owned a home in the last 3 years.

If you buy a home before December 1st of 2009, and you qualify (there are some income restrictions), you can receive a tax credit for 10% of the home purchase price, up to $8,000. This tax credit can be claimed in either 2008 or 2009. Because it is a tax credit you can use it to pay any outstanding tax and any amount left over will be rebated to you as cash. The best part about this incentive is that unlike previous incentives you do not have to pay this one back as long as you own your home for 36 months. It truly is like having someone hand you $8,000 for buying a home.

If you aren't sure if you qualify for this program, give us a call at Island Advantage Realty, LLC. We are the industry leaders for Foreclosure and REO properties in the metro NY and Long Island areas. We can tell you what programs you qualify for and help you to find an affordable home that meets your needs.

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

by Gabriella, Written for Island Advantage Realty, LLC

There is an old Latin phrase, Carpe Diem, which literally translates to "Seize the Day". Never has there been a more accurate phrase for the current REO market. If you have been sitting on the fence thinking about buying REO property, it's time to kick it into gear and take action. There are a number of time sensitive issues that make this a particularly opportune moment to buy REO property.

There is a tax incentive for 1st time home buyers that will expire at the end of November. If you qualify for this incentive you could get credit for as much as $8,000, which could equal a substantial portion of your down payment.

The market is currently flooded with REO properties, providing a wide selection to choose from. Whether you want a fixer upper or a home that is move in ready, chances are the market has something for you, even in the most desirable neighborhoods.
REO homes are generally less expensive than traditional homes. They are sold for fair market value, minus the cost of necessary repairs. Sometimes a savvy buyer can purchase property for as much as 25% below market value.

One word to the wise, REO homes tend to have a quick escrow, so there is still time to buy before the tax incentive expires, however it does take some time to identify the home you want to purchase, qualify for financing and negotiate the sale. Don't wait until the last minute; the best buys are available right now.

For more information about specific REO properties available in the metro NY and Long Island areas, contact the industry leader in Foreclosures and REO property, Island Advantage Realty, LLC. Seize the Day!

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

Island Advantage Realty, LLC specializes in Foreclosures and Bank Owned properties in the Metro NY and Long Island Areas. They are dedicated to educating home buyers about the home buying process in the Foreclosure and REO markets.

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 estate investment. They are generally cheaper than typical real estate because they are offered at fair market value minus the cost of necessary repairs. So there is generally a sizable savings. But REO properties don't come with some of the risks that are involved in buying foreclosure properties. With foreclosures it is often difficult or impossible to view the property before bidding on it. REO properties are available to be viewed and inspected before you make an offer on them. Like a lot of people I prefer to be able to view a home before I buy it.

Some people prefer the savings of buying a foreclosure property; they enjoy the big pay off; like betting on the long shot. I'll stick with watching the ponies and my REO properties. For more information about purchasing foreclosure properties or REO properties in the metro NY or Long Island areas contact Island Advantage Realty, LLC. We are the industry leaders for this type of market.

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

Island Advantage Realty, LLC specializes in Foreclosures and Bank Owned properties in the Metro NY and Long Island Areas. They are dedicated to educating home buyers and the home buying process in the Foreclosure and REO markets.

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 to Grandma's in our oldest clothes. Two wheelbarrows full of tomatoes were positioned on either end of the yard. Teams were chosen. Grandma blew a whistle and chaos ensued. It was quick, sticky and smelly. Sun warmed tomatoes start to smell quickly upon rupture.

It was a simple lesson in supply and demand. When the supply overwhelmed her Grandma was willing to barter her tomatoes for some good old fashioned fun. While no one is offering up REO properties for fun, they are offering them for some incredible prices. The supply of REO properties is sizable at the moment. But like my Grandmother's Tomato Wars it won't be available for ever. Take advantage of it while you can.

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

Island Advantage Realty, LLC specializes in Foreclosures and Bank Owned properties in the Metro NY and Long Island Areas. They are dedicated to educating home buyers and the home buying process in the Foreclosure and REO markets.