Todd Yovino

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

Written by Gabriella for Island Advantage Realty LLC

Are you ready to view REO property? It's important to have the right mindset when shopping for REO property. When you view properties that have been through foreclosure you need to be able to view them with an eye that is trained to distinguish between neglect and damage. By the time a property becomes REO it has frequently sat empty for a period of time, sometimes even months. Houses don't like to be empty and they tend to show signs of neglect fairly quickly. The thing about most neglect issues is that they are easily rectified and often for very little money.

As you go through an REO property you want to ask yourself how easily the damages can be repaired. If you walk into a room with a giant stain on the carpet, it tends to be the thing you focus on, but new carpeting is very easily installed. So as you view properties you want to spend more time looking at the structure and the floor plan, are they to your liking? Remember that REO properties are offered for fair market value minus the cost of necessary repairs. If you see damage note it, but instead of thinking of it as a negative, think of it as money deducted from the asking price. That puts damages in a whole new light!

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

Written by Gabriella for Island Advantage Realty LLC

Have you ever considered investing in real estate? The current REO market has some exceptional opportunities available for long term investments and income properties. It's widely known in real estate that a great time to buy property is when the cost to own is less than the cost to rent. The current market offers the possibility of owning for less than re nting, it also offers a large population who are looking to rent and unable to buy. It is an unfortunate reality in our current economy, but there are a large number of people w ho need to rent affordable housing.

With low interest rates and affordable REO properties available for sale, you could easily find yourself owning a property that can provide income now and financial security toward retirement. Real Estate makes a great long term investment. Just ask the people who bought real estate during the recession in the early 80's; even with the downturn in the market they have financial security because of their smart purchases.

If you are interested in viewing REO properties in the Metro NY or Long Island areas please contact us at Island Advantage Realty, LLC, we are the recognized experts in REO property.

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

Written by Gabriella for Island Advantage Realty LLC

If you're willing to investigate the REO housing market you will find that it's chock full of exciting opportunities. It largely depends on how you choose to look at things. I'm a big fan of making the most of any opportunity, and I enjoy working with like minded people.

I recently showed a beautiful REO property to a couple who was looking for a new home. This particular property had a unique problem, the front porch was unusable. That might be putting it mildly. After a bad ice storm a delivery truck had spun out of control and sheared the front porch almost completely off, but it was still hanging there with yellow police tape surrounding it. Not exactly a great selling point, right? Except it was! The couple had looked everywhere for a property with a large old fashioned porch suitable for sipping lemonade on long summer nights. And they hadn't found it, at least not in their price range.

After a quick phone call to their contractor, the couple was able to determine that after the demo on the existing porch they would be able to build the porch of their dreams on to an otherwise lovely home.

Not everyone can look at a crashed porch and see the possibilities but if you can you should consider looking at the REO market. At Island Advantage Realty, LLC we make a daily practice of helping people in the Metro NY and Long Island areas find affordable homes with great promise.

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

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 your local expert.

People will say to me, "But I have a really good realtor, can't I just call them?" Sure, you can, but if they aren't an expert in the field of REO you could be risking your financial health. If you had a really good podiatrist would you call him when you were thinking of having surgery on your eye? Certainly not! We respect expertise for what it can do for us; it is the same thing in real estate.

An REO expert is someone who has been working with REO for multiple years, don't be fooled by realtors who have recently run out to certify themselves REO Mac. Yes, those realtors will know the legal ins and outs of buying REO property, which is important, but they won't have had time to develop relationships with banks and lenders. This is crucial if you want to be able to see the full range of homes available on the market.

Banks and lenders do not enjoy owning Real Estate. Typically they don't want to spend a great deal of time selling the property, nor do they want to make a huge fanfare about the fact that they own the property. For this reason banks and lenders will work with a small number of realtors that they know and trust and will list their homes only with them. You want to make sure you work with a professional who has access to those homes; otherwise you will miss the lion's share of what is available in the REO property 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