Todd Yovino

Written by Gabriella for Island Advantage Realty LLC

There are many advantages to buying REO property; one of my favorites is the ability to inspect the property thoroughly. Foreclosure properties have other advantages, but frequently you can't inspect them or there are time restrictions on when you can inspect them. With REO property you have the same capability to inspect the premises as with traditional home sale.

You are free to hire a professional to conduct a thorough inspection from top to bottom of the premises. Since REO properties are sold for fair market value minus the cost of necessary repairs it behooves you to have a thorough understanding of the condition of the property before making an offer.

Typically REO homes are sold "As Is"; this has positive ramifications if you understand the benefits and are working with REO professionals. If there are repair considerations with an REO you would want to know about them before making an offer. Once escrow begins for an REO property things move quickly. Sometimes when you buy a traditional home there is still room for negotiation about repairs and considerations during escrow, with REO=2 0this is not the case, all of those considerations happen before escrow, streamlining the escrow process. For the home owner with the right expert guidance this can mean buying an economical home, being able to acquire it quickly and without stress, but also knowing exactly what you are buying and what will be necessary in terms of repair.

If you are interested in buying an economical REO property and would like expert advice please contact Island Advantage Realty, LLC. We are the recognized experts in REO property for the Metro NY and Long Island areas.

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

When my Grandma Inez came to this country as a young girl, she was told that the streets were paved with gold. On her 80th birthday she confided in me that she was still hoping to find that gold paved road. But she also told me that she was proud to raise her children in a place where the only thing that could possibly hold them back was a lack of imagination and an unwillingness to try.

It's important to realize even in the toughest of times that as Americans we are among the luckiest people on earth. If we don't like our circumstances we can change them with hard work and perseverance. Everyday I see families who have turned their lives around and found a way to achieve the American Dream of home ownership. I'm sure like my Grandma Inez they are still hoping to find that illusive gold paved road too. In the meantime it's comforting to know that you achieve all that you hope if you are willing to put in the effort.

This Fourth of July take time to enjoy your personal American Dream.

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

One great advantage to buying REO property is the price. REO properties are generally sold for fair market value, minus the cost of necessary repairs, which can make for a very attractive sale. REO properties also have the advantage of being financed traditionally. Frequently, people find the foreclosure market very attractive but they are intimidated by prospects of paying cash for a property, which is frequently what the terms are at a foreclosure auction.

If you are interested in purchasing REO property you will need to qualify for a loan in the same way you would for buying a traditional home. You will be expected to provide documentation about your financial situation and if your loan is approved you will pay your mortgage in the same way you would any other mortgage. The only real difference in buying REO property as opposed to traditional property will be in the length of escrow. Typically REO property will have a shorter escrow. The length of time will vary from state to state, but REO properties typically close in between 30-45 days.

Stay tuned to the Blog for more information about viewing and inspection REO properties.
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 Gabrielle for Island Advantage Realty LLC

REO (Real Estate Owned) is a term used for properties that have been foreclosed upon and failed to sell at auction. These properties are now available to be sold by the lender for fair market value minus the cost of necessary repairs. Right now the REO market is white hot because of the sheer number of properties that qualify as REO.

REO properties are a direct result of the current economic difficulties. As more and more homes went into foreclosure more and more homes became REO. It is widely estimated that half of the homes in foreclosure will convert to REO properties. That was certainly the case last year.

For a home buyer there are several advantages to buying REO properties. Price is certainly one of the biggest advantages, but there are also financing advantages and timeline advantages as well. Stay tuned for the next few blogs as we talk about some of these advantages in depth.

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 Gabrielle for Island Advantage Realty LLC

You've heard the term REO, it seems like everybody is talking about it these days, but what does it mean? REO stands for Real Estate Owned and it is a term that applies to properties that went through the foreclosure process and failed to sell at auction. Now the lender or bank legally owns the property and they want to sell it in order to recoup their original investment.

It's important to note that banks and lenders don't want to own property. They accept it as a form of collateral, because of its inherent value. But banks are not in the business of real estate, nor do they want to be. So when a bank finds itself owning a property, they generally want to sell it as quickly as possible to a qualified buyer. As long as the bank is only holding the note on a property, the property is an asset to them. Once they own a property there are costs for upkeep, so an owned property becomes a liability. Banks prefer to keep things in the asset column.

For a Home buyer this means an opportunity to buy a home from a motivated seller. It also means the home will be offered at fair market value minus the costs of necessary repairs, and the timeline for escrow will be shorter. This is usually all really good news for a home buyer; however it requires having your own paperwork in order and working with experienced professionals who can help you to meet all of the necessary deadlines. Island Advantage Realty LLC is the recognized expert in REO property sales for the Metro NY and Long Island areas. If you want some one to help you take advantage of the current REO market, look no further.

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