Establishing Your Maximum Bit Amout

Our 4th topic in a series of 10 about Foreclosure Auctions is Establishing Your Maximum Bid Amount.  A smart investment in real estate can earn money for you.  You need to know how much money you can afford to bid in order to make a reasonable investment. 

Depending on the state you live in, you will either need to have the full amount of your bid, or a percentage of your bid in a cashier’s check at the time of the auction.  If your finances are not liquid enough to provide that much cash, you can consider mortgaging properties you already own, or taking a loan for the amount, dependent on your financial situation.

Your maximum bid should include the full amount of the remaining mortgage, and whatever amount you think will be necessary to win the bid, yet remain within your financial ability.  Keeping this maximum amount in mind may make it easier for you to bid in a prudent manner, and achieve your goal of winning the bid. 

For more information on foreclosures and REOs in the Metro NY and Long Island area, please attend the lst annual New York Foreclosure Showcase on October 12th,  sponsored by Island Advantage Realty LLC, recognized experts in this field.

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 www.nyforeclosure.com

How to find a Foreclosure Auction Property

Over the next 10 blogs, we’ll be discussing Foreclosure Auctions and you will learn everything you need to know about participating in an auction.  Our first topic is How to Find a Foreclosure Auction Property.

 With the U.S. economy languishing under the current slump, homeowners are losing their homes in record numbers.  Calling your local banks can provide you with a listing of local foreclosures.  A quick web search on foreclosure listings reveals approximately 3.5 million hits for nationwide foreclosures.  Narrowing the search by including your state name will provide you with a good start. 

As with any web search, a discerning eye will be most beneficial.  A number of sites make heady promises, and a little research on the names of the companies can determine the viability of these enterprises.  Specifically, make sure that the business has a history, look for testimonials from real people, and consider whether the cost of the service seems reasonable for what is provided.  As with any business concern, a little common sense goes a long way. 

One great alternative to all of this research and uncertainty is dealing with a reputable professional realtor who has foreclosure and REO experience.  In the Metro NY, Long Island area that would be Island Advantage Realty LLC. On October 12th we will be hosting the 1st annual New York Foreclosure Showcase.  You won’t want to miss it!

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 www.nyforeclosureexpo.com

REO and Planning Ahead

My cousin Phylise just came back from a long weekend with her husband in Montreal.  They decided to take a leisurely drive up, and enjoy some of the early fall foliage. One problem, it was their first road trip with their new baby.  They had a great time but my cousin said when she came back that it was a logistical nightmare that required the planning skills of a four star general.  I had to laugh.  It’s Phylise’s first baby and the first road trip.  Check back in two years and she’ll have the process streamlined to the point that it would make the four star general watch in awe.

Planning ahead is an important skill and it is generally something that gets better with time and experience.  If you’ve never done something before, its hard to anticipate what you might need.  It’s the same with purchasing REO properties. There are a lot of agents who are jumping on the REO band wagon saying that they do REO properties as well.  But when you are buying a home, is it really worth it to work with someone who is just starting out? 

Island Advantage Realty LLC has demonstrated excellence in the sale of REO property.  We are already experts in planning and negotiating REO home sales.  Don’t you deserve to work with the best?

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 www.NYForeclosureShowcase.com