Property Reverts to the Bank

9th in our series of 10 blogs on Foreclosure Auctions is Property Reverts to the Bank.  In the unfortunate event that none of the bids are accepted in a foreclosure auction, the property will revert to the bank.  This simply means that none of the bids were high enough for the bank to recoup its losses for the mortgage.  Banks are required by their shareholders not to lose money; therefore, when a homeowner is unable to pay their mortgage, it becomes the bank’s responsibility to try and recover the money at auction.

If the foreclosure auction doesn’t result in bids that will satisfy the mortgage, the bank will simply withdraw the property from auction and take possession.  The bank then has several options: the property can be rented, put up for a regular real estate sale, or sold as an REO.  The local market and how many properties the bank has had to foreclose will indicate the best solution for the bank.

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 the 12th of October which is sponsored by Island Advantage Realty LLC the 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.nyforeclosureshowcase.com.

Foreclosure Auctions is Researching the Property

Our 3rd topic in a series of 10 concerning Foreclosure Auctions is Researching the Property.  In order to make an intelligent bid, you need to know all of the information about the property.  Any outstanding liens, the amount of the remaining mortgage, a title history, the condition of the property, and any repairs that are needed, and an appraisal are all important data.  Another source of information would be to check on the real estate market in the area surrounding the property.  Look at comparable homes, and see what they’ve sold for to give you some idea of the current worth of the property.

The best place to start for this type of information is with the county recorder.  The financial information will be available from this county employee.  The trustee managing the auction for the mortgage holder is another good resource.  And finally, the owner of the property, if they are so inclined, can provide you with most of what you need to know.  Double checking your information would not be a bad idea, just to safeguard against any surprises.

If you win the auction, you will be responsible for the remaining mortgage, any necessary repairs, and possibly any outstanding liens.  This can be quite an expensive endeavor if you aren’t prepared for it.  Knowing exactly what you are bidding on can make the difference in winning an auction being a nightmare or a dream come true.

For more information on foreclosures and REOs in the Metro NY and Long Island area, you will want to attend the lst annual New York Foreclosure Showcase on the 12th of October.  This event is 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.nyforeclosurereport.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

NY Foreclosure Showcase October 12, 2008

The New York Foreclosure Showcase October 12, 2008 At The Long Island Marriott, Uniondale NY

Island Advantage Realty, LLC recently announced that they will be sponsoring the New York Foreclosure Showcase. The inspiration for this ground-breaking event was that the people of New York are being told that the Real Estate market is weak and unstable. “There are still outstanding opportunities available” says Todd Yovino, broker/owner of Island Advantage. “Interest rates continue to be historically low and homes are more affordable than they’ve been in years. Homeownership is now, more than ever, an obtainable goal for everyone.”

This event is where first time home buyers, families who want to relocate, or people looking for investment opportunities can have access to valuable resources, and have all of their questions answered about today’s home buying process. Industry professionals representing all aspects of the real estate market will be presenting information about their services at exhibits set up throughout the showcase venue.

Additionally, a special live home auction will be taking place during the final three hours of the showcase. Approximately 30 homes will be included in the auction, and are available for viewing prior to the auction. There will also be financing terms and conditions offered to qualified buyers at this event, which are rarely offered at traditional home auctions.

Educational break-out sessions will also be available throughout the day. These sessions are a unique opportunity for the average home buyer to have access to attorneys, mortgage companies, insurance agents and other industry professionals. Attendees will have the opportunity to benefit from the knowledge base of the presenters as well as having a forum where their individual question can be answered.

“In my years of experience I’ve found that the educated potential home-buyer often turns into a satisfied home-owner” says Yovino. “The New York Foreclosure Showcase will help consumers with research and planning, which is the first step towards achieving your dream of homeownership.”

For more information please call 727.372.2862 or email jackie@nyforeclosureshowcase.com or visit our website at www.nyforeclosureshowcase.com

About the NY Foreclosure Showcase

 

The purpose of the New York Foreclosure Showcase, a one day only event, is to bring together industry professionals with potential home buyers. The exhibits and information sessions are designed to educate and assist with the home buying process. This event will provide you as a prospective buyer with a central location to find all the resources necessary to purchase and/or customize your home. By being a part of this unique showcase you will have access to a wide range of industry professionals who are actively seeking to assist you with updating or purchasing your home.

Island Advantage Realty, LLC believes that the American Dream of owning a home can be a reality for everyone.

The event will be held on October 12, 2008 from 9am to 5pm.  The Auction will be from 2pm to 5pm. The Showcase is held at the Marriott Long Island Hotel and Conference Center in Uniondale, NY – adjacent to the Nassau Veterans Memorial Coliseum.  For more information call: 516-368-8599 or visit the site at www.nyforeclosureshowcase.com.