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

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

Researching the Auction Procedures in Your State

Our 2nd topic of 10 concerning Foreclosure Auctions is Researching the Auction Procedures in Your State.  Because each state establishes its own procedures and laws regarding foreclosure auctions, you will need to find out all the little details before wading into the world of auctions. 

The first piece of information you will need is the name of the county in which the auction will be held.  The county clerk, or equivalent thereof can provide a wealth of facts and figures.  Who is actually conducting the auction, whether a bank, or county sheriff?  What are the requirements for payment as winning bidder?  How much money down is required?  If it possible to speak to the trustee managing the account?  How does the bidding work?  These are some of the questions a county clerk can answer.

Another source of information would be a real estate agent in the county where the auction will be held.  A web search, or a call to the local Chamber of Commerce can result in a number of names.  .  In the Metro NY, Long Island area the recognized experts in foreclosure and REO sales is Island Advantage Realty LLC. On October 12th we will be hosting the 1st annual New York Foreclosure Showcase.  If you are interested in learning more about this exciting market you won’t want to miss this showcase!
Ask a lot of questions.  Do not be concerned about appearing uneducated.  In this instance, it’s better to ask the questions and become educated than to try and blunder through and possibly lose a great deal of money.  We can and will help you become a savvy bidder.

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

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

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

Manifesting a Home with the NY Foreclosure Showcase

I have a client who is a big fan of “The Secret”.  If you aren’t familiar with “The Secret” it is a best selling novel and DVD that teaches the power of positive thought.  Followers of “The Secret” are encouraged to visualize things that they want to have happen in their lives and to even create a visualization board that is filled with pictures of what they would like to manifest.

My client wanted to be a home owner.  She watched “The Secret” and decided that she wanted to manifest the circumstances necessary for her to own a home.  She spent time everyday meditating, she visualized the house she wanted to own and she even cut out pictures from a magazine and glued them on to a board to help her to visualize.  She did this for months and nothing happened.  Then one day another fan of “The Secret” told her she needed to also take action – visualization and positive thinking can only get you so far and then you have to take action. 

My client called Island Advantage Realty LLC and now she is in escrow on a lovely REO property that promises to be a great investment.  If you are someone who is trying to manifest a house in your life, give our offices a call and let us help you to take the necessary action.