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

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

Planning the Process

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

The Moments of a Lifetime, NY Foreclosure Showcase

There are some events that are so memorable that they are etched into our memories forever, weddings, the birth of a child and putting the keys in the door of your first home.  As a real estate professional it is one of my favorite things about my job to be able to see the joy on a person’s face on the day when the actually get possession of their home. I have a cousin who is a delivery room nurse and she says it is the same thing for her – that moment of breathless anticipation. 

I love to imagine all of the wonderful moments that will occur for the family in their new home, all of the firsts.  It is a great privilege to be able to help people to enjoy home ownership. 

With the current market, especially the REO market, more and more families are discovering that they can enjoy the benefits of home ownership.  If you are interested in owning a home please consider an REO property; you will find that these affordable homes are a worthwhile investment in your financial future.  Island Advantage Realty LLC is the recognized leader in REO sales for the Metro NY, long Island Area. Give us a call it, could lead to one of the most memorable moments of your lifetime.

REO Not a Rock Band from the 80s NY Foreclosure Showcase

As you probably know REO stands for Real Estate Owned, this is a name for properties that were foreclosed upon and did not sell at auction.  Sometimes these properties are called Bank Owned.  REO is a hot topic of conversation simply because there are so many of them on the market. As the sub prime crisis has unfolded and more and more homes have slid into foreclosure, the shear number of these properties has made it impossible the sell them all at auction.  It is estimated that 50% of the homes in foreclosure will revert to REOs.  That is a lot of homes.

Fortunately, this presents a wonderful opportunity for families and individuals who previously have found themselves priced out of home ownership.  REO properties are
sold for fair market value minus the cost of necessary repairs.  In some cases this can make the financial difference for a family and help them to be able to afford a home.
To find out more about this exciting opportunity talk to a realtor at Island Advantage Realty LLC, we are the recognized leaders in REO sales in Metro NY and Long Island.

REO Investors and the NY Foreclosure Showcase

Someone asked me the other day who the typical REO investor is?  I couldn’t answer the question effectively because there really isn’t a typical REO investor.

In my day to day business I see everything from Grandparents to overseas investors to hard core real estate investors.  Right now we have a women’s investment group who is seeking an REO investment for rental property.  They are a group of women ages 17-64 who meet once a month at the public library to discuss investment strategies.  There is nothing typical about these ladies.  They are as diverse and unique as the day is long.  But they have one thing in common, they love a good investment.

We have several clients who are overseas investors.  With interest rates still low and current value of the American dollar, they are taking advantage of the low REO prices to make a solid investment in the future.

It’s too hard to pin down a “typical REO investor” because so many people have reasons to save money and invest it in real estate.  It would be like asking who a typical grocery market shopper is – “People who like to eat!”  People who buy REOs are people who like to save money and want to invest in their financial future.

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

Check out the New York Forclosure Showcase on October 12, 2008.  For more information call 516-368-8599 or visit the site at www.nyforeclosureshowcase.com.