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

Returning from Iraq, NY Foreclosure Showcase

I had the most embarrassing moment the other day.  It’s a long story but I had just gotten a green tea latte and was leaving the coffee shop when my heel got caught on the edge of the door matt.  The next thing I knew I was lying in the doorway and my latte was all over this very nice couple who were walking in as I was leaving.  I was mortified, they couldn’t have been nicer and I couldn’t help noticing that they both had strong accents that didn’t sound at all like New York. 

As we were trying to towel green tea off of every one I found out that the couple is originally from Georgia and they have recently left the Military after serving several tours in Iraq, three tours for him and two for her.

I felt so bad about having spilled my tea on them that I asked if there was anything I could do for them on their visit to New York.  That’s when they told me that they weren’t visiting that they were actually relocating to the Metro NY area.  What they asked for was help finding an affordable apartment, what I showed them was an affordable home to own with room to grow.

I couldn’t help but wonder how many other service men and women could benefit from buying REO property and investing in their future. I don’t want to have to spill any more green tea lattes to find out, so if you are military or ex-military and would like to find out about how you can benefit from owning REO property, please call us at Island Advantage Realty LLC, we are experts in this field and believe in supporting our troups at home and abroad.

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, attorneyor accountant before taking any action.  For further information or questions please contact Gabriella@IARNY.com

The Bottom Line, NY Foreclosure Showcase

Many Americans are struggling to make ends meet.  The price of gas has taxed the average home budget to its absolute breaking point.  With cold winter months approaching there are some people who are wondering how the will weather this economic storm. 

For many families the answer has come in the form of buying REO property.  These bank owned properties are competitively priced and if the buyer is willing to do some repair work, they can actually save a home owner a considerable amount of money.  For some families buying and REO has meant getting out of a loan that is about to reset to an impossible rate and moving into a comparable home with a lower monthly payment.  For other families an REO property has become an investment property providing an additional source of income now and in the future.

How could owning REO property benefit your current financial situation?  Now is a great time to find out.  There are more REO properties on the market currently than at any other time.  Island Advantage Realty is the industry leader in REO sales in the Long Island and Metro NY areas, we will be happy to show you this amazing field of real estate.

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