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

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

Home Sweet Home

There is no place like home.  Sure, we all like to go away for vacation, but isn’t it always a relief when you come home?  Home is the place where everything makes sense; you know exactly where the light switches are with out even looking.  Home is where we live the majority of our days and where most of our memories are made.  It makes sense that having an affordable home that adds to your emotional and financial security would be a blessing.  REO Property is a wonderful way to purchase just such a home.

If you are in a home that causes you more financial stress than emotional security, or if  you are currently renting your home – it is time to look into purchasing an REO property.  Please give us a call at Island Advantage Realty LLC, we are the definitive source for information on REO homes in the Long Island and Metro NY areas.  Make sure that the address you come home to adds to your enjoyment of life.

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.

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.

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

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.

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