Island Advantage Realty: REO Report

Written by Gabriella for Island Advantage Island LLC I can't think of the Holidays without thinking of Home.  Home is the place that we all return to replenish our energies, to be loved and pampered before going back out into the world to conquer our dreams.  There is no more special time in a ho...

Written by Gabriella for Island Advantage Realty LLC The truth is there is no "stereotypical" REO buyer.  In the last few months Island Advantage Realty LLC has helped a wide variety of people to find the perfect REO property for their individual needs.  We helped two school teachers to find a ho...

Written by Gabriella for Island Advantage Realty LLC It is important when looking at REO properties to understand what to look for.  Your focus should remain on seeking value.  REO properties are sold "As Is" and in many cases they have cosmetic defeats that can be off putting.  If you are used t...

Written by Gabriella for Island Advantage Realty LLC If a property is offered at Foreclosure Auction and fails to sell it then legally becomes the property of the bank of lender.  The property is now referred to as REO, real estate owned.  The lender now has the legal right to sell the property o...

Written by Gabriella for Island Advantage Realty LLC If a home owner fails to make their timely payments the bank or lender will begin the foreclosure process.  The home owner is given several opportunities to satisfy their debt with the bank, if they cannot a date is set for the property to be s...

Written by Gabriella for Island Advantage Realty LLC If a home owner fails to make their payments on time, the bank or lender who owns the mortgage will begin proceedings that could lead to foreclosure.  This is a process that takes several months and gives a delinquent home owner many opportunit...

Written by Gabriella for Island Advantage Realty LLC Centuries ago a group of Pilgrims came to this new land.  They weren't sure what they would find and when they got here they weren't truly prepared for the hardships that faced them.  Still, they found there were indigenous people here who were...

Written by Gabriella for Island Advantage Realty LLC There is a lot of confusion about what REO is, how it differs from foreclosure property and how a home becomes an REO.  For the next few Blogs I am going to detail the foreclosure process to try to shed a little light on the subject.  First I w...

Written by Gabriella for Island Advantage Realty LLC We are all looking at the current economic situation and wondering where the bottom is.  I think we are all clear that it will turn around; the question most people are asking is when?  Since we have no way of knowing "When?" I prefer to ask a ...

Written by Gabriella for Island Advantage Realty LLC One of the great advantages of buying an REO property is the ability to inspect it. When a property is in foreclosure it usually isn't possible to have it inspected, in many cases it isn't even possible for you to view the inside, not so with R...