Written by Gabriella for Island Advantage Realty, LLC
REO property isn't a good choice for everyone, but it is a great choice for a lot of people. Seniors find that there are distinct advantages to purchasing REO properties. Because of the often lower than market price on REO properties senior citizens are able to lower their mortgage payments substantially, which can be crucial on fixed income.
Another advantage to REO properties for senior citizens is the financial ability to modify the new home to meet specific requirements. Frequently REO properties have mild to moderate issues which must be addressed by the new home owner. Banks take this into consideration on the purchase price of the home, giving the home owner the freedom to correct damage issues to their own specifications. If you know that you need to build a ramp on to the front of the house, why not buy a home that needs work on the existing porch anyway, and with the discount on the home finance the new ramp which totally suits your needs? It's just one of the many reasons Seniors are taking advantage of the current REO market.
If you are a senior citizen and would like to take see what the REO market has to offer, give us a call at Island Advantage Realty, LLC. We are the leaders in this specialized market for the Long Island and metro NY areas.
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
Island Advantage Realty, LLC specializes in Foreclosures and Bank Owned properties in the Metro NY and Long Island Areas. They are dedicated to educating home buyers about the home buying process in the Foreclosure and REO markets.