Long Island Bank Owned Homes

By
Real Estate Agent with Westcott Group Real Estate Company

 Bank owned homes on Long Island are sparking the interest of many first-time homebuyers and investors alike.  At the height of the housing market, prices on Long Island were often times out of reach for the first-time homebuyer, and investors had a difficult time finding homes that they could purchase and rent out without having a negative cash flow. 

 

The increase of bank owned homes on Long Island has created a window of opportunity for many people, in particular the first-time homebuyer.  Until recently, many first-time homebuyers felt like they would never have the chance to own a home on Long Island, and started relocating to other parts of the country where homes are more affordable.  Plenty of people are still choosing this option, but a number of first-time homebuyers that want to stay on Long Island now have the opportunity to do so, largely because of the availability of bank owned homes.

 

This is an important development in the Long Island housing market, and it should have a ripple effect which eventually leads to a stronger housing market for the following reasons:

 

[1]        The biggest drag on the Long Island housing market has been the "bottleneck" that has occurred due to a lack of first-time homebuyers.  First-time homebuyers entering the market allow people in starter homes to move up to their next home.  The sales cycle starts with first-time homebuyers and progresses upwards.  I personally witnessed this phenomenon when the sale of a starter home fell through over a few thousand dollars, abruptly halting a move by four families looking to move on Long Island.

 

[2]        The availability of bank owned homes has brought out buyers that have been sitting on the sidelines waiting for the "right" time to buy.

 

[3]        Once buyers get into the mindset of being ready to buy a home, they usually continue their search even if they don't feel that a bank owned home suits their needs.

 

 

For those homebuyers and investors that are interested in buying a bank owned home on Long Island, I have put together a list of towns and price ranges where bank owned homes are available.  Each week, I will release a list of new bank owned homes that have come on the market in various price ranges and towns, broken down by counties (NASSAU COUNTY, SUFFOLK COUNTY).

 

To make this list a bit more dynamic, I have created each town as a link.  If you click on the name of any town, it will take you directly to information about the community.  In most cases, you will be able to find demographic information, census bureau information, average household income and more!

 

$1 million and over

SUFFOLK COUNTY

West Islip

 

 

$750,000 - $999,999

SUFFOLK COUNTY

Dix Hills

Smithtown

East Northport

 

NASSAU COUNTY

Glen Cove

Port Washington

 

 

$500,000 - $749,999

SUFFOLK COUNTY

Dix Hills

Smithtown

Huntington

Manorville

East Hampton

 

NASSAU COUNTY

Bellmore

Garden City

Oceanside

Oyster Bay

Valley Stream

Westbury

 

 

$400,000 - $499,999

SUFFOLK COUNTY

Northport

East Setauket

Port Jefferson

South Huntington

Shirley

 

NASSAU COUNTY

Baldwin

Cedarhurst

Elmont

Freeport

Glen Cove

Lynbrook

Merrick

Seaford

Uniondale

Valley Stream

West Hempstead

Wantagh

Westbury

Woodmere

 

 

$300,000 - $399,999

SUFFOLK COUNTY

Amityville

Centereach

Central Islip

Deer Park

East Patchogue

Hampton Bays

Holbrook

Lake Grove

Lindenhurst

Patchogue

Sayville

Shirley

West Babylon

West Islip

 

NASSAU COUNTY

Baldwin

Bayville

Bellmore

East Meadow

Elmont

Freeport

Hempstead

Hicksville

Inwood

Island Park

Levittown

Locust Valley

Lynbrook

Massapequa Park

Merrick

Oceanside

Roosevelt

Seaford

Uniondale

Valley Stream

West Hempstead

Wantagh

Westbury

 

 

$200,000 - $299,999

SUFFOLK COUNTY

Lindenhurst

Amityville

Bay Shore

Bayport

Bellport

Brentwood

Centereach

Central Islip

Copiague

Coram

Deer Park

East Patchogue

East Islip

Holbrook

Mastic

Mastic Beach

Medford

Patchogue

Port Jefferson Station

Ridge

Rocky Point

Ronkonkoma

Selden

Shirley

Sound Beach

West Babylon

 

NASSAU COUNTY

East Meadow

Elmont

Freeport

Hempstead

Inwood

Island Park

Massapequa

North Baldwin

Roosevelt

South Hempstead

Uniondale

Westbury

 

 

$100,000 - $199,999

SUFFOLK COUNTY

Central Islip

East Patchogue

Holtsville

Mastic

Mastic Beach

Medford

Patchogue

Riverhead

Shirley

Sound Beach

Wading River

Wyandanch

 

NASSAU COUNTY

Freeport

Hempstead

Inwood

Uniondale

Westbury

 

About The Author

Adam Waldman is a Long Island Residential Real Estate Professional that can assist you with the purchase and/or sale of real estate on Long Island, from bank owned homes to new construction to waterfront property, and everything in between. Adam is also a Relocation Specialist that has created a network of real estate professionals throughout the country in an effort to assist relocating Long Islanders in their transition to new areas. These professionals are experts in the field of relocation and can serve many purposes beyond a simple home search.

Please visit www.TheLIReloGuy.com for your relocation needs and www.AdamWaldman.com for your local needs.

Adam Waldman - RE/MAX Best - 631-357-2036 - adam@AdamWaldman.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Location:
New York
Groups:
Posts to Localism
Tags:
long island bank owned homes
long island real estate
long island realtor
first time homebuyers
long island investors

Comments 14 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the scissors to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous #10
Anonymous
Nicholas Athenas
My brother and I are looking for a starter home for the least expensive price in Suffolk/Nassau county border.  Any info would help greatly,   Thank-you,  Nicholas
April 27, 2008 02:27 PM
Rainer
274,084
Adam Waldman
Realtor - Long Island
Westcott Group Real Estate Company
NICHOLAS:  Please feel free to contact me, and I'd be happy to help you and your brother in any way that I can.  You can reach me at 631-357-2036 or at Adam@AdamWaldman.com.  Thank you.
April 27, 2008 07:40 PM
Rainer
122,827
Paul Warkow
Paul Warkow-D.G. Weber Law Associates

Excellent article and still relvant.  Many first time home buyers are looking for the bargains.  It is actually a good thing to have those REO's sold and occupied.  It will stop the declining home prices.

March 14, 2009 08:58 AM
Anonymous #13
Anonymous
Anonymous
Hello. My name is Ronald . For compliance purposes I am leaving my Lender's name out. In my blog, anytime you see _________ , i am referring to my banks name. For all realtors or individuals who are seeking oppurtunity, i would read this blog over and over again until it registers and is intergrated in your mind! I am a mortgage specialist who works for the only Mortgage Banker in the United States that has been approved for the Help 4 Homeowners program by HUD >. We are also one of a few banks that have Ginnea Mae warehouse lines and can finance properties for borrowers down to 500 fico's in refinances and 531 ficos on purchases. We have basically monopolized the industry because of these facts!! You may want to keep my number handy in case you have any scenerios with potential borrowers that fall under these guidleines. I would have to say 7 out of 10 borrowers do. I feel it is also important for you to know that my Lender is working with many Wall Street Servicing companies and other Banks with houses that are in foreclosure. We have a ton of listings as well and are RELO's and are agressively bringing aboard realotrs and providing them with our exclisive listings. We as a Lender can not be the bank and selling agent because of laws and confilics of issues so we need your help!! We are even getting the banks and servicing companies to pay for the borrowers closing costs because of the leveredge in the industry we have. The Obama administration just rolled out there new plan in early April. A house can not be foreclosed on unless they first go through an application and get declined for the Help 4 Homeonwers program 1st. There is only one place for them to go as of now and that is _____________! ******Any realtor would die for these listing because it is a for SURE sale and the borrower can not go anywhere else if they want the concessions we offer as a result of the direct cooresponding relationship between ___________ and the Bank or Servicer who we are getting the listing from. They will be committed to _________ to close there loan if they want a purchase with no closing costs and Bank Owned properties being sold at a significantly below market value price.****** Of course they are not obligated to do business with us ( the exclsuive agent ) , but why wouldnt they if there rate, closing costs and purchase price will be much lower as opposed to working with someone else where they would need to pay closing costs, realtor fees and most likely not receive a concession on a rate or purchase price by not working with us??????? < (___________) Let me be clear....The borrower is literrally purchasing there house with not spending a dime because the Lender who gave us the listing is picking up there closing costs!!! Why did they pick ______________??? Again, because we are the only bank in America that is insured by HUD to write a Help 4 Homeowners loan and because we are one of a few who are capable of closing a loan under Ginnae Mae ware house lines ( 500 ficos's) Mostly all banks require a 620 mid. Do you realize how huge that is??? Why are the banks and servicing companies that hold these lisitings not refinancing, selling these properties below market value and allowing the borrower to pay no closing costs and get a rate concession???? Good question!! Here is the answer so pay attention!!! Mainly all banks who have these listings, do not have the ability to write loans and have hired servicing companies who are considered to be Hedge Fund operations. If you know anything about "Hedge Funds"you would know that they are a performace based industry. So... If they have a home that is not performing ( not paying there mortgage ) they are willing to refinance it or sell it where they can make 30 to 60. cents on the dollar when getting it off there books as opposed to making nothing, zero, zilch, and lose hand over fist day after day with per diem interest, house depriciation in a declining market while paying for the homes taxes insurance and lose money on the borrower not making pricipal or interest. I have to admit. The executive's of the Lending institution i work for (____________) had enough foresite and knowledge of over all financing to start working on this prior to the foreclosure boom. It truely is a win win situation for all parties. Isnt that the definition of synergisitc thinking? Probably a major reason why my company is growing at a rate of 400% a year as other banks are closing there doors day after day!!! When you stop to think about it ,they are true geniouses!!!! Please call me to discuss and get on board! Now is the time! We all now that time we allow to pass us by we will never get back, and that a market like this in conjunction with the banks willlingness, is one we have never seen before andl probably never see again. We have dynamically positioned ourselves as the nucleus of this market!! Ron 516. 698. 0630
May 23, 2009 06:08 AM
Anonymous #14
Anonymous
Bill Dechairo

hi Ron ,

currently living with my wife and 2 kids on  long island ,

i am writing this letter, with hopes  of sending me maybe in the right direction,

lived here for 19 yrs ,   bought house with my mom[ mother/daughter]  i am living in now.  well i thought i did.

mom was only one on title,   well  we got into disagreement back in feb 2011 .  mom [69 yrs] old

decided she wanted to move out,  made up some ugly stories ,regarding us as a family,  just so

she could  justify her actions,  we have paid everything regarding home  ,maintaining ,utilities, ect..19 yrs

mom took 100000 cash out, and did a  reverse morgage, and threatening us  to move out ,

 we had built up at least 250000 in equity,

really put a familiy of 4 in a tight spot.  seems like overnight i am looking for  housing ,

really what would it take someone to do this,  she just used the home against  us,

situation has been going on for 6 months now,  just when you thought you heard all the stories.one like this comes along,

wife and i are both employed,living in island park  new york, never bought a home ,

any advice?

thanks alot

Bill Dechairo

516 428 6511  or email   billy30193@aol.com

 

June 17, 2011 06:59 AM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the world to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
274,084

Adam Waldman

Realtor - Long Island
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the robot to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Long Island Real Estate and Relocation Specialist. Please read my blog for tips on how to sell your home for the most amount of money in the shortest amount of time, general real estate advice and consultation on out-of-state relocations. View Adam Waldman's profile on LinkedIn
javascript hit counter
site statistics