Looking for Bank owned or REO properties in New York?
Keep reading to discover 3 ways to invest in NY real estate at a discount with Sell Now Realty Group
Buying a low-priced property (preferably below market) is essential for investors, and one way to do that is to buy REO properties in New York. In this blog post, you’ll read about the top ways that you can you invest in bank-owned properties in New York and surrounding area.
Many Ways To Invest…
There are many ways to make money in real estate – whether you flip and sell to retail, or you buy and hold to rent out to tenants, or you do rent-to-owns, or any other number of profit-earning strategies. It seems like everywhere you turn, there are ways to creatively investing.
One Thing Is Common…
But one thing is common among almost every type of real estate investor and that is: you need to buy the property affordably low. Typically, investors prefer “below market” properties that they can purchase at a discount (compared to the price they’d pay if those same properties were sold on the market).
REO Properties In New York…
One way to get below market properties is by buying REO properties in New York. An REO property or “bank owned property” is when a homeowner can’t afford to continue paying for their mortgage, so the bank repossesses their house, ultimately owning the house. Of course the banks don’t want to hold real estate so they turn around and try to sell these properties to buyers like you.
Here are 3 ways that you can invest in REO properties in New York
Strategy #1: Buy REO Properties In New York From The Bank
You can go right to the bank and buy properties from them. Some banks will list their available properties on their website. The problem is, this is very much like buying a property from anywhere else – you have to view the property and you may even negotiate the sale because the bank will want to get the highest amount of money possible to recoup its losses. (You may also notice that these houses aren’t all in great shape – because the bank repossessed them and just wants to sell them instead of fixing them up first).
Strategy #2: Work With A Real Estate Agent To Buy REO properties in New York
You can ask your real estate agent to help you find REO properties in New York that you can buy. However, not all real estate agents comfortable working with bank-owned properties and may try to show you other houses that are “on the market” as well.
Strategy #3: Connect With Us At Sell Now Realty Group To Help You
At Sell Now Realty Group we specialize in finding below market properties (including REO properties in New York but certainly not limited to bank owned) and we make these properties available to you. These properties are carefully reviewed by us and are often fixed up to make sure they are in good shape and read for an investor to buy. And we don’t limit ourselves to REO properties in New York – we also have other sources of below market properties, too.