Islip Bank Foreclosures – Find the Best Homes

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The last thing that a homeowner expects in a foreclosure and in the recent times, there has been a steady rise in Islip bank foreclosures as well as foreclosures nationwide. New York has maintained its foreclosure rate throughout 2005 and it accounts to about one and a half times that of the national average.

57% of New York foreclosure homes are available in the three counties of Bronx, Kings, and Queens while Islip County remains one of the few counties with a low foreclosure rate. The New York average has been one foreclosure for every 1,124 homes and has grown in 2007. This has led to the increase in the availability of the New York bank foreclosures at a discounted price.

The advantage of purchasing foreclosure homes in Islip is that it has good infrastructure and the city offers many facilities in terms of education, jobs and recreational. The disadvantage of purchasing Islip bank foreclosures is that you might not find the home of your choice, your bidding price may be low and lastly, the cost of living is high. The only comforting factor is that the cost of living in Islip is lower as compared to Bronx or Queens.

The next thing to consider is where to find the best homes. Foreclosure listings offer detailed information on various types of homes in Islip including handyman specials, condos, HUD, VA homes and fixer-upper. As an investor, you can always purchase handyman specials at a much lower price and then renovate it and repair the damages. Once the home looks as good as new, you can sell it to make a good profit.

As a first time homebuyer, you can invest in some of the best condos, flat and even HUD homes. Of course, you will have to appear at the Islip bank foreclosures auction and win the bid to get your dream home.