• psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813

Hampton Roads VA Short Sales

Selling a home in Virginia as a “short sale” can keep the worst from happening – FORECLOSURE. “Short sale” means selling your house for less than what you still owe the bank in a mortgage. A potential buyer can get a great deal if the bank agrees. But before you get into a deal that sounds too good to be true, know that the amount of red tape, could be a red flag.

In a search of our local MLS (REIN) I noticed there are approximately  526 homes listed as “Short Sales “in the Hampton Roads VA region.

You would think it would be an easy task to buy a short sale in this market.  A desperate seller and lets face it, everyone’s looking for a bargain, but convincing the bank to pay-off your loan for less than what you owe, that’s NOT SO EASY!

In a short sale there are tow negotiations that take place. One negotiation with the seller and the other negotiation that takes place with the lender. A short sale is going to take at least 60 days, probably closer to 90. We have had some that have dragged out over 6 months !

The main cause :  If the bank is going to take a financial hit, they’re going to want to lessen the blow and hold out for a ‘better’ offer – translation – they’re NOT in a hurry!

Some lenders will list the homes at a ridiculously low price hoping for a multiple offer situation on an under-valued home.

Knowing the red flags of a short sale, can be the green light to a bargain.  A great rule of thumb is a short sale home inspection. If a homeowner is ‘in’ or about to default on their mortgage — there’s a chance they’ll skip some repairs that may cost you.

There have been some tremendous deals lately for those who are patient !

You can click here for a current list of short sales in the Hampton Roads VA area.

I would be happy to email you any short sales that become available in a specific area of Hampton Roads VA that you are considering. Simply give me the criteria you are searching in your ” Dream Home” i.e.

Price range:
Area:
Bedrooms:
Baths:
Any specific features : Garage, First Floor Bedroom, One Story, Two Story
Neighborhood:

Send John@MrWilliamsurg.com an email for a current list of “Short Sales in the Hampton Roads VA Area.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: