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Foreclosure looms for Realtec/ Fords Colony Developer has defaulted on loans in Williamsburg, VA

fords colony williamsburg va Posted :August 8, 2009- 6 am

Have you been on the fence about buying a lot in Ford’s Colony in Williamsburg, VA ? Well now may be the time to get off the fence. Citizens & Farmers Bank, one of the lenders to Realtec/ The developer of Ford’s Colony will be selling 36 lots at a foreclosure sale next week. The combined assessed value of these lots is over $6 million.

Realtec has defaulted on a loan which has triggered a Trustee’s sale of quite a few properties it owns within Ford’s Colony. The sale is scheduled to occur on August 20th, 2009 at the James City County Courthouse.

This follows another legal proceeding against Realtec and Rocky Mount, NC Ford’s Colony development which I wrote about here back in May of 2009.

The list if properties, thirty six in total includes the following properties:

116 Knob Hill, 104 Knob Hill and 100 Knob Hill 224 Ashford Manor, 220 Ashford Manor and 204 Ashford Manor 201, 220, 216 and 204 Brick Hampton 140, 136, 128, 124, 120, 112, 108 and 104 Freshwater Bay 116, 108, 115 and 104 Entry Hill 100 and 116 Eagles Cliffe 104 and 100 Edenbridge 124 James Bray Drive 204 Coxmoor 124 and 168 Nottinghamshire 219 Oakmere Park 209 Kilton Forest 205 Royal County Down 205 and 208 Tralee and 101 John Pott Drive.

Most likely if no reasonable individual bids are received the lender will foreclose on the entire lot portfolio. The lots would then be marketed individually after the sale to net the highest return for the lender.

The Terms of Sale are: Cash and settlement must occur within 30 days of sale. A bidders deposit of ten (10%) percent of the successful bid may be required.

This information was from a public sale notice posted in a local Williamsburg VA newspaper on August 7, 2009

Update August 20th, 2009
Although the sale brought many interested parties no lots were sold at the foreclosure auction on Thursday. Five people bid on properties but all were outbid by the lender.

The lender ( Citizens and Farmers bank)  offered a special on financing of 3.99 percent interest,with interest-only payments for the first 36 months.

Stay tuned for further details. You can sign up for email updates here to insure you have the latest news.

 

Click here to search homes for sale in Ford’s Colony Williamsburg VA

Click here to search land/lots for sale in Ford’s Colony, Williamsburg, VA

This post was authored by local resident and REALTOR, John Womeldorf.  John is known around town as Mr. Williamsburg, for both his extensive knowledge of the historic triangle, and his expertise in the local real estate market.  His websites, www.WilliamsburgsRealEstate.com and  www.mrwilliamsburg.com   were created as a comprehensive resource about living in Williamsburg, with the hopes of selling a house now and again.  You can reach him at 757.236.8136 or John@MrWilliamsburg.com

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