Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia

The increase in real estate and home foreclosures in Hampton Roads and Richmond, Virginia means there are more bargains out there then ever before.
Twelve Hampton Roads and five Richmond area foreclosed/ bank owned homes are headed to the auction block today,  September 17th.  I will be attending the auction along with a few investor buyers that I represent.

Home auctions can be exciting ,informative and, can really show you what  a property is worth. If you go, you might land your first investment home for a bargain basement price.
All of these properties being sold today are bank owned REO ( Real Estate Owned) and being sold at auction to get them off the lenders books.

Just one of the properties on the auction block tomorrow is a three bedroom, one bathroom in Portsmouth. Right now it’s listed for $65,000 which is roughly half of its assessed value.
So, what does it take to bid on a home at auction?
First things first, you’ll want to know what you’re getting into. If you win a bid, what you see is exactly what you get.

If you are interested in purchasing a auction home its best to do your homework. Contact a real estate agent and check the home out, talk to your real estate agent and have them do a value analysis to make sure it’s a good deal.
Check out the inside too, you’ll know right away if the home is in move-in condition or if going to take a little extra to make it livable. Remember you will be buying it “AS IS” what you see is what you get. I would highly recommend hiring a home inspector and thoroughly inspecting any home you are serious about budding on. This can typically be done prior to an auction.
Once you’re satisfied and the home is worth your time and money then you’re ready for the main event, the home auction.

( Note: I would be happy to show you any- pre auction homes in the Hampton Roads, Williamsburg and Richmond VA area) simply email or call for an appointment.

To bid at the auction you will need to bring photo identification and a $2500 deposit. The deposit can be in cash or a certified check made payable to you.
Remember once you put down the deposit, you don’t get it back if you decide you don’t like the property. 

Buying a home or real estate at auction allows you to experience a quick purchase and closing, eliminates lengthy negotiations, and provides the assurance the price paid was market value.

The lenders that own these properties have made a business decision to sell property in a one-day sale rather than continuing to incur carrying costs. The sellers are motivated to sell and offer you an opportunity to purchase desirable property at the best price.

There are no back taxes or liens against the properties. Each property will be conveyed by special warranty deed, and title insurance is provided by the Seller.

The real estate auction will be conducted with open bidding. The audience begins the bidding so there are no set minimum bids. The final sale price for each property is subject to approval by the seller. In some cases, the sellers are present at the auction to make an immediate decision. Unless the properties are offered “absolute”, the seller reserves the right to accept, reject or counter the final bid!

A Buyer’s Premium will be added to your bid. The premium is a percentage amount (typically 5%) paid by the buyer and added to the highest successful bid to determine the final contract price.

Some of the homes being auctioned have financing available while others do not. So its best to have your financing in place. Email to get pre-approved prior to the auction

It is very important for auction home buyers to be educated and informed regarding the real estate auction process. I would highly advise reviewing a sample purchase contract  with your real estate agent and an attorney prior to any home auction purchase. Make sure all your questions and concerns are answered before you attend an auction. We can normally procure a sample contract prior to home auctions. I would be happy to refer you to a real estate attorney for further question or contract review. Most auction companies will   not permit additions or changes to the contract.

If you are a successful high bidder you will then present your check and complete the Purchase and Sale Agreements. Usually you must increase your initial deposit to a total of 5% of the purchase price upon execution of the contract, which takes place at the auction. You may pay this additional amount by personal or company check.

Closings are typically held 30 – 45 days from the date the seller accepts the bid offer.

If you would like to stay updated on home auctions in the Hampton Roads and Williamsburg  and Richmond VA area send me an email and I will add you to my VIP Auction Updates.

See you at the auction.

List of homes being auction today by Hudson and Marshall in Norfolk VA Note: Some homes may already be under contract

401 97 28th Street Unit H Newport News, VA 23607 Bed: 2 Bath: 1 1/2 Sq. Ft.: 930 402 920 Lasser Drive Norfolk, VA 23513 Bed: 2 Bath: 1 Sq. Ft.: 714 403 4008 Deep Creek Blvd Portsmouth, VA 23702 Bed: 3 Bath: 1 Sq. Ft.: 996 404 2105 Des Moines Avenue Portsmouth, VA 23704 Bed: 4 Bath: 2 Sq. Ft.: 1442 405 10 Harris Road Portsmouth, VA 23702 Bed: 5 Bath: 2 Sq. Ft.: 1600 406 1277 Little Bay Avenue Norfolk, VA 23503 Bed: 2 Bath: 1 Sq. Ft.: 863 407 716 West 2nd Avenue Franklin, VA 23851 Bed: 4 Bath: 3 Sq. Ft.: 2500+- 408 1044 Green Street Norfolk, VA 23513 Bed: 3 Bath: 1 Sq. Ft.: 1050 409 319 Gale Avenue Chesapeake, VA 23323 Bed: 4 Bath: 3 Sq. Ft.: 1608 410 726 Pelham Drive Newport News, VA 23608 Bed: 3 Bath: 1.5 Sq. Ft.: 1914 411 93 Apollo Drive Hampton, VA 23669 Bed: 3 Bath: 2 Sq. Ft.: 1819 412 1033 Princess Anne R Virginia Beach, VA 23457 Bed: 4 Bath: 2 Sq. Ft.: 1512 413 127 Eberly Terrace Hampton, VA 23669 Bed: 2 Bath: 1.5 Sq. Ft.: 1185 414 905 Lunenburg Ave Norfolk, VA 23523 Bed: 3 Bath: 1 Sq. Ft.: 1208 415 700 Chestnut Street Franklin, VA 23851 Bed: 4 Bath: 1 Sq. Ft.: 1261 416 1407 W.Ocean View Avenue #D Norfolk, VA 23503 Bed: 2 Bath: 1 Sq. Ft.: 928

This post was authored by local resident and REALTOR, John Womeldorf.  John is known around Hampton Roads  as Mr. Williamsburg, for both his extensive knowledge of the historic triangle, Hampton Roads, 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 757.254.8136 or John@MrWilliamsburg.com.

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Filed under: Foreclosures, Foreclosures, hampton roads, home auction, Short Sales, williamsburg va |