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

Hampton Roads in TOP 15 Markets for house flipping

Posted on July 27, 2013 by mrwilliamsburg

Real estate investors who flip houses in the Hampton Roads are are making a few bucks this year.

They saw an average gross profit of $26,565 or 13 percent, on an average purchase price of $206,765 in the first six months of the year, according to a report released this morning by RealtyTrac, an online researcher of foreclosures It is worth noting that RealtyTrac did not factor in how much was spent on the rehab.

As the Hampton Roads housing market has gradually improved over the past year, so has the potential for making a quick buck.

At least, so says research firm RealtyTrac, which ranked Hampton Roads as the ninth-most profitable U.S. market for buying and quickly selling homes during the first half of 2013.

Daytona Beach, Fla., topped the list with a profit margin of 82 percent. Omaha, Neb., came in second at 56 percent. Five other Florida metro areas and Pittsburgh finished above Hampton Roads.

The report also showed that flipping is cooling in Las Vegas, Phoenix and Southern California, places that previously had been hot spots.

Daren Blomquist, vice president of RealtyTrac, sees a wave moving across the country from west to east. The wave is the housing recovery, and it is driving trends such as flipping.

The report also broke down flipping by state. For the entire state of Virginia, flipping was up 135 percent. In Maryland, it was up 104 percent, and in D.C., it was unchanged.

Rising mortgage rates don’t appear to have a dampening effect on flipping, since most real estate investors pay cash or finance through a hard money lender. However, the rising rates are making it more challenging for the investors to sell their properties once they have renovated them.

Statewide, real estate investors made an average gross profit of $23,170 on an average purchase price of $326,333 in the first half of the year, according to the report.

By comparison, investors nationwide made an average gross profit of $18,391 on flipping houses, a 9 percent gross return. The average cost of the house for the investor was $200,942.

Top 15 Markets for Profitable Home Flipping

RealtyTrac, an online marketplace for real estate data, defines a flip as a home sale that happens within six months of the home’s previous sale. Gross profit is simply the difference between what the flipper paid and what the flipper later sold the property for. The profit figure doesn’t take into account any improvements the flipper might have made on the property, nor does it factor in the possibility that the flipper bought the house with a mortgage rather than cash (which could greatly increase the profit — though many investors pay for homes in full rather than use borrowed money).

“While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available,” said Daren Blomquist, vice president at RealtyTrac. “Out of the 100 markets we analyzed for the report, 32 had declining flipping numbers, including perennial flipping hot spots like Las Vegas, Phoenix, Southern California and Atlanta. Still flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros.”

Click here to search foreclosed , bank-owned homes/ REO in all of Hampton Roads VA FREE and No registration required.

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US Foreclosure Inventory Declines to Lowest Level Since April 2010

Posted on October 11, 2012 by mrwilliamsburg

According to the report released by Corelogic ,Foreclosure activity levels reached a five-year low in the third quarter with 531,576 filings reported, a 13% drop from last year and the ninth month of consecutive quarterly declines.

Approximately 1.3 million homes, or 3.2 percent of all homes with a mortgage, were in the national foreclosure inventory as of August 2012 compared to 1.4 million, or 3.4 percent, in August 2011

“The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction,” said Anand Nallathambi, president and CEO of CoreLogic. “The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”

“August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing,” said Mark Fleming, chief economist for CoreLogic. “While we are seeing improvement on a national level, there remain higher concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year.”

In Williamsburg/James City County/ York County only 7 homes sales were bank owned foreclosures in September 2012, out of 111 total home sales . At 6.3 percent of sales we are well below most areas in distressed sales percentages.

As of today. only 24 Bank owned foreclosure are currently listed for sale in the Williamsburg VA area out of 934 homes on the market.

Here in Hampton Roads in September of 2012 only 234 properties out of 1048 sold were bank owned foreclosures. At 22% percent of overall sales this number is well below the 46% share we saw in April 2011.

The main thing to watch is the overall trend, which is definitely sloping down. Thankfully, the shadow inventory problem that many were worried about these past few years seems to have deflated more gradually than initially thought so we didn’t see a second flood of foreclosures all hit the market at the same time at the national level.
It will take some time, still, before foreclosures are completely out of the housing recovery vernacular. But things are looking good. We just have to charge ahead and make sure the systems in place for markets where foreclosures are still rampant are efficient enough to keep moving. Demand for these homes doesn’t seem to be a problem.

Search Williamsburg and Hampton Roads Foreclosures For Sale

You can search foreclosed , bank-owned homes/ REO in all of Hampton Roads VA with the links below. No registration required.

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Psst…I’m a real estate agent.

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 Williamsburg/ Hampton Roads area and his expertise in the local real estate market.

I can help you access all the information you will need about choosing a neighborhood and buying a home in New Kent, Gloucester, Newport News, Hampton, York County, Smithfield, Williamsburg, Poquoson or the greater Hampton Roads area, including area information on schools, local government, shopping, activities for the children and more! Whether you have made a decision to relocate, retire or are just considering a move to Williamsburg or Hampton Roads VA, let me help make your transition or PCS to the area a smooth and enjoyable one!

Hampton Roads is a transient community due to the large population of military members in the area. I have a unique perspective on relocation and have helped many families move in and out of the area. I understand the kind of support team it takes to make a smooth transition.

Area Orientations

Complete tours can be scheduled to help you familiarize yourself with Williamsburg and Hampton Roads neighborhoods, home prices, shopping centers, military bases, recreational facilities, public & private schools and transportation systems. My orientation will provide you with awareness of aircraft noise & accident potential zones, flood zones, major traffic patterns and commute times to your job.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes ,foreclosures/ REO, land, building lots, commercial property in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach me by phone at 757-254-8136 or email John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

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US Foreclosure filings down in 2012

Posted on May 17, 2012 by mrwilliamsburg

National April foreclosure activity decreased 5 percent from March and was down 14 percent from April 2011, according to a report released by RealtyTrac Thursday. One in every 698 U.S. housing units had a foreclosure filing during the month.

RealtyTrac CEO Brandon Moore attributed the drop in part to an increase in short sales, which are becoming a more common alternative to foreclosure among distressed properties.

More distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore said in a statement. “Our preliminary first quarter sales data shows that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.”

After three straight monthly increases, U.S. foreclosure starts — which include default notices or scheduled foreclosure auctions, depending on the state — decreased 4 percent from March to April. A total of 97,665 properties started the foreclosure process for the first time during the month, down 2 percent from April 2011.

“It is surprising the numbers are staying as low as they have this year,” said Daren Blomquist, vice president of RealtyTrac, noting that many analysts expected a wave of new foreclosures in the wake of a landmark settlement between the government and big banks over fraudulent foreclosure practices. That wave hasn’t come, at least on a national level, for several reasons, Blomquist said. For starters, the numbers are down in California, which represents about 20 percent of the foreclosure activity in the entire country.

Still, he said the overall decrease is “masking” the fact that foreclosures actually are up in places such as Florida, New Jersey and Indiana, among other states. Despite the overall decrease in foreclosure starts, 26 states posted monthly increases in foreclosure starts.

Despite the lower-than-expected activity, Blomquist believes the number of foreclosures will still rise this year.

“At the end of the day, 2012 is going to be bigger than 2011.”

He said he did not expect “normal” levels of foreclosures to return until at least 2014.

Eleven of the nation’s 20 largest metro areas documented annual increases in foreclosure activity, led by the Florida cities of Tampa (59 percent) and Miami (38 percent), RealtyTrac reported.

Lenders issued 809 foreclosure-related notices in the Hampton Roads VA area last month, up 2.4 percent from the 790 issued in March but down 21 percent from the 1,023 reported in April 2011, according to RealtyTrac

Despite several cities experiencing an increase in foreclosure activity last month, the numbers in every major city in the region were down from year-earlier levels. Portsmouth continued to have the highest percentage of homes that received a foreclosure filing, according to the report.

Among the 20 largest metros areas, cities posting the biggest annual drops in foreclosure activity included Seattle (54 percent), Phoenix (44 percent), San Francisco (34 percent), Washington (30 percent), Riverside-San Bernardino, Calif. (30 percent) and Los Angeles (28 percent).

You can search foreclosed bank-owned homes/ REO in all of Hampton Roads & Williamsburg VA with the links below. FREE & No registration required.

Search Chesapeake VA Foreclosures , Search Hampton , Newport News Foreclosures, Search Isle of Wight Foreclosures, Search Norfolk Foreclosures, Search Poquoson Foreclosures, Search Portsmouth Foreclosures, Search Smithfield Foreclosures, Search Suffolk Foreclosures, Search VA Beach Foreclosures, Search Williamsburg Foreclosures, Search Yorktown Foreclosures

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 areas of Virginia 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 the Williamsburg/ Hampton Roads area and 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.

You can search homes for sale , active adult communities, 55+ communities, condos and townhomes , foreclosures/ REO, land, building lots, commercial property in Williamsburg , Yorktown, New Kent, Gloucester, Poquoson as well as the surrounding areas of Hampton Roads, Virginia

You can reach John by phone at 757-254-8136 or email him at John@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

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US Foreclosures drop to lowest level since 2007

Posted on January 12, 2012 by mrwilliamsburg

Banks filed foreclosures on roughly 205,000 homes in December, the lowest monthly total since November 2007, according to RealtyTrac, which said the 1.8 million foreclosures for 2011 dropped nearly 35% from 2010. .

Unexpected delays — including robo-signing issues that first arose in late 2010 — kept 2011 numbers lower than expected. Still, one in every 69 homes received at least one filing.

Foreclosure filings plunged to a three-year low in Hampton Roads last year after reaching record highs in 2010, according to a report to be released today.

In Hampton Roads the number of properties with at least one foreclosure filing fell to 6,988 in 2011, down 45 percent from the 12,815 properties with a filing the previous year, according to RealtyTrac, a foreclosure-monitoring service based in Irvine, Calif.

There are currently 863 bank owned foreclosed homes (REO) for sale in Hampton Roads and 25 in Williamsburg/ James City County / Upper York County

Last year was the first time since RealtyTrac began collecting foreclosure data in 2005 that the annual number of local properties with a foreclosure filing has declined year-over-year, suggesting that the problem might be easing.

"Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year," said Brandon Moore, RealtyTrac’s new CEO. "The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process."

Problems arose late in 2010 of improper filings at the state court houses. Mortgage servicers and third-party firms will spend much of 2012 sorting through any financial harm done to borrowers, and settlement talks with the state attorneys general continue.

You can search for bank owned homes in Williamsburg and Hampton Roads VA here

Or sign up to get our current local listings emailed directly to you on a weekly basis or as they become available in your area here , simply put bank owned homes in the comment field.

NOTE: There is no charge for these bank owned/ REO/ Foreclosed home lists

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Special Offers On Bank Owned Homes in Williamsburg and Hampton Roads Va

Posted on November 16, 2011 by mrwilliamsburg

HomeSteps, the Freddie Mac real estate sales unit, kicked off a sales promotion this week to unload some of its inventory of lender owned foreclosed homes in Virginia and a number of other states.

The Winter Sales Promotion for owner-occupant buyers includes:

Paying up to 3 percent of the final sales price toward the buyer’s closing costs for initial offers received between Nov. 15 and Jan. 31, 2012. You must close on the property on or before March 15, 2012, to qualify.
Two-year Home Protect limited home warranty, which covers such things as the heating, air conditioning, electrical, plumbing, and other major systems
and appliances. You can read the warranty info

here

You can search for bank owned homes in Williamsburg and Hampton Roads VA here

Or sign up to get our current local listings emailed directly to you on a weekly basis or as they become available in your area here , simply but bank owned homes in the comment field.

NOTE: There is no charge for these bank owned/ REO/ Foreclosed home lists

Like what you are reading ? Want to receive updates by email in the future ? Sign up here If you hadn’t guessed 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 post was 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 @ 757-254-8136

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Foreclosure Activity Is Falling In Hampton Roads

Posted on September 15, 2011 by mrwilliamsburg

Foreclosure activity fell in Hampton Roads last month despite jumping across the US, according to a report to be released today.

According to RealtyTrac, an online foreclosure-monitoring service based in Irvine, Calif. there were 1,044 foreclosure-related notices in the Hampton Roads VA region in August, down nearly 15 percent from July and down 13 percent from the level a year ago,

Compared with the year-earlier period, the number of foreclosures in Hampton Roads has been trending downward this year. Some real estate experts attribute the decline to processing delays at mortgage servicing companies and banks, while others attribute it to a stabilizing housing market.

With the exception of July, the number of foreclosures in the region has been below year-earlier levels since December.

The total notices of bank repossessions and foreclosure auctions fell in Chesapeake, Norfolk, Portsmouth and Suffolk, while rising in Newport News, Hampton and Virginia Beach, according to the report. Foreclosures were most widespread last month in Portsmouth.

Nationwide, foreclosure activity rose as 228,098 properties received foreclosure notices, up 7 percent from July but down nearly 33 percent from a year earlier. The national data include notices of default, the first stage of the foreclosure process after a homeowner has missed mortgage payments.

SEARCH FOR FORECLOSURES IN HAMPTON ROADS AND WILLIAMSBURG BELOW

To search by city or county, click on the links below. These are preset searches that will find most of the bank owned foreclosures in those areas. No registration needed and no charge to access.

Foreclosure Lists:

VA_Beach_Foreclosures , Chesapeake_Foreclosures , Yorktown_Foreclosures

Suffolk_Foreclosures ,Isle_of_Wight_Foreclosures ,Norfolk_Foreclosures

Hampton_Newport_News_Foreclosures ,Williamsburg_Foreclosures

Smithfield_Foreclosures ,Poquoson_Foreclosures

Like what you are reading ? Want to receive updates by email in the future ? Sign up here 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 post was 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 @ 757-254-8136

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Investors land sweet deals on HUD foreclosed Homes in Hampton Roads VA

Posted on July 11, 2011 by mrwilliamsburg

Few people have been as fortunate as Stephen Wills this year – at least in the business of buying and flipping foreclosed homes.

Last spring, the Virginia Beach real estate agent entered the winning bid on seven foreclosed homes owned by U.S. Department of Housing and Urban Development. Asking prices for the properties in Norfolk, Chesapeake and Hampton ranged from $75,000 to $126,000.

But Wills got each of them for less than the price of a decent late-model used car – about $10,000 each.

"Maybe I was the luckiest investor ever, or I was in the right place at the right time," Wills said. "To be honest, I have no idea."

Other investors also have snagged bargains on government-owned foreclosures recently. A home in Chesapeake on Blackwater Road sold in April for $60,000. It was listed for $192,000. A Suffolk home on Kilby Shore Drive sold the same month for $38,000. It was listed at the time for $185,000.

Read the rest of the story here in the VA Pilot

Search Bank Owned / Foreclosures and Short Sales in Williamsburg VA here

When you are ready to take that next step in investing in real estate in Williamsburg or Hampton Roads , VA, call 757.254.8136 or email at John@MrWilliamsburg.com

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The foreclosure mess rocking the nation is playing out in Richmond, Virginia

Posted on June 28, 2011 by mrwilliamsburg

On one side is a father-and-son team who bought a house in Windsor Farms as an investment at a foreclosure auction nearly two years ago but can’t take possession of the house.

On the other is the couple who owned the house — and claim they still do, alleging that the foreclosure process was improper and should be voided.

Now, the case is tied up in the courts.

William N. Watson Jr. and William N. Watson III had hoped that a decision in court Monday would bring them closer to taking possession of the property.

But it didn’t happen.

Judge Walter W. Stout of Richmond Circuit Court said Monday that the case has become a quagmire because of questions relating to title and possession.

He dismissed a motion to reinstate a court order last fall that gave the Watsons possession of the house at 212 Portland Place.

Thomas B. Nicholson and his wife, Linda, promptly challenged that ruling and, as a result, the order giving the Watsons possession was suspended.

This case is far from over. Similar cases are likely to pop up, as foreclosures continue to mount nationwide and lenders and attorneys general in all 50 states review foreclosure procedures for possible improprieties.

Read the rest of the story here

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Real Estate Market Update February 2011 For Hampton Roads VA

Posted on March 9, 2011 by mrwilliamsburg

Let me start by saying statistics for this summary are derived from the Real Estate Information Network, REIN, An MLS that primarily covers the areas of Southside Hampton Roads, the Peninsula region as well as a few other outlying areas . There is another MLS in Williamsburg (WAAR) and another in Gloucester (CBRAR) and one in Richmond (CVRMLS) There will be differences in outlying area results since not all homes are listed and sold in each of the MLS’s

The Hampton Roads residential real estate market continues showing signs of stabilizing and strengthening. The number of residential settled sales and under contract sales maintained positive trends while the number of active listings for sale slowed its climb. It does seem that not everything is settling down as the distressed homes market continued to increase.

February 2011 saw solid gains in the number of residential settled sales, up 9% when compared to February 2010. However, the Hampton Roads market seems to be bifurcated between the Southside region and the Peninsula when it comes to settled sales last month. The Southside region saw an increase of 16% year-over-year while the Peninsula was down 8.5% for the month. All of the major cities in the Southside area showed year-over-year monthly gains in the number of settled sales. Only James City County experienced significant growth in the Peninsula region, up 11.5% when compared to February last year.

Continue reading →

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Hampton Roads sets record with foreclosure filings

Posted on January 15, 2010 by mrwilliamsburg

The number of local foreclosure-related notices in Hampton Roads VA in December 2009 hit 1,200, up 35 percent from November and 38 percent higher than a year ago, according to RealtyTrac, an online foreclosure-monitoring service based in Irvine, Calif. That tops the earlier high of 1,164 in April 2009. The spike in foreclosure activity came after several months of steady declines through the fall.

It seems that the government programs aimed at foreclosure prevention are having little impact locally and across the country.

Continue reading →

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23% Of Mortgages Underwater

Posted on November 25, 2009 by mrwilliamsburg

Nearly a quarter of the nation’s homes with mortgages are valued for less than the amount their owners owe the banks holding their mortgage loans, according to a depressing new report.

The report by First American CoreLogic indicates that almost 10.7 million, or 23 percent, of all residential properties are “underwater” meaning they have negative equity. The majority of such negative-equity mortgages are in states such as Nevada, Arizona, Florida, Michigan and California.

In the Hampton Roads, VA area more than 71,500 homeowners owed more on their mortgages than the homes were worth at the end of September, according to the report .That’s nearly one in four local mortgage borrowers -22 percent – who are “underwater” on the loans. Continue reading →

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Nye Asks Banks, Mortgage Lenders to Aid Chinese Drywall Victims

Posted on October 9, 2009 by mrwilliamsburg

In order to aid homeowners with chinese drywall issues Congressman Glenn Nye (VA-02) is asking banks and mortgage servicers to provide assistance to homeowners struggling with toxic drywall. On Thursday, Nye announced that he had introduced a Concurrent Resolution (H.Con.Res. 197) in the House of Representatives, calling on mortgage holders to allow homeowners to apply for a temporary forbearance in their mortgage payments.

Due to the toxic fumes emitted by the drywall, many families have been forced to leave their homes and seek shelter with friends, relatives and neighbors. Families that have been forced to move into rental housing now have to pay both the cost of their mortgage and the cost of renting.

Some homeowners have been successful in applying for forbearance, but not all lenders have been willing to cooperate.

“Families in Hampton Roads are now paying for both rent and a mortgage on an uninhabitable home, and at a time when the economy is already struggling, this is simply too great a hardship,” said Congressman Glenn Nye. “Recognizing this issue in Congress and formally asking lenders to be a part of the solution will give families more leverage when working with banks or mortgage holders who may be unfamiliar with the seriousness of this problem. While we work to get families back in their homes, I’m going to try every possible avenue to offer them some relief.”

On Thursday afternoon, Nye discussed the resolution with more than twenty homeowners from Hampton Roads who had traveled to Washington to meet with lawmakers. Due to the size of the group, Nye arranged to move the meeting to the House Small Business Committee hearing room in the Rayburn House Office Building. Nye is the Chairman of the House Small Business Subcommittee on Contracting and Technology.

Last Saturday, Nye toured two homes in Virginia Beach that were built with toxic drywall and met with homeowners. In May, Nye toured the Virginia Beach home of Colleen Nguyen and held a meeting with approximately a dozen families to discuss the challenges they faced.

The text of Congressman Nye’s resolution, H.Con.Res. 197, is attached below.

Download a Copy of Congressman Nye’s Resolution: H.Con.Res.197

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Hampton Roads Foreclosed Home Auction- Today Sept 17th

Posted on September 17, 2009 by mrwilliamsburg

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.

Auction Details

Date: Sept 17th
Time:1:00 pm
Place: Holiday Inn Select, 1770 North Military Highway
Norfolk, VA 23502

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.

More information here

Filed under: Foreclosures, Foreclosures, hampton roads, home auction, Short Sales, williamsburg va | Leave a comment »

Hampton Roads VA- Foreclosures

Posted on January 29, 2009 by mrwilliamsburg

Are you thinking of buying a foreclosed home in Hampton Roads Virginia ? Freddie Mac is offering a Closing Cost incentive of up to 3.5% of your purchase price for all Purchase Offers received between October 23, 2008 – January 31, 2009, that close by March 14, 2009.

Homebuyers: Now, no matter where you looking to buy a home in Hampton Roads VA, owning your own home may be more affordable than you think! If you are currently renting or wanting to move up, Mr Williamsburg would like to help you on your way to homeownership. By teaming up with Freddie Mac Mr Williamsburg can help you receive up to 3.5%* of your purchase price in closing costs for any offer presented on HomeSteps homes between October 23, 2008 – January 31, 2009 that closes by March 14, 2009

To qualify for this great money-saving offer, just ask Mr Williamsburg to show you the available HomeSteps homes in your area and to include this closing cost offer at the time of your initial offer on a HomeSteps/ Freddie Mac owned home. Then, upon qualified closing, you will receive your closing cost incentive.

No coupon required!

Saving up to 3.5%* at closing adds up! Just think, you could use your closing cost savings to purchase new carpet, new furniture – you name it!

This offer only lasts until January 31, 2009, so make sure and Call or email Mr Williamsburg today John@MrWilliamsburg.com about HomeSteps homes/ Freddie Mac Foreclosed Homes in Hampton Roads VA

*As an example of your savings, if the purchase price of your home is $300,000, HomeSteps will pay up to $10,500 of your closing costs. This savings is money that you can use for moving expenses or new furnishings. (Please note HomeSteps will only pay up to 3.5% of your purchase price in closing costs, not to exceed the total closing costs.

Promotion is valid only on HomeSteps (Freddie Mac-owned) properties.

Terms and Conditions:

In order to redeem an Ask an Agent buyer’s closing cost offer or Selling Agent bonus, homebuyers/agents must purchase/sell a HomeSteps home between October 23, 2008 – January 31, 2009; sale must close by March 14, 2009.

Terms:

Only HomeSteps (Freddie Mac-owned) properties are eligible.
This offer valid in the United States (including PR, VI and GU).
All offers submitted on or after October 23, 2008, and on or before January 31, 2009, are eligible.
Buyers Closing Cost offer must be mentioned to the HomeSteps Listing Agent at the time of initial offer on a HomeSteps home.
All sales must close escrow on or before March 14, 2009, to be eligible for Ask an Agent offers.
*Ask an Agent closing cost offer is valid only on owner-occupied, financed homes; a limit of 1% closing cost offer on owner-occupied, cash sales.
Closing cost offer may not exceed actual closing costs.
Investor sales are not eligible for buyer’s closing cost offer.
Ask an Agent offers are not valid on Auction or Sealed Bid properties.
Ask an Agent offers are not transferable and may not be combined with any other offer.
Seller reserves right to remove homes from “Ask an Agent” promotion or end promotion at any time.

If you are thinking of buying a foreclosure, short sale, REO or bank owned property or home in Williamsburg, New Kent, Gloucester, Yorktown, York, Newport News, Hampton, Isle of Wight, Suffolk, Chesapeake, Va Beach, Norfolk or any other areas of Hampton Roads email or call John Womeldorf John@MrWilliamsburg.com 757 254 8136 for an up to date list of all properties currently on the market.

Filed under: Foreclosure, Foreclosures, hampton roads | Tagged: a foreclosure, chesapeake, gloucester, hampton, hampton roads foreclosures, isle of wight, new kent, newport news, Norfolk or any other areas of Hampton Roads, REO or bank owned property or home in Williamsburg, short sale, suffolk, va beach, York, yorktown | Leave a comment »

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