• 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

Fannie Mae speeding up Short Sale process

In an effort to prevent foreclosures Fannie Mae has introduced its HomePath for Short Sales tool to help assist real estate agents in short sale transactions.

The  tool is available to real estate professionals working on a short sale that involves a Fannie Mae-owned loan. Once the short sale case is escalated, Fannie Mae will directly work with the agent or mortgage servicer to assist challenges such as valuation disputes, delays by servicers or uncooperative subordinate lien holders.

Agents can also use the new escalation process to receive a recommended list price from Fannie Mae prior to listing the property for sale

“By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, agents will close more sales, prevent foreclosures and help neighborhoods continue to recover.  Getting short sales done benefits everyone involved and Fannie Mae is committed to doing their part.”

Real estate professionals across the country have already begun using the HomePath for Short Sales escalation tool to resolve challenging short sale issues.

"I was working on a short sale recently with a servicer who was not being responsive, so I used the HomePath for Short Sales site to escalate the case to Fannie Mae," said Kelby Teer, a real estate professional with HomeSmart in Phoenix, AZ.  "I heard back very quickly and within two days the sale was approved.  My clients will now be able to avoid foreclosure."

"Fannie Mae has taken a serious step to address common issues with short sale files,

 

Borrowers Considering a Short Sale

If you are facing foreclosure and can no longer afford your home, you may qualify for a short sale, even if you don’t think you can sell your home. A short sale is when you sell your home for less than the balance owed on your mortgage. If your lender approves a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.

If you are a borrower considering a short sale, take a look at Fannie Mae’s Know Your Options website. Then contact Mr Williamsburg to get started listing your Williamsburg or Hampton Roads home for sale.

John@MrWilliamsburg.com 

757 254 8136

Frequently Asked Questions by borrowers

1. What is a short sale?

A short sale is a real estate transaction selling a home for less than what is owed on the mortgage. The bank or financial institution that holds the mortgage has to approve a short sale since it means taking a loss on that loan. With the decline in property values as a result of the housing crisis, short sales have become a larger share of home sales and an important tool to prevent foreclosure.

  • You are ineligible to refinance or modify your mortgage
  • You are facing a long-term hardship
  • You are behind on your mortgage payments
  • You owe more on your home than it’s worth
  • You haven’t been able to sell your home at a price that covers what you still owe on your mortgage
  • You can no longer afford your home and are ready or need to leave

2. What is Fannie Mae’s role in the short sale process?

If Fannie Mae owns your loan, Fannie Mae provides direction to the servicer of your loan. For short sales, Fannie Mae’s guidance includes borrower eligibility guidelines, specific list price guidance, offer requirements, and other potential foreclosure alternatives available to you if you do not meet the eligibility requirements for a short sale.

3. How do I know if Fannie Mae owns my loan?

To determine if Fannie Mae owns your loan, use Fannie Mae’s Loan Lookup tool. If you are not the property owner, you must have the property owner’s consent to use this tool.

4. What is the role of my mortgage servicer in the short sale process?

Your mortgage servicer handles all borrower interactions and the borrower eligibility process for a short sale. If a short sale offer meets Fannie Mae’s guidelines – including acceptable offer price, terms and normal and customary expenses – then certain servicers can approve and close the transaction on Fannie Mae’s behalf. If an offer does not meet Fannie Mae’s guidelines, a servicer can submit the offer to Fannie Mae to determine if the offer is acceptable.

5. What are my options if a short sale isn’t approved?

Contact your servicer to discuss the options for a Mortgage Release™, which is another option to resolve delinquency and avoid foreclosure. With a Mortgage Release, you have the option to 1) leave the property immediately, 2) remain for a three-month transition period with no rent payment required, or 3) sign a temporary lease with Fannie Mae for up to twelve months. (The Mortgage Release option was previously called deed-in-lieu of foreclosure.)

Behind on your mortgage payments ? Get up to $30k to sell your short sale home in Hampton Roads

Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses of – between $2,500 and $30,000 – at the completion of a qualifying short sale.

imageQualified homeowners in Williamsburg or Hampton Roads VA who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property, depending on the investor involved.

To qualify for the enhanced relocation assistance payments under the new program, sellers must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.

The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.

Initially, the program will be offered on mortgages that are owned and serviced by Bank of America.

Customers who believe they may be eligible for Bank of America’s short sale relocation assistance program may contact program specialist John Womeldorf at 757 254 8136 or email me at John@MrWilliamsburg.com

To help homeowners understand the short sale process and other foreclosure avoidance programs, Bank of America encourages them to visit the Home Transition Services website at www.bankofamerica.com/hometransition.

Frequently Asked Questions:

Q: If a short sale is initiated with an offer, will it qualify for this enhanced relocation assistance?
A:
No. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Is the enhanced relocation assistance eligible to non-owner-occupied properties?
A:
Yes, it is available to non-owner-occupied properties.

Q: Will the relocation assistance funds be reported on the HUD-1?
A:
Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?
A:
Yes, a homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the enhanced relocation assistance added to any other incentives, such as the HAFA or Bank of America Cooperative Short Sale Program incentives?
A:
The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for $5,000, then $3,000 will be from the HAFA funds and the remaining $2,000 will be from Bank of America homeowner incentive funds.

Short Sale Relocation Assistance Program: Bank Of America Mortgage Customers could receive $5,000 to $30,000

Adding to its foreclosure prevention initiatives, Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000  at the completion of a qualifying short sale.

 

The short sale relocation assistance program builds on the bank’s already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012. This program is based on a similar incentive offer that Bank of America tested in Florida last year.

 

To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.

 

The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.

 

Initially, the program will be offered on mortgages that are owned and serviced by Bank of America.

 

While available nationally, Bank of America anticipates greatest response to the program will come from borrowers in California, Nevada, Arizona, Florida and other states hardest hit by the economic downturn and falling property values.

 

Hampton Roads or Williamsburg BOA Customers who believe they may be eligible for Bank of America’s short sale relocation assistance program may contact program specialists at 757 254 8136

 

To help homeowners understand the short sale process and other foreclosure avoidance programs, Bank of America encourages them to visit the Home Transition Services website at www.bankofamerica.com/hometransition.

Frequently Asked Questions:

Q: If a short sale is initiated with an offer, will it qualify for this enhanced relocation assistance?
A:
No. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Is the enhanced relocation assistance eligible to non-owner-occupied properties?
A:
Yes, it is available to non-owner-occupied properties.

Q: Will the relocation assistance funds be reported on the HUD-1?
A:
Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?
A:
Yes, a homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the enhanced relocation assistance added to any other incentives, such as the HAFA or Bank of America Cooperative Short Sale Program incentives?
A:
The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for $5,000, then $3,000 will be from the HAFA funds and the remaining $2,000 will be from Bank of America homeowner incentive funds.

 

bannerpsst … 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 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  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.

Here you can search homes for sale , active adult communities, 55+ communities, condos and townhomes , foreclosures/ REOland, 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 atJohn@MrWilliamsburg.com

I look forward to serving your real estate needs!

Best,

John

Hampton Roads Foreclosed Home Auction- Today Sept 17th

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

5395 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

Top 5 Reasons to not buy short sale real estate in Hampton Roads Virginia

Why shouldn’t you buy a short sale property in Williamsburg or Hampton Roads VA ?

Though there are many homes on the market listed  as short sales, there are few people  cut out to buy them.  In fact, quite a few end up bailing out on the transaction before it is ratified and purchase something else.  To help save you a lot of frustration, I have created a list of situations which should discourage you from purchasing a short sale….

hairpull4 1.You don’t have much hair.  Well, you will end up losing a lot from stress or pulling it out !

2. You have to be a in a home in the next 30 days.   Most short sales take 30-120+ days minimum before they are accepted, assuming they are, by the bank.  The risk is high that you will still be homeless in a few months.

3.   You are an anal retentive control freak and always want to know the status of your transaction.  Your Realtor could be the best Realtor on Earth, but when it comes to communication between the Realtors, the asset managers, the negotiator, the attorneys the seller, the bank, and the response times of these parties… many buyers have been known to loose their minds.  Be aware that that many of these parties don’t work on the weekend and aren’t concerned with your idle threats..

4.   You are an avid Internet Home Shopper.  While you are waiting for months while the bank responds, you will feel like you are missing out on many other options out there.  For this reason many short sale buyers move on to other homes before the bank ever responds.

5.  You easily loose sleep at night.  Short sales are not for the weak at heart.  They will cause the average buyers more stress than a years worth of work and leave you confused and feeling frustrated in the end.

Who Is Perfect For Purchasing A Short Sale???  The perfect short sale buyer is a very relaxed, take it as it comes person, who is not in a rush to buy a home…  If you are this person, then a short sale may be for you.  If not, then go for a resale home, or new construction.

What is a Short Sale ?

In real estate, a Short Sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to reduce the  loan balance due to an economic or financial hardship on the part of the mortgagor.

Last I checked, ( March 9, 2009 )  there were 604 short sale properties listed ( Out of 13988 listings ) for  for sale in REIN ( Real Estate Information Network) The primary MLS for Hampton Roads Virginia (all types) on the market from VA Beach to Williamsburg and all areas in between with prices ranging from $45,990 to $1.3 million.

Short Sales are easier if you have only one lender to deal with. But, what about lenders holding second – and third trusts if any .

Lenders holding first mortgages get first dibs on borrowers’ cash or on the homes should people fall behind on their payments. Banks that made home equity loans are second in line. This arrangement sometimes pits one lender against another.

When borrowers default on their mortgages, lenders foreclose and sell the homes to recoup their money. But when homes sell for less than the value of their mortgages and home equity loans — a situation known as a short sale — lenders with first liens must be compensated fully before holders of second or third liens get a dime.

Currently there isn’t a way for a consumer to search the REIN MLS  or WAAR MLS ( Williamsburg Area Assoc of Realtors) for short sales, foreclosures or many other categories. You can click here to see a recent list.

I would be happy to send you updates like this via email whenever a short sale or foreclosed home comes on the market anywhere in  Hampton Roads area of VA including surrounding cities, suburbs and neighborhoods throughout like Williamsburg,Jamestown, James City County,Yorktown, Norge, Lightfoot, Toano, Gloucester, Surry, Newport News, Hampton, New Kent, York, Gloucester, Charles City Virginia  Va Beach,Norfolk, Chesapeake, Isle of Wight, Portsmouth,Franklin, Greenville, Mathews, Suffolk, Smithfield,  West Point, Poquoson, or York County Virginia . Simply send me an email to John@MrWilliamsburg.com.

Williamsburg VA Area

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Hampton Roads, Southside/ Peninsula VA
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