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  • 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
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US Foreclosure Inventory Declines to Lowest Level Since April 2010

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.

 

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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. 

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 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

Bank of America to forgive some second mortgages

As part of Bank of America’s ongoing efforts to help customers in need of mortgage assistance, this company is in the process of mailing approximately 150,000 letters to pre-qualified homeowners offering automatic extinguishment of their second lien mortgages. The intention of the program is to place homeowners in an improved financial situation by reducing their monthly debt obligations and, potentially, help them create equity in their property. 

imageLetters that began mailing in July 2012 and continue through the end of this year inform predetermined eligible homeowners that the full balance of their Bank of America-owned and -serviced second lien mortgage will be forgiven and the bank’s lien on the collateral property will be released free and clear, unless the customer opts out of this relief offer within 30 days of receiving the letter.

Questions and Answers

What is the second lien mortgage elimination offer?

We are offering eligible customers who are behind on their home loan payments the opportunity to have their remaining second lien mortgage debt eliminated.  With this offer, the full unpaid principal balance on the second lien mortgage will be eliminated.

Who is eligible for the offer?

To qualify, customers must currently have a second lien mortgage owned and serviced by Bank of America that meets certain threshold delinquency or property value criteria, or a second lien mortgage associated with a first lien mortgage that is severely delinquent. Only second lien mortgages owned and serviced by Bank of America are eligible for this extinguishment program. It does not matter who owns and services the first lien mortgage. The vast majority of the second lien mortgages eligible for this program are in default in their subordinate lien position. A small number of second lien mortgages that are paid current will be extinguished if they are associated with a first lien mortgage that meets the program criteria.

Eligible customers will receive letters from Bank of America via Federal Express or certified mail, explaining the offer to have their second lien mortgage debt eliminated. Mailings began in late July. At this time, only customers receiving letters will be eligible for the program. Customers cannot request to be part of the program.

More info here

Ford’s Colony Homeowner Association Is Foreclosing On Delinquent Property Owners

Anyone who stops paying a mortgage knows the bank can come after their home.

But homeowners associations foreclosing on properties? Its now happening in Williamsburg VA.

OLYMPUS DIGITAL CAMERA         That’s right. Ford’s Colony Homeowner Association (FCHOA) is  foreclosing on property as owners stop paying their monthly assessments

The two properties being foreclosed on by Ford’s Colony HOA are both building lots with golf course frontage. The lot at 123 James Bray was purchased way back in 1987 for $75k. It is assessed by James City County for $146k. The other lot being foreclosed on is located at 4 Bates Ct, it was purchased in 1994 for $60k and is assessed for $117k.

Both appear to be owned by the same owners: Colonial Designs / William and Martha Bryant of Atlanta Ga.

The foreclosure sales are being handled by Philip S. Chapman, Esq. with Tarley Robinson, PLC in Williamsburg, VA.  The lots will be offered at public auction on Friday, August 5, 2011, at 10:00 a.m. on the steps of the entrance to the Williamsburg/James City County Courthouse

( note: we were unable to verify the amount of unpaid HOA fees due on these lots)

Homeowners associations require dues to maintain common areas — pools, parks, landscaping and lighting. After owners default, the associations are left with few options. They can either slash services or raise the fees.

Homeowner Associations generally attempt to work deals with homeowners and only foreclose after dues go unpaid for more than a year or longer, experts say. That way they avoid the attorneys fees and court costs that come with foreclosing. By foreclosing, the associations are then on the hook for maintaining the seized properties.

Frank Rathbun, a spokesman for the Virginia-based Community Association Institute, CAI, said associations don’t want to foreclose, but will as a last resort.

"Associations have to operate as the businesses they are," Rathbun said. "Homeowner associations have a responsibility to maintain the community."

Map location of lots in Ford’s Colony

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Virginia  law allows homeowners associations to foreclose on a home or property if the owner owes money to the association.

The Virginia Property Owners’ Association Act governs the operation of property owners’ associations. According to the act, homeowners associations can file liens on residents if they don’t pay assessments, fines or other costs associated with both.

Nationally, about 62 million people live in 310,000 homeowners associations, condominium communities, residential cooperatives and other planned communities, according to the Community Association Institute. A survey by the group in October found that 65 percent of homeowners associations have delinquency rates exceeding 5 percent, up from just 19 percent of associations in 2005.

What about you ?. Do you think Home Owner Associations should be allowed to foreclose when HOA  fees are not paid ? 

foreclosure lists

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.

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

More Woes for Fords Colony Developer Realtec

fords colony williamsburg         Residents of Ford’s Colony in Rocky Mount North Carolina are on edge after the upscale community’s golf course recently shut down and a section of the community was taken over by the lender BB&T bank.

The golf course closed in January and was taken over by C&F Bank, the lender for the golf course. The course likely will reopen soon after the bank hires a golf management company to run the course. Early indications are the course will be handed over to a golf management company (Sources indicate it might be Traditional Golf Properties of Toano, VA). 

Traditional Golf Properties seems to be on a buying spree having recently  purchased The Golf Club at Brickshire in Providence Forge VA as well as three North Carolina golf courses from Bluegreen Golf — The Golf Club of Chapel Ridge in Pittsboro, The Preserve at Jordan Lake in Pittsboro and Carolina National Golf Club in Bolivia. Those purchases boosted the company’s portfolio to 11 mid-Atlantic golf courses.

Continue reading

Another Huge Developer Foreclosure in Williamsburg, VA

UPDATE- January /2009

The foreclosure was postponed in late September, however. At the time, substitute trustee Peter Zemanian postponed the scheduled sale “to facilitate discussions that are ongoing among the lender and property owner

With negotiations over, the auction has been rescheduled for 11 a.m. Feb. 5 at the Williamsburg-James City County Courthouse.
The owner is in default of a $55 million loan and owes at least $68,823 in back taxes on the four properties that make up the tract, according to documents provided by Zemanian.
A $100,000 deposit is required to bid on the land.

Terms of the foreclosure sale require the buyer to honor the terms of those businesses’ leases. The land itself is in foreclosure, not the individual businesses operating within the shopping center.

 

Will Settlers Market in New Town become the next Marquis debacle ?

According to a notice in a local newspaper there is a foreclosure sale scheduled for the land and property currently owned by AIG Baker Williamsburg LLC. The sale will not affect the operation of Trader Joes , Bakers Trust or BB& T Bank . Nor will it have an effect on the leases already signed by Michaels Arts and Crafts which haven’t yet started construction. It had been rumored that Home Goods and Steinmart had signed leases in Settlers Market. No mention of those stores either.

Plans for the Wal Mart Neighborhood Market, an upscale boutique market seem to be up in the air. A chief plan examiner for the James City County Codes Compliance office, said Friday that while Wal-Mart had applied for a building permit the company had not followed through to actually obtain it.

Wal-Mart originally applied for the building permit for the proposed 40,000-square-foot store in February 2008. If built as planned it would be more than three times the size of Trader Joe’s.  It seems that Wal Mart was released from the deed of trust.

settlersmarketwiliamsburgva Settler’s Market was designed as a  mixed use center with a proposed 350,000 square feet of retail and office along with 210 residential ( Condos) flats and townhouses. So far the only businesses to open have been Trader Joes, BB&T Bank and Bakers Crust restaurant.

The center is located at the northeast intersection of Highway 199 and Monticello Avenue within the New Town Master Plan Development corridor, there are connecting roads and walking trails into New Town.

The property in questions as a combined assessed value of approximately $16 million dollars and is about 42 acres in total area.

The lender on a nearly $55.5 million note has declared the loan in default. The appointed trustee for the lender indicated the loan balance is far below the $55.5 million on the original note.

Five properties currently leased at Settler’s Market are specifically mentioned in a trustee’s sale legal notice as being obligations any successful buyer must honor. They include three already open businesses: Baker’s Crust, a popular southside chain that opened in May; Trader Joe’s and BB&T Bank. Also with signed and protected leases are Cingular Wireless and Michael’s Arts and Crafts, which have not opened.

The property  includes several shell buildings that appear on the verge of occupancy, there is little else at the development. A paved road, complete with decorative street lights and curbs, bends through acres of cleared property. An on-site sales office sits idle for the proposed condo units . This office was closed months ago.

It’s interesting to note that the developer  AIG Baker in their sales brochure was touting a projected  increase in population in James City County of  94% by 2025.

The developer behind Birmingham-based AIG Baker has indicated that the  company’s fortunes are not tied to teetering insurance giant American International Group Inc.

AIG Baker is not a subsidiary of New York-based AIG, though the insurer’s global real estate division is a longtime investor in AIG Baker.

The Federal Reserve has orchestrated what amounts to an $85 billion takeover of AIG to prevent the world’s largest insurer from a bankruptcy filing that could have disrupted global financial markets.

AIG formed a joint venture with then-AB Shopping Center Properties Inc. in 1993. AIG has provided some financing on the front end of projects according to company representatives. The company has projects under way in Alabama New Jersey, Virginia and Texas.

Unless a workout is accomplished with the current lender the sale is scheduled to occur on Monday October 5, 2009 at the Williamsburg and James City County Circuit Court Building.

Stay tuned for further updates

,image Map of Settlers Market, Williamsburg VA

 

 

 

 

 

 

 

 

 

 

 

 View Settlers Market in a larger map

 

 

5395 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, www.WilliamsburgsRealEstate.com  and   www.MrWilliamsburg.com, were created as a comprehensive resource about living in Williamsburg and Hampton Roads, with the hopes of selling a house now and again.  You can reach him at 757.254.8136 or John@MrWilliamsburg.com.

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

Another Ford’s Colony/ Realtec Foreclosure

Another property owned by Realtec/ Ford’s Colony has been advertised as a foreclosure sale. This property fronts on Centerville Rd and is adjacent to the Westport Community that is under development by Realtec.

The property is approximately 22 acres and is currently zoned A1. It lies outside of the PSA district so rezoning would be difficult although it could possibly be subdivided into 3 acre lots.

The sale is scheduled for August 27, 2009 at the James City County Courthouse.

Realtec paid $895,000 for the land in November of 2005.

A recent search of properties owned by Realtec/ Ford’s Colony revealed they own at least 92 different parcels. Their most recent purchase of land was the  parcel on News Rd which they paid $6,000,000 for in August 2007. This is where the controversial  Retirement Community “ Village at Ford’s Colony “ is to be built.

Aerial Map of Auctioned land

Email John@MrWilliamsburg.com for a current list of foreclosed and or short sale homes for sale in Williamsburg or Hampton Roads 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 757.254.8136 or John@MrWilliamsburg.com.