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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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‘Secret’ Short Sale Reward For Home Sellers in Florida?

Two lending giants are reportedly offering home owners who are behind on their mortgage a cash reward to agree to a short sale in Florida
JPMorgan Chase & Co. and Wells Fargo & Co. aren’t releasing many details about the short-sale incentives, but defaulting home owners in Florida have confirmed that they’ve received anywhere from $10,000 to $20,000 from the banks in order to agree to a short sale.
To help home owners avoid foreclosure, banks have offered a “cash for keys” program, offering money in exchange for surrendering the home, but banks offering incentives for a short sale would be new, industry insiders say. Usually a the perception is that banks agree to do a short-sale transaction as almost a favor for home owners, experts note.
The banks won’t say why only some home owners are being chosen to receive the cash incentives, nor its criteria for choosing who gets it, only saying it’s determined by “individual circumstances,” according to the Florida Sun-Sentinel.

Read the rest of the story here

Can’t Make Your Mortgage Payments ? Know Your Options.com

Fannie Mae has launched a new website,  KnowYourOptions.com, an online resource that outlines the available options to homeowners who are struggling with their mortgage payments.

The online resource, which offers reliable and easy-to-understand information in both English and Spanish, expands on Fannie Mae’s ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of KnowYourOptions.com include:

  • an interactive Options Finder to help homeowners identify options that might be right for their situation;
  • calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
  • videos featuring real homeowners discussing how they received help and housing counselors providing advice;
  • next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor.

KnowYourOptions.com provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on 

  • refinancing, 
  • repayment plans, 
  • forbearance, 
  • loan modifications, 
  • Deed-for-Lease
  • short sales, 
  • deeds-in-lieu; and more

As Certified Distressed Property Expert’s we can identify all possible options and, when possible, assist you in the quick execution of a short sale transaction.

Please feel free to give us a call anytime at 757 254 8136 or send us an email at John@MrWilliamsburg.com   and we will be happy to discuss your options with you.

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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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Foreclosures/ REO – Williamsburg VA

Coming soon. Not yet listed. Williamsburg VA Foreclosures/ REO/ Short Sales, James City County VA/ York County , VA.

Address:  LOW RIDGE, WILLIAMSBURG, VA, Penniman East, almost 2000 square feet, 4 bedroom, 2.5 bath, built in 2001, priced below $240k

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Address:  SMALLPAGE TR, Pointe at Jamestown, WILLIAMSBURG, VA
     4 bedrooms, 3.5 baths,   Price: 324,880.00

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Address:  QUEEN BISHOP LN, WILLIAMSBURG, VA, Off of Jamestown Rd

3 Bedroom with loft, very open floor plan, Lake Powell Point, Built in 2004, located on a cul de sac. Price TBD

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For further information on any of these properties or updates on foreclosures/ REO’s in the Williamsburg or greater Hampton Roads, VA. area contact John Womeldorf     John@MrWilliamsburg.com  or on his website www.MrWilliamsburg.com

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John Womeldorf is Mr. Williamsburg, sharing his thoughts, real estate expertise, and “all things Williamsburg” in an effort to spread the word that Williamsburg and Hampton Roads, Virginia is the greatest place on earth to live!

This informational update provided by Mr Williamsburg.com/ John Womeldorf . A local Realtor assisting home buyers and sellers in the Hampton Roads and Williamsburg areas of Virginia.

Research the area at www.WilliamsburgsRealEstate.com

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