• 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

Buying a bank owned home in Williamsburg or Hampton Roads VA

ForeclosureWith mortgage interest rates at record lows and single-family home affordability at an all-time high, there has never been a better time to buy. In the wake of the recent housing crisis, it’s increasingly common for prospective homebuyers to consider buying a real estate owned (REO) home – one that has gone through the foreclosure process and is owned by a bank or other institution. While the process for buying an REO is a lot like buying any other home, it’s important to understand what you should know before you buy.

Real-Estate Owned (REO), or "bank-owned," properties for sale are not that prevalent in Williamsburg VA but are more common in the Southside of Hampton Roads area

What is an REO or bank-owned home?

As a prospective homebuyer, it’s more than likely that you are hearing about, or seeing, homes for sale that are referred to as “Foreclosures” "REO" or "bank-owned." Essentially, these properties are one and the same. They are homes that have been through the entire foreclosure process and are now owned by the lender. This means that the seller is the bank or an institution such as Freddie Mac.

What should I know about buying an REO home?

  • Know your market. You may be able to find a "deal" when buying an REO home, but it’s more important than ever that your offer price is comparable with other homes in the neighborhood. Most banks and institutions can and will negotiate; however, the goal is to sell the home at or near current fair market value. Rely on your real estate agent for guidance. ( I will tell you that the market is heating up like crazy. The last bank owned home I made an offer on (last week) had 11 offers on it ! Competition is stiff.
  • Budget appropriately. Most REO homes are sold "as is," so you’ll need to consider the costs for renovation and/or repair and the time required to complete them. Most banks and institutions make necessary repairs and properly maintain the home after the foreclosure, but you may want to make some as well.
  • Inspect the home. Be sure to have the home inspected. This is an important step for any real estate transaction, but even more so for REO homes since they may have been vacant for a period of time.
  • Be ready. As with any real estate transaction, if you are a serious buyer and approved for financing, you need to be able to act quickly. If you see a home that you’d like to buy, the sooner you can make the offer the better. Many investors are interested in REO homes and they are often able to move fast.
    Freddie Mac’s First Look® Initiative gives owner-occupant homebuyers the ability to purchase a HomeSteps home during its initial 15 days of listing (30 days in Nevada) before investors may make offers. Search bank owned homes here.

What is the buying process for REO homes?

The buying process for REO homes is not much different than any other home. There are typically additional addendums and disclosures for REO homes, and your real estate agent will walk you through each of them.

  1. Get approved, or at least pre-approved. This is a critical step in any real estate transaction to help you determine how much home you can afford and show sellers that you’re a serious buyer.
  2. Reach out to a licensed rea estate professional and begin house hunting! You should consider a qualified real estate professional who has a proven track record in all types of transactions, including short sales and REOs. HomeSteps® works with a network of real estate agents from all over the country, many of whom are familiar with your local community.
  3. Contact Mr Williamsburg ( a bank owned specialist)
  4. Make an offer. Your real estate professional can work with you to determine a price that you believe is fair.

    Don’t forget the home inspection!

    Because REO homes are sold “as-is,” you should always have a home inspection to ensure you are financially prepared for any maintenance costs.

  5. Wait for approval. Your offer or counter offer, if applicable, will likely need to be reviewed and approved by several people and/or companies. Response times vary by bank or institution.
  6. Move forward with closing Once the offer is finalized, you will move forward just as you would with any real estate transaction.image

Resources for Bank-owned Homes in Williamsburg or Hampton Roads VA

Search Foreclosures For Sale

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

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

23% Of Mortgages Underwater

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

Hampton Roads VA- Foreclosures

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.

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

mrwmbglogo.jpeg

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

Ask any questions about homes, neighborhoods, schools, amenities, recreation , shopping or anything else about the area.

Search Homes for Sale

Click here to Search all homes, town homes, condos and building lots for sale in Williamsburg, James City, New Kent, York, Gloucester, Charles City Virginia

Click here to search all homes, town homes, condos and building lots for sale in Va Beach, Norfolk, Chesapeake, Isle of Wight, Portsmouth,Franklin, Sussex, Southhampton, Emporia, Greenville, Mathews, Suffolk, Surry, Smithfield, Newport News, Hampton , Poquoson, Gloucester or York County VA

 

Foreclosure Rescue Scams

The economic climate has  given rise to a cottage industry known as “loan auditors” or “foreclosure rescue firms.” All essentially promise to stop a foreclosure. I want you to be aware of new Virginia law regulating these practices.

Typically, the foreclosure scammer will tell the homeowner that he can negotiate a deal with the lender to save the house, or evaluate the situation to look for loopholes, but the scam artist requires an upfront fee, and then often requires a more substantial fee when things “look promising.”

 You can read the rest of the article here lytle-letter-11-17-08

Lytle Law is a general practice law firm located in Newport News, Virginia. From two office locations on the Virginia Peninsula we serve clients and try cases across the Commonwealth including the Peninsula, Newport News, Hampton, Williamsburg, James City and York County areas. Lytle Law has the experience and ability to satisfy nearly all of a client’s legal needs, and where we believe we need help we will either associate appropriate counsel or provide a referral. www.LytleLaw.com

 

Brian Lytle is the president of Lytle Title www.LytleTitle.com Lytle Title & Escrow, LLC a Virginia licensed, insured, and bonded real estate settlement company doing business as Lytle Title. With offices in Newport News and WIlliamsburg, Virginia,  primarily serving the Virginia Peninsula (Hampton, Newport News, York County,Poquoson, James City County and Williamsburg), but we also regularly serve surrounding areas, to include New Kent, West Point, Suffolk, Isle of Wight, Gloucester and the greater Tidewater and Hampton Roads areas of Virginia.

 

 Brian D. Lytle, Esq., Lytle Law, P.C. http://www.lytlelaw.com Reprinted with permission of the author. 

 The law may have changed since this article was written and published so caution is advised.

I have posted this article as a local REALTOR living and working in the Williamsburg Va area. I would be happy to assist you in buying or selling a  home there.  Click this link to search all real estate ,homes, condos town homes ,new and resale  currently for sale in New Town/ James City County Williamsburg VA

Click here to search all other real estate/ homes, condos ,townhomes, land for sale in the Williamsburg, James City, New Kent or York County Virginia

Click here to search for real estate,land,homes,condomiuns, town homes, commercial, in any of the following areas through the REIN MLS Database ( real estate information network) Chesapeake, Gloucester, Emporia, Greenvile, Hampton, Isle of Wight, Mathews,  Newport News, Norfolk, Northampton,  Poquoson, Portsmouth, Smithfield, Southampton, Suffolk, Sussex, Surry, VA Beach, York, Yorktown, Virginia

Click here to search real estate, land, homes, condos, town homes, commercial in the following counties of North Carolina Camden, Chowan, Currituck, Dare, Elizabeth City, Gates, Hertford, Moyock, Pasquotank, Perquimans using the REIN MLS Database

contact: John Womeldorf/ REALTOR

Liz Moore & Associates

757 254 8136

John@MrWilliamsburg.com email

www.MrWilliamsburg.com/ website

www.MrBurg.com website

www.MrHamptonroads.com/ website

www.MrTidewater.com/ website

 

 

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