Great home deals.. Are you ready to act?

Wow! there are some great deals on homes to be had if you are looking to purchase a home in Virgina Beach, Chesapeake, Norfolk and the rest of the Hampton roads area. Let me ask you, as a home buyer, how would you like to purchase your next home at 20, 30 or even 40 percent below the fair market value? You can, as I am sure you know that banks are foreclosing on homes everyday. These foreclosed properties are your opportunity to get a great deal on your next home.

In Virginia Beach, there are almost 200 bank owned properties below 200,000 dollars. These banks would really like to sell these homes at or above what the original home owner borrowed. However, many of these homes need work and/or the bank approved loans over the homes current value and are willing to let them go for at a discount.

What you give up on these deals are repairs and inspections. The last such bank owned property I worked we were given 20 additional pages of disclosures! We were notified that the buyers would receive a limited warranty deed, that the property is being sold in AS-IS WHERE-IS condition so buyer beware! When purchasing a bank owned property it is important to do a very good title search, and to purchase title insurance!

Now, with that being said what do you stand as a home buyer stand to gain from purchasing a bank owned property? Lets assume that 2 story home with 3 rooms and 2.5 bathrooms is listed as REO/Bank Owned at $185,000 and fair market priced based on a good CMA is $210,000. When you visit the home you find that you need to paint, get new appliances, new carpet replace and repair doors, and walls etc. You figure that the repair costs will be $10,000. It is possible that the bank would take much less than the original list price, say maybe 160,000. Under this scenario you, as the savvy home buyer, would have $50,000 of equity after the work is complete!

Bank owned / REO and short sales are great oppertunities for terrific real estate purchases. Call me today and request a list of local REO or Short Sale homes.

Hampton roads real estate.