4 Important Things To Keep In Mind When Buying A Virginia Beach Foreclosure

Everyone’s interested in Virginia Beach foreclosures these days – and for good reason. The idea of a foreclosure represents an opportunity to get a nice home for a discounted price. Who wouldn’t want that? There are drawbacks to buying a foreclosure in Virginia Beach and Hampton Roads, though. Here are a few:

1: Condition

Due to the fact that the previous owner of the property didn’t have money to continue to pay their mortgage, often they didn’t have enough money to maintain the house properly either. Most Virginia Beach foreclosures will have a few issues that you’ll have to deal. This could range from termites, electric and plumbing problems, simple cosmetics such as carpet and paint, or more serious structural issues. Make sure you have an experienced agent and inspector helping you.

2: Financing

The cheapest properties will have the most problems. More problems equals appraisal issues. Appraisal issues lead to financing problems. …and if you run into problems with financing, and don’t have enough cash to purchase the house without a mortgage, you’ll have to move on to another property. Mortgage companies will not lend money on a property in disrepair. Due to our experience in the the Hampton Roads market, we can often advise you up front if there will be appraisal issues and if financing will be difficult. Contact The Brian Duncan Group HERE with questions about Virginia Beach foreclosures and short sales.

3: Timeframe

Purchasing a Virginia Beach foreclosure is not a quick and easy process. Most Hampton Roads Foreclosure properties will close 60 to 90 days after an accepted purchase offer. Virginia Beach homes for sale that are going through a short sale process are even more difficult – expect 90+ days for a short sale to finally close. If you have a limited timeframe with which to search for and close on a property, think long and hard about going after either of these types of properties. At the very least, enlist the help of an experience Real Estate Agent or Team such as The Brian Duncan Group to guide you through the process.

4: No Guarantees

Buying Foreclosures in Virginia Beach and Hampton Roads is not for the feint of heart. We advise our clients up front that the process is often unpredictable and time-consuming, and there are no guarantees. Our job as your agent is to advise you about the outcome of any decision you make or are considering, guide you through the overall framework of a real estate purchase, and protect your interests ever step of the way.

Contact us at the link below to begin searching for Virginia Beach Foreclosures, or click here for a free, no obligation consultation where we’ll tell you what you need to know about the process.

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ABOUT THE AUTHOR:

Jody Cowdrey is the Marketing Sales Director for the top producing Brian Duncan Group Real Estate Team of Keller Williams Realty, serving the entire Hampton Roads region of Virginia. He can be reached at Jody@JodyCowdrey.com and by phone at 757-802-3004. For complete Virginia Beach MLS listings, visit BuyVB.com or Virginia Beach Foreclosure info at JodyCowdrey.com