Don’t buy a Virginia Beach Foreclosure! Here’s why it might be a bad idea.

You can probably forget about buying a Virginia Beach or Hampton Roads foreclosure or a short sale property. Seriously. …..IF any of the following situations apply:

1: You have a tight time-frame for your purchase and move.

If you’ve only got 30 to 60 days to find, close on, and move into your new place, forget about it. Regardless of how much of a “bargain” you think you’re getting, foreclosures rarely close within 60 days, and short sales can easily take 90 days or more – no agent worth a damn would guarantee that anything specific will happen in a foreclosure transaction, much less being able to close quickly, and if they do they may be putting you in a bad position.

2: You aren’t able or willing to fix or update anything.

Yes, you can usually have an inspection, but for the average buyer most of the “bargain” in a “bargain foreclosure” will be done away with once you factor in the price and time to buy material and make repairs. When you look at the big picture, a non-foreclosure and non-short sale listing may be the better value. We advise our clients to consider all listings that match their requirements…not just foreclosures and short sales.

3: You don’t fully understand what you’re getting into.

Both foreclosure and short sale transactions are not for the feint of heart. When one of our clients shows even the least bit of interest in these types of listings, we sit down with them and make sure they understand what to expect, what we can and cannot control, expected time-frames, possible issues, etc. We put this in writing so they can refer back to it.

4: You’re using an agent not experienced in foreclosures and short sales.

If your agent is not experienced in the nuances of what could be a tricky transaction, be prepared for a stressful, time-consuming, and possibly costly experience in which you may never close.

The above being said, just because you’re not familiar with what it takes to buy a foreclosure in the Virginia Beach or Hampton Roads market doesn’t mean it may not be a right move for your situation. It’s our job to help you determine if it makes sense for you. We take pride in being upfront and honest with our clients….with us it’s not just about another commission. It’s helping people the RIGHT WAY and making sure they know what to expect throughout the process. Stress in a real estate transaction comes from not knowing and not understanding what’s going on and what comes next. For this reason, our goal is to give you all of the information you need in order to make an informed decision.

Click below for more information and to search all Hampton Roads and Virginia Beach Foreclosures now:

MORE INFO…It’s FREE!

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