Finding Foreclosed homes in Chesapeake, VA
When searching for foreclosed homes in Chesapeake, VA, it is important to work with a team you can trust. After all, who wouldn’t want an extraordinary property at a great price? However, as with any real estate investment, be sure you’ve evaluated the advantages and disadvantages of this type of transaction first. Buying a foreclosed home requires careful budgeting, the right real estate team, and the mental resolve to see the purchase through. This is why it’s important to have the right professionals on your side when searching for available VA foreclosure listings. The right resources at your fingertips can make all the difference in whether you find the right foreclosure listing, or not.
It is extremely important to have the proper resources when searching for and purchasing real estate. SimonHouses.com is the premier real estate website for foreclosures in Virginia. We are an Internet marketing dominator with more than 200 cutting-edge websites and counting. Our consistent sale of over the $100 million mark affords us the ability to boast of unmatched client satisfaction. At SimonHouses.com we care about our clients and strive to ensure that the journey in purchasing real estate is a productive one.
Timing is everything
Foreclosure listings tend to move more quickly due to the promise of high value at a fraction of original cost. The primary reason to consider foreclosures in Virginia is the potential for a great deal. Since the foreclosing lenders typically don’t want to hold on to the home, they may be willing to offer the property at a discount to get it off their books. The window of opportunity can be narrow for a foreclosure listing to remain available. Looking at properties that have long been off the market is a waste of time, yet, there is still a lot of outdated and inaccurate information online. Let’s say you are searching for foreclosed homes in Chesapeake, VA, only to discover that those properties are off the market. Avoid outdated listings which are nothing more than “click bait” meant to entice potential buyers to subscribe to online services. Choose SimonHouses.com for an accurate listing of VA foreclosure listings as well as foreclosed homes in Chesapeake, VA.
Accurate Information is Priceless
We believe that the search for foreclosures in Virginia begins with accurate information.
A source you can trust is tantamount when researching foreclosures in Chesapeake, VA. This area is highly desirable location and there is an amazing inventory of excellent properties. Chesapeake, VA has a great deal of high-end real estate, including many of the foreclosure listings in the area. In short, Chesapeake has some of the best homes in VA. With that in mind, SimonHouses.com ensures that our VA foreclosure listings are always accurate and up to date. It is because of our stellar reputation that our site is used as a central real estate marketing tool for prominent Real Estate Agents and Realty Teams in the area. SimonHouses.com is designed to cater to the search needs of homebuyers who want to be able to view the same accurate information as their agents.
Things to know about foreclosures in Virginia
Foreclosures are homes in which the owner is unable to make the mortgage loan payments and the bank repossesses the home. Typically, most foreclosure listings are not listed as for sale until the entire foreclosure process is complete and the bank lists the home in the local Multiple Listing Service (MLS.) Real estate agents access MLS to see what listings are available for their clients. Before you beginning your search for foreclosures in Chesapeake, VA, certain stages are completed. The three stages of the foreclosure process are as follows:
- Pre-foreclosure: the bank has filed a notice of default, saying that the owner has fallen two months behind on their mortgage payments. At this point, the owner still has two to three months to refinance their loan or attempt to sell the home as a short sale.
- Auction: the owners can't make the mortgage payments and the bank schedules an auction to sell the home 'as-is' (meaning what you see is what you get) to the highest bidder. If the owner comes up with money at the last minute to begin making the mortgage payments, the bank will cancel the auction.
- Bank Owned: the home failed to sell at an auction, and the lien holders of the home are paid off through private mortgage insurance or end up taking a loss on the investment. These homes are also known as REOs (real estate owned). The bank with the primary mortgage on the home is now the owner and will usually list the home with a real estate agent in the local MLS. This is where you will find VA foreclosure listings.
Once the foreclosed home becomes available, SimonHouses.com adds it to the database of foreclosures in Virginia. Whether you are searching for real estate in Chesapeake, VA or anywhere in Hampton Roads, the most current foreclosure listings will be available for you to view on our site. After you begin your search, SimonHouses.com recommends you find a Real Estate Broker and a Lender who works directly with banks that own foreclosed homes. Then you should obtain a preapproval from a lender.
Finding a Real Estate Broker
Believe it or not, the goal of combing through foreclosure listings is not to find a homes; it’s to find an agent. Banks usually hire one or more real estate brokers to handle their REO properties in a market. This is true whether you are looking at foreclosed homes in Chesapeake, VA or anywhere else. In a lot of cases, the buyer works directly with the bank's broker instead of using a buyer's agent. That way, the commission doesn't have to be split between two parties. Our experienced team of agents who work with SimonHouses.com will be able to guide you successfully through the process of purchasing your foreclosed home in Chesapeake, VA.
Obtaining a Preapproval Letter
It is not uncommon for a first-time buyer to make the mistake of assuming that the bank selling the home will also finance the mortgage as part of the deal. If you are looking for foreclosed homes in Chesapeake, VA, it would generally be unwise to expect to get financing from the bank that foreclosed on it. The reality is that the officers in the bank’s REO department are not loan officers; they are responsible for eliminating bad assets.
Another mistake is that buyers want to comb through foreclosure listings, find the home first, and then work out the financing once they find the right piece of real estate. Remember, foreclosures in Virginia go quickly. A buyer doesn't necessarily have time to try to work out the financing afterward. If the buyer is looking at foreclosures in a highly desirable location such as Chesapeake, VA, chances are they might lose that opportunity if the finances are not secured beforehand. Unless a buyer plans to pay cash, they’ll need a recent preapproval letter from a lender. The letter will describe how much money they buyer can borrow, based upon the lender's assessment of credit score and income. So when looking at foreclosed homes in Chesapeake, VA make sure you have the preapproval letter ready with the lender of choice.
What Dictates Market Prices?
There's no set figure on what the bank's bottom line may be. Similar other real estate purchases, they must look at the recent sales prices of comparable properties to determine the price. It is important to look at the comparable properties in today's current market conditions and make a competitive offer based on that. Comparable properties vary by area so the prices you see for foreclosed homes in Chesapeake, VA will certainly differ from foreclosures in the Chesapeake, VA area. Naturally, the higher the property values, the higher the foreclosures rates will be in any particular area.
Homes that are Sold "As Is"
It is important to remember that foreclosed homes are typically sold “as is.” This means that you shouldn't expect to get a discount to compensate for any needed repairs. This is true whether you are looking at foreclosed homes in Chesapeake, VA or anywhere in Virginia. The best way to gauge a home’s value is to look at the comparable properties in the area, as well as the absorption rate for your product class. In other words, find out how quickly comparable houses are selling. In foreclosure, a 3,500-square-foot house with a pool in a gated community might sell within days or hours, whereas more modest homes might sit on the market for weeks.
If homes in your product class are selling swiftly, the best advice on a bank-owned property is to come in at your highest and best, unless the property has been sitting on the market for a very long period of time with no activity. It is important to note that simply because a foreclosure property in Virginia might have been sitting still for some time, that does not mean the bank will give the home away. Bargaining may not be the best approach right away. It may be better to bid high than miss out on a great opportunity. No buyer wants to lose their dream home over a difference of five thousand dollars.
SimonHouses.com Has the Resources to Make Buying Easier
SimonHouses.com believes that proper representation from the right professional real estate agent will serve to protect the buyer from taking on a financial liability they cannot afford. We stand apart from the competition for the simple fact that one our core value is predicated upon serving our clients. Our agents can help you throughout the buying process and make sure you understand what your options are. SimonHouses.com provides a dynamic hub with accurate listings, relevant information and comprehensive resources. Our agents are Real Estate professionals who are top agents in our Industry.
Whether you are searching for foreclosed homes in Chesapeake, VA or foreclosures anywhere in Hampton Roads, our agents have the information and the tools to help meet your real estate needs. SimonHouses.com offers our clients the complete home buying and selling experience that exceeds expectations. If you are looking at foreclosed homes in Chesapeake, VA, contact one of our agents and set up an appointment today!