Frank & Cindy Clemens

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Rose & Womble Realty


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Foreclosures

         

Short Sales

Bank Owned property

Response to offer can happen as quickly as a couple of days

Property is being sold "AS IS", seller will make no repairs

Closing process can usually happen within 45 days or sooner

 

Individually Owned property

Offer must be negotiated with owner and approved by the thrid party lender

Lender must be willing to forgive the sellers short fall

Lender repsonse to offer can take 60 days or more

 

Trying to buy a home in todays market can be rather overwhelming. We're sure you want to find the best deal available, but it takes a lot of research and knowledge of the market to find that deal. When you find the right house you will need to get a CMA "Comparative Market Analysis" of the neighborhood to find out what other homes in the area have sold for to determine what your offer should be. If you're trying to purchase a foreclosure or short sale listing, depending on the condition, you may want to have the home inspection done in advance of your offer to determine necessary repairs. Most of these types of listings will not make any repairs to the poperty. Another essential inspection needed is the Termite/ Moisture inspection. If the home does not pass this inspection, it may not be possible to get a normal loan for that particular property.

Having been in Hampton Roads Real Estate since 1998, we are very familiar with todays changing market conditions and can easily find short sale and foreclosure properties. We can also easily provide a current CMA for most neighborhoods in Hampton Roads. We can assist with any necessary inspections and work with your lender to be sure that both you and the home will qualify for the loan.

We are certified foreclosure and short sale specialists through the National Association of Realtors with the "SFR" Short Sale and Foreclosure Resource designation and can guide you through the process with ease.

We can find the properties that best fit your needs, including: size, location, price and terms.

Please review the chart above for just a few of the key differences.

Contact us for more information on how to buy Foreclosures and Short Sales and watch for upcoming FREE home buying seminars on the events calendar

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