Category: Foreclosures & Short Sales

Where To Find New River Valley Real Estate For Sale

So you’ve decided to buy a house – where do you get information on all of the real estate that’s for sale? should you get a Property Manager? Years ago – back when people still walked uphill to school, both ways, you looked in the paper. Earlier this week I was listening to a podcast with Barbara Corcoran and she shared how, when she started renting apartments in NYC, you advertised in the New York Times because that’s where everyone looked for real estate and start working on it, people even start to learning the business or teach it like nick …

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National Bank of Blacksburg Building Auctioned Off

If you’ve been around Blacksburg for any length of time, you’ve almost certainly noticed the old National Bank of Blacksburg building – on the corner of N. Main and Roanoke Street – standing proudly but looking rather weathered and beaten up. The building was an earlier home to the National Bank of Blacksburg, and in recent years had been passed around from owner to owner while sitting vacant and, quite honestly, falling apart. The story is muddled, of course, but here’s a synopsis. Earlier this month, it was finally auctioned off (along with two adjacent storefronts), and the highest bidder …

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An Easy Way to Search for Foreclosures in the New River Valley

  It seems like we get a lot of questions lately from home buyers, or folks just calling in asking about a particular listing, but the one question I bet gets asked more than half the time is “is this house a foreclosure?” Now there’s an easy way to find out – NRVLiving.com/Foreclosures The list is tied to the Multiple Listing Service for the New River Valley Association of Realtors, and brings in anything listed as “lender-owned” or “bank-owned”.  It’s as comprehensive as we can make it, but depends on accurate data entry when the property is listed. Feel free …

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Will A Cash Offer Get A Better Deal On A Foreclosure?

I read a question, posted online, recently, where a buyer said that they were looking at making a cash offer on a bank-owned foreclosure. Specifically, they were wondering whether a bank would take a cash offer for less than the listed price.  For the purposes of this post, let’s assume that they mean “will the bank take far less than the asking price if I’m paying in cash?“ The answer is that the bank might … or they might not.  I’ve seen competing situations where sellers have taken less money for cash offers, and I’ve seen other situations where an …

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How To Buy A Short Sale

Last week I talked about having a short sale right down the street from an upcoming listing.  It’s not the greatest deal in the world, to have a house just steps away that’s being sold for less than what is owed on it, but it is what it is.  My sellers are realistic, they’ve got a house that’ll be priced right and will show great, and we’ll continue on. One of the emails I received over the weekend asked, “Is buying a short sale something you recommend?“.  Kristina, if you’re ready for an interesting experience, then yes, buying a short …

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What Exactly Is A Short Sale?

Next week, I’ll be listing a house in Christiansburg.  That’s the good news.  The bad news is that just a few doors down, there’s a short sale. I wanted my clients to see the floor plan of this particular house because it’s a little different than many of the others on the street, and so we took a little walk to look around.  As we were in the house, I mentioned that the property was a short sale, and asked if they knew what that meant.  Blank stares. Not much has been posted on this blog about short sales because, …

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Danilo’s Got A Question For You

Well, 10 questions, actually. Last week I wrote that I didn’t know much about short sales, but that I knew who to call to find the answer.  At the same time as I was writing that post, Danilo Bogdanovic of LoudounForeclosures.com (there’s an upbeat site address, huh?) wrote a post entitled “10 Questions To Ask Before Writing An Offer on a Short-Sale“.  I’ve read it three times already, and I keep going back to it so I thought I’d repost it again. Look, most buyers aren’t going to have the time or the patience to wait for a short sale …

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What Is A Short Sale, Really?

I was asked recently about short sales, and while I could give the quick and dirty explanation, that was about the extent of my expertise.  The quick and dirty? A short sale occurs when the lender agrees to let the borrower sell the house for less money than what is owed on the loan. I’ve only been a part of one short sale transaction, and so my experience with them is limited.  And, thankfully, we haven’t seen many of them in the Blacksburg-Christiansburg area. Yet despite my lack of experience with them, I knew just who to call … my …

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Loan Modifications Perpetuate The Problem, and Don’t Use The Benefit Of Experience

Inman News posted information last week a new plan whose focus was to streamline the loan modification process. I’m admittedly behind on this post, and it’s been rehashed across the web.  Essentially, if (1) you’re at least 90 days delinquent on a home that is your primary residence and on which you owe at least 90% of the home’s value AND (2) either Fannie, Freddie or one of their participating loan companies must own the loan, then under the loan modification program you can restructure your loan to as much as 38 percent of your gross income. Forgoing the in-depth …

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