Tag: foreclosure

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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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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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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