Dear Buyer, Are Short Sales Right for You? - 01/31/10 01:57 PM
Recently, I've worked with numerous buyers relocating to my area who want to buy a house in one of the 7 cities of Hampton Roads.  They begin their search, as most relocating buyers do, with a series of internet searches, but one key element is missing.  It seems there are just as many search portals as there are homes for sale,  but these sites rarely indicate which properties are short sales.  A short sale, is when the home owner owes more on their house than they could sell it for.  Because there isn't enough money to pay off their loan, they … (2 comments)

Foreclosures in Hampton Roads - 01/30/10 03:20 PM
REO's (Real Estate Owned - the industry term for foreclosures) in the Hampton Roads area are marketed by various listing agents as selected by the banks.  These listings are in the MLS (Multiple Listing Service) right along with new construction and other resale properties currently on the market.  The local MLS provider, REIN (Real Estate Information Network), contains listings for all of Hampton Roads as well as outlying areas.  This data is for cities on the Southside only.
If you are considering the purchase of a foreclosed property, you need an agent who...
knows the local market, understands the foreclosure market, … (0 comments)

Do REO Asset Managers Have Any Training in Marketing? - 01/24/10 01:09 PM
Has anyone else noticed the lackluster marketing of many REO properties?  From my understanding of the process, the asset managers get price opinions from one or more agents, assign a listing agent to the property, and set the list price.  But it would appear in many instances, they don't even pay attention to the marketing efforts put forth by the agent. 
Don't get me wrong, not all agents do sub-standard promotion of their listings, some have as many as 25 photos of the property, well written descriptions, property details, and everything else you would expect if you were a seller.
If … (0 comments)

SCAM ALERT - Prospective Renters Beware - 01/07/10 09:56 AM
The National Association of REALTORS® (NAR) has informed us that their good name is being used as part of a property rental scam.  In this scam, rental property is offered to consumers, who are led to believe that NAR is functioning as an intermediary to receive rental deposits from prospective tenants and, upon receipt of the deposit, deliver the keys to the property to the new tenant.  They are instructed to send money via Western Union to NAR's purported agent.
NAR is not involved in this business and believes it is a scam.  NAR has contacted law enforcement officials to request … (2 comments)

But If Everybody Is Doing It, Doesn’t That Make It Right? - 01/01/10 04:38 PM
For some reason, most of our country has ignored the lessons they learned in elementary school for pronouncing numbers.  Particularly when it pertains to the year.  In British or U.K. English, our new year is pronounced, "Two thousand AND ten" however, in American English, the proper pronunciation is, "Two thousan ten".
The fault here lies in newscasters, politicians, public figures, and quite possibly even some English teachers.  But just because everyone is doing it doesn't make it right.
Let's make 2010 the year we use proper (American) English.  With that said, I'm happy to say to you, "Happy two thousand ten!  … (9 comments)