Foreclosures in Hampton Roads - 08/29/10 03:02 PM
The past week brought a 2% increase in available REO inventory with a total of 975 REO properties on the market and 9146 non-REO properties on the market.  It seems Hampton Roads has been much more fortunate than many other areas of the country where the majority of available properties are foreclosures.  It's nice for us to have less than 10% of our inventory as foreclosures because it gives a chance to the plain vanilla traditional sellers rather than ripping the market apart with bargain basement foreclosure overkill.

If you are considering buying a foreclosed property, you deserve an agent … (0 comments)

He's Not a Flipper; He's a Neighborhood Revitalization Specialist! - 08/28/10 09:54 AM
True professionals seek to add value, not just a thin coat of new paint. This is an important distinction.
Via Peggy Chirico, 860-748-8900, Greater Hartford Area REALTOR® (Prudential CT Realty):
I participated in a Brokers Tour this week to show off my listing, which is a fabulous renovated cape.  My client purchased the bank-owned property, fixed all the plumbing and electrical issues,  totally remodeled the kitchen and two full bathrooms, repainted, landscaped, and tended to all the details to make this house look great.
The house is completely move-in ready and just waiting for some new owners.  So at the tour, I was … (0 comments)

Buyer Beware on Condo Purchases - 08/28/10 09:29 AM
Condominiums offer an ownership opportunity to many home buyers who don't want the obligation of maintaining a yard and exterior.  However, when buying a condo, there are a few additional considerations that shouldn't be overlooked.  Obviously the condo fee may cover some utilities as well as the standard master insurance, replacement reserves, and operating funds, so be sure to look into what is covered and make sure you're comparing apples to apples.  When buying a condo, the buyer has a specified number of days to review the condo documents and ensure they fully understand and are comfortable with owning this condo.  … (2 comments)

Condo in Harbor Watch - Chesapeake - 08/27/10 05:25 PM
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I'm Buying a Home with a Septic System... What is a Septic System? - 08/24/10 01:05 AM
Many cities of Hampton Roads do not have to worry with septic systems, but there are still some properties that do have septic.  Particularly as we move out toward the rural (or what was rural 15 years ago) areas like parts of Chesapeake, Suffolk, etc.  When purchasing a REO that has septic, the seller (of course) knows nothing and gives no warranties.  Consequently, it's best to know what to look for and avoid potential costly problems.  Thanks Laura for posting this educational material on septic systems.
Via Laura Testa (Nationwide Homes):
I get asked the question a lot- "What is a Septic System?" … (2 comments)

Foreclosures in Hampton Roads - 08/24/10 12:59 AM
In the past week, foreclosure inventory edged up slightly, still off from the highs several weeks ago but we may not yet be out of the woods.  REO inventory in Suffolk fell the most with 8% fewer REO properties available than the prior week.  Conversely, Norfolk had an 8% increase in available REO inventory.

If you are considering purchasing a foreclosure property in Hampton Roads, you can't depend on national data - you need someone with LOCAL experience and a keen eye for identifying the best values.  Call today to see how I can help you.
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Melony A. Henderson is a SCAM ARTIST on Craigslist - 08/18/10 11:32 AM
I manage residential rental properties in Hampton Roads and rarely post the listings on Craigslist because it is known for scams, yet sometimes (and through some syndication feeds) my rentals find a way out there.  Most of the calls that come in are of much lower quality prospects and don't make it through the screening, but this is real estate, it only takes ONE applicant who is acceptable so it's a calculated risk to put an ad on CL sometimes.
However, I recently found a scam ad that included my photos and property description with a lady's email address being shown … (6 comments)

Their Affiliate Program Wasn’t All It Promised - 08/15/10 02:15 AM
I had a duty call several weeks ago from a young Navy couple moving into the area and looking to buy their first home.  When we got together, one of the listings my office had looked like a great fit for their needs and it was priced well too.  They wanted to research some additional information on the condominium complex and he had duty the next day, so it was going to be a few days before we could meet again.  When I next spoke to them, they had discussed their housing plans with USAA, their insurance company which also has … (4 comments)

Foreclosures in Hampton Roads - 08/15/10 01:42 AM
We may have turned the corner on Foreclosures as REO inventory edged down 1% this week.  That's right, 9.27% of the available inventory in the cities of Southside Hampton Roads are bank owned, down from a high of 9.6% just a few weeks earlier.  In fact, only Chesapeake had an increase in REO inventory this week, up 2% to 198.  The biggest loser was Portsmouth with 8% less REO's than the prior week.

If you're considering buying a foreclosed property, talk to the agent who knows foreclosures and regularly represents buyers to find the best value for their money.  Call … (2 comments)

Why Trulia Data Is Innaccurate - 08/14/10 06:32 PM
I went to Trulia and logged in, said I'm in Virginia Beach, Virginia and their website informed me there are 1274 foreclosures in Virginia Beach alone.  I know this to be untrue, because at the moment I wrote this, there are 340 AVAILABLE foreclosures in Virginia Beach.  Since my background is in database design and systems architecture, I thought I'd dig a little deeper;  here's what I discovered...
By including data feeds from RealtyTrac, every homeowner who has missed a payment and been sent a notice of default could be showing up as a foreclosed home - that's not true, many … (0 comments)

Buyer Beware With Flip Homes - 08/14/10 02:39 PM
Working with first time buyers, I see lots of houses on a daily basis.  Many of them flips; but all flips are not created equal.  These homes are generally created by an investor who purchased a foreclosed home, made their own improvements, and intends to sell the property at a profit.  As a capitalist, I have no issue with someone making a profit, but only when that profit is fair and reasonable.  Once the investor acquires the house there are two basic approaches:
The wrong approach - Rarely visit the job site, sub contract all the work to the lowest bidder … (1 comments)

Renters – Understand What’s Offered and Decide What You Want - 08/09/10 08:05 AM
Before renting a house or apartment, you should decide what you want and understand what is being offered.  In addition to representing buyers and sellers in real estate transactions, I also manage rental properties for a number of clients and recently had some tenants with unrealistic expectations.  State or local laws may vary as well as common practices, so before you sign a lease, be sure you understand what to expect.  Here are a few pointers...
PAINTING - apartments are generally repainted between each tenant. Cheaper paint is used and there is on-site maintenance staff to do this work.  When renting … (0 comments)

Hickory Schools in Chesapeake neighborhood of Etheridge Manor - 08/08/10 03:54 PM
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Foreclosures in Hampton Roads - 08/08/10 03:49 PM
 This week, there are two percent fewer available foreclosure homes on the market than last week.  Overall, in Southside Hampton Roads, the foreclosures represent 9.38% of the available homes on the market.  That's slightly lower than last week's high of 9.6%.  Although it's too early to tell if this means we've rounded the corner, it is encouraging that our market is not as overloaded with foreclosures as many other places across the country.

If you are thinking of purchasing a foreclosure property in Hampton Roads, call today for information that could save you thousands and prevent you from making a … (0 comments)

Foreclosures in Hampton Roads - 08/01/10 04:09 PM
This week, an overall 2% increase in available REO's for the Southside Hampton Roads market was lead by Portsmouth, which posted a 5% gain by moving from 132 available REO's to 138.  Virginia Beach and Chesapeake had 4% and 2% increases, respectively while Norfolk (-2%) and Suffolk (-1%) had modest decreases.

If you are considering a purchase in Hampton Roads and foreclosed properties are on your list, you need to call an agent familiar with the foreclosure market who can guide you through the complex maze of properties.  Not all in the foreclosure market is as it appears and you need … (0 comments)