foreclosures: Honor Is Not Dead in the Foreclosure World
- 05/17/11 04:07 AM
I was amazed at a story a high profile REO listing agent recently told. Most of us know that many banks will offer cash-for-keys to occupants (tenant or foreclosed homeowner) who depart voluntarily from a foreclosed property and leave the property in CLEAN AND EMPTY condition. Because this saves the bank from the expenses of cleaning up the property and saves them on marketing time also, it is worthwhile to the bank to pay from a few hundred to several thousand dollars for this cooperation from the exiting occupants. Recently, this listing agent made the offer to a family who had … (9 comments)
foreclosures: Foreclosures in Hampton Roads
- 10/17/10 05:55 AM
Last week, someone asked an interesting question. How many of the pending sales are NON REO properties. So I added a data element and have begun tracking that metric also. This week Norfolk (+4%) and Chesapeake (+2%) were the only cities to have a measurable increase in REO inventory. REO properties continue to represent about 10% of the available inventory. But when you look at the pending sales, REO's represent 26% of the pending sales. Obviously if the REO properties are getting more than their fair share of contracts, homeowners who just want (or need) to sell must remain competitive. If … (1 comments)
foreclosures: Foreclosures in Hampton Roads
- 04/18/10 09:38 AM
This week Suffolk posted the largest increase in available REO's with 12% (84 available, up from 75 the prior week) and Portsmouth had the largest decrease in available REO's with 8% (97 available, down from 105 the prior week).
If you are looking to buy a foreclosure property (REO) you need an agent familiar with representing buyers in REO negotiations and knowledgable on the local market. Call Drick Ward today to get started on your home search. If you want to take advantage of the $8,000 tax credit, you need to be under contract by 4/30 so don't delay. … (0 comments)
foreclosures: Foreclosures in Hampton Roads
- 04/14/10 02:14 AM
Foreclosures continue to represent a measurable segment of our housing market. Overall, REO listings that are available on the Southside fell by 3% over the past week with Virginia Beach being the only city to have a slight increase. If you are considering purchasing a foreclosed property, please contact me to learn more of what I can do to help you find the perfect house for your needs. I can be reached at 757-227-9007.
Although I service all cities of Hampton Roads, the data I present in this weekly post focuses only on the Southside, let me know if you … (0 comments)
foreclosures: Foreclosures in Hampton Roads
- 04/04/10 08:21 AM
Foreclosures continue to represent a measurable segment of our housing market. Overall, REO listings that are available on the Southside fell by 3% over the past week with Virginia Beach being the only city to have a slight increase. If you are considering purchasing a foreclosed property, please contact me to learn more of what I can do to help you find the perfect house for your needs. I can be reached at 757-227-9007.
With this post, I have changed my presentation of the data, let me know what you think of it, but I felt this would be more … (0 comments)
foreclosures: Foreclosures in Hampton Roads
- 03/28/10 04:02 AM
Foreclosures in Hampton Roads continued to offer choices for buyers looking to move with a modest 1% increase in inventory overall. All cities edged slightly up or remained the same with the exception of Portsmouth, which had 3% fewer foreclosure properties on the market as compared to the prior week. If you are considering the purchase of a foreclosed property, you need an agent who... knows the local market, understands the foreclosure market, has experience helping buyers get REO's Call Drick Ward, a Realtor® with Exit Realty Central, for assistance in locating the ideal property and negotiating a one-of-a-kind deal for … (2 comments)
foreclosures: Foreclosures in Hampton Roads
- 03/21/10 08:59 AM
Foreclosures in Hampton Roads increased 6% over last week on the Southside with Suffolk again posting the largest gain (10%) in foreclosures on the market. Norfolk and Portsmouth each had a 5% increase in foreclosure inventory with 6% for Virginia Beach and 8% in Chesapeake. If you are considering the purchase of a foreclosed property, you need an agent who... knows the local market, understands the foreclosure market, has experience helping buyers get REO's Call Drick Ward, a Realtor® with Exit Realty Central, for assistance in locating the ideal property and negotiating a one-of-a-kind deal for you! Search the entire MLS … (0 comments)
foreclosures: Foreclosures in Hampton Roads
- 03/14/10 08:14 AM
Foreclosures in Hampton Roads remained fairly steady in the past week. Suffolk posted the largest gain with a 13% increase in foreclosures on the market. Other cities had modest gains except for Norfolk, which had a 7% decrease in available foreclosure properties. If you are considering the purchase of a foreclosed property, you need an agent who... knows the local market, understands the foreclosure market, has experience helping buyers get REO's Call Drick Ward, a Realtor® with Exit Realty Central, for assistance in locating the ideal property and negotiating a one-of-a-kind deal for you! Search the entire MLS for yourself at … (0 comments)
foreclosures: Are You REALLY Looking At Foreclosures?
- 03/09/10 03:09 AM
Buyers beware, there are many websites claiming to give you foreclosure information from a national database, but they aren't telling you the whole story. Many consumers don't even read the fine print on these sites before clicking I ACCEPT and they are shocked to learn what they actually accepted. First of all, the sites are offering misleading information - many of the homes the list are "pre-foreclosure" which means the owner has missed a mortgage payment. That's like step one of a six step process. The great majority of these properties do not make it all the way through the foreclosure … (3 comments)
foreclosures: Foreclosures in Hampton Roads
- 03/07/10 02:48 AM
Overall, the past two weeks have seen a 16% increase in available foreclosures with the number going under contract remaining fairly constant. This seems to indicate that the banks are releasing more inventory to the market as we ramp up for Spring. Each Southside city had increases as follows: Norfolk 34% Chesapeake 22% Suffolk 14% Portsmouth 12% Virginia Beach 5% If you are considering the purchase of a foreclosed property, you need an agent who... knows the local market, understands the foreclosure market, has experience helping buyers get REO's Call Drick Ward, a Realtor® with Exit Realty Central, for assistance … (2 comments)
foreclosures: Foreclosures in Hampton Roads
- 02/21/10 10:00 AM
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. Search for yourself at www.RealtorDrick.com This data is for cities on the Southside only. This week, Suffolk continued their reduction while all other Southside cities had an increase in available foreclosures. If … (0 comments)
foreclosures: Foreclosures in Hampton Roads
- 02/14/10 05:54 AM
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. Search for yourself at www.RealtorDrick.com This data is for cities on the Southside only. This week, all Southside cities had an increase in available foreclosures with the exception of Suffolk which held … (2 comments)
foreclosures: Foreclosures in Hampton Roads
- 02/08/10 03:04 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)
foreclosures: That’s not really a unicorn, it’s a pony with a cardboard cone strapped to his head.
- 02/02/10 12:46 PM
We found this jewel listed for $92k in a $175k neighborhood and that's just the bargain we're looking for. We're handy and can do what that house needs. Oh yea boy! Instant equity! Really? Well, judging from just those facts alone, I can tell you what that house really needs is a loan. Can you do that? Many first time buyers are scouring the internet search sites looking for a bargain. They want a foreclosure, because they know how to swing a hammer and slap some paint on a wall. That place listed for about half what the city assessed it at … (2 comments)
foreclosures: Foreclosures in Hampton Roads
- 01/30/10 07:20 AM
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)
foreclosures: Do REO Asset Managers Have Any Training in Marketing?
- 01/24/10 05:09 AM
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)
foreclosures: Recognizing a Value Foreclosure
- 09/20/09 05:14 PM
These are pictures from a foreclosure property currently on the market. I predict that it will sell very quickly and there is even likely to be a bidding war because of the condition it’s in and the price the bank has placed on selling it. Priced at $188,900 while properly maintained houses in the neighborhood easily sell for $220,000. Here are just a few of the indicators that it’s a great value:
Here’s what I think the property needs to be in top notch shape. Mind you, I am not a home inspector and a … (8 comments)
foreclosures: Making Money On A SLOW FLIP (Part 5 – Final Cautions)
- 09/17/09 03:22 AM
A few years ago, it was common in many markets for real estate investors to buy houses, update or repair them to bring them current to buyer's tastes, and sell at a profit a few months later. For most markets, those days are gone. The problem with flips (and flippers) is that they were primarily in the get-rich-quick game-which may work for a while, but doesn't last forever. You can still make money by applying some of the principles touted on HGTV, TLC, and the like, but it's a slower path to your payday. I call this strategy a "slow flip". … (2 comments)
foreclosures: Making Money On A SLOW FLIP (Part 4 – Making Your Budget)
- 09/16/09 12:19 AM
A few years ago, it was common in many markets for real estate investors to buy houses, update or repair them to bring them current to buyer's tastes, and sell at a profit a few months later. For most markets, those days are gone. The problem with flips (and flippers) is that they were primarily in the get-rich-quick game-which may work for a while, but doesn't last forever. You can still make money by applying some of the principles touted on HGTV, TLC, and the like, but it's a slower path to your payday. I call this strategy a "slow flip". … (4 comments)
foreclosures: Making Money On A SLOW FLIP (Part 3 – Ideas for Changes)
- 09/15/09 01:43 AM
A few years ago, it was common in many markets for real estate investors to buy houses, update or repair them to bring them current to buyer's tastes, and sell at a profit a few months later. For most markets, those days are gone. The problem with flips (and flippers) is that they were primarily in the get-rich-quick game-which may work for a while, but doesn't last forever. You can still make money by applying some of the principles touted on HGTV, TLC, and the like, but it's a slower path to your payday. I call this strategy a "slow flip". … (2 comments)
I was amazed at a story a high profile REO listing agent recently told. Most of us know that many banks will offer cash-for-keys to occupants (tenant or foreclosed homeowner) who depart voluntarily from a foreclosed property and leave the property in CLEAN AND EMPTY condition. Because this saves the bank from the expenses of cleaning up the property and saves them on marketing time also, it is worthwhile to the bank to pay from a few hundred to several thousand dollars for this cooperation from the exiting occupants. Recently, this listing agent made the offer to a family who had … (9 comments)
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