Although there are rumors of shadow inventory, it hasn't seemed to hit the market yet. For the week ending May 22, foreclosures represent 8.44% of the available inventory for Southside Hampton Roads. Overall, distressed sales represent about 21% of available inventory or one in five houses currently on the market is a distressed sale.
If you are considering a home purchase and want to include short sales or foreclosures as possibilities, you need an agent familiar with both to guide you through the sometimes tricky process. Before selecting an agent, ensure they are familiar with all property types so they can best service your needs.
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