Foreclosures offer opportunities for cautious buyers - by Ryan Nobles, WWBT NBC 12

RICHMOND, VA (NBC12) - New numbers released show more foreclosures on the market in Virginia. While the idea of purchasing a home that generally goes for a cheaper price sounds enticing, it does have its risks.

According to the agency, Realty-Trac, Virginia foreclosures are up 121 percent since this time last year.

But, before you run out in search of a great deal, take a deep breath, and do your homework.

In any market, the goal is to buy low and to sell high. It is low prices that make foreclosures attractive opportunities for perspective home buyers. But focusing on a low price, may keep someone from ignoring glaring issues.

"It can be very complicated process, there are lots of forms that are involved there are typically not required in traditional contracts," says Phil Victor of Top Tier Properties.

That complicated process means that potential buyers should not expect to swoop in and pick a bargain off of the market.

"Buying a foreclosed home does require a bit of research," says Victor. "You can't just drive around town looking for them because foreclosed homes, like this one on Garland Avenue, don't have signs out front."

Instead buyers are drawn to websites filled potential bargains. Bargains that still require some work before they become right deal for you.

"If the numbers make sense, being patient, over time you will find the right property," says Victor.

Victor from Top Tier Properties says that many potential clients looking for a foreclosure are in search of a quick deal. But closing a deal quickly, still has to include patience.

"I think a lot of the problems that exist today are because people jumped into fast especially when it comes to investment properties or even when it comes to buying foreclosed properties," says Victor.

But, taking the time to wait and spring for the right house, at the right time, could lead to getting a great house, at a price way below market value.

Many foreclosed homes are sold "as is" meaning if you find a problem after you take control of the property you are out of luck. Victor says, when buying a foreclosure, you should consult an attorney and a real estate agent.

And the U.S. Department of Housing and Urban Development, which deals with many foreclosures, has a website that outlines all the homes they have available under foreclosure, click here.  

To see the full story and the news clip, click here: http://www.nbc12.com/Global/story.asp?s=9509945

From WWBT 12, richmond's NBC affiliate

 
This post has been included in Virginia Real Estate News
Post is included in group: 1st Time Buyers
Post is included in group: Realtors in Central Virginia and Richmond Association of Realtors
Post is included in group: Richmond VA Area Real Estate
Post is included in group: VA-RAIN
Post is included in group: VIRGINIA

3 Comments on Richmond, VA - Foreclosures offer opportunities for cautious buyers

APR
08
2009

There are certainly some very good points being made in this article. I do agree that the trend is to think that the foreclosed home represents the best buy in the market. Oftentimes, this is not the case. As was mentioned, many of these properties are being sold "as is", which means that costly problems and issues could arise very quickly. That great deal that you thought you were getting may turn out not to be so great after all. Also, there is the time factor involved. Oftentimes, when attempting to purchase a foreclosed home, the buyer must exhibit a great deal of patience. I have seen many instances where buyers become impatient by the waiting on the banks and decide to move on, or something comes up as the transaction progresses and the negotiated purchase price is no longer honored by the bank because of liens against the property. It may actually cost you more than your thought it was going to cost you. All in all, it is just important to know what to expect when deciding to pursue one of these "great deals".

In my experience, especially here in the Richmond Area, it is not necessarily the foreclosed home that represents the "best deal" or the "best investment". Some of the best homes are not foreclosures or short sales at all. The best deals are oftentimes those homes that have been well taken care of and maintained by owners who have decided for one reason or another that they are ready to move on. Let's face it. A home needs to be seen as more than a "great deal". It needs to be viewed as a long term investment. If a buyer is careful and selective and uses the resources at his or her disposal, then they can find a great home at a great price in the market that is just being sold by a homeowner who has decided to move elsewhere.
9:32am • #1
AUG
27
2011
193,829 Points 2 Featured Posts Attended Rain Camp

My daughter is in her second year at the University of Richmond -- How do you find Junior and Seniors college students using services to rent or purchase homes rather than live on campus?
12:32pm • #2
AUG
30
2011

Thanks for the question, Scott. I have 14 yers of experience renting to college students and I have worked with a number of U of R students over the past few years looking to move off campus.  It seems that undergrads and graduate/law students, alike, who move off campus typically look to rent.  I have come across graduate students looking to purchase (of course, that was more typical in the old, hot real estate market).  I don't think most students go into their rental search looking for someone to help them find a rental.  Instead, they start looking on Craigs List, Hotpads, etc. and stumble upon someone like me who can help them search for properties.  I do not actively seek out students; however, my rental inventory in that area of Richmond typically attracts them, or the young professional.  We only manage properties that are in good condition and we only work with owners who are willing to keep their property up and make the necessary repairs.  Let me know how I can be of service to you and/or your daughter here in Richmond.
1:42pm • #3


Spam prevention

To submit the form,
drag the chair to the circle on the side.

Image?id=1d3fc808a94b8075e0fe18a96c0c5d40847ff46a Image?id=89c322f9f8eecc88dee84511e83b2d72874f3dc1 Image?id=2e7a28c90d5f226ce0a73ad6839f446bf080808f Image?id=a316dbab816854577680a4dc9709c892342fe771 Image?id=2090a2424204235795011cfb5fe7fb90e8d6506f

Accessibility option: listen to a question and answer it!

Type below the answer to what you hear. Numbers or words, lowercase:
Leave a response…

(optional)
Spam prevention

To submit the form,
drag the foot to the circle on the side.

Image?id=5ed1e9c093b5ebb5ef62d937d6188c26be42139a Image?id=d63964ffd7f1ad33ad40d79ed45da087a5a4f560 Image?id=1ed34f8c6cda3862501169651729bd04489efcfa Image?id=e69bf9afe0e0a4f81b0a1f3c1a7beb33145a2f95 Image?id=dfc6d2adc4ded4d3fb25226a50a80a1348fab6b4

Accessibility option: listen to a question and answer it!

Type below the answer to what you hear. Numbers or words, lowercase:
 
Phil Victor - Richmond, Virginia Homes, Real Estate & Property Management (Top Tier Properties)

Phil Victor - Richmond, Virginia Homes, Real Estate & Property Management

Richmond, VA

More about me…

Top Tier Properties

Address: P.O. Box 17703, Richmond, VA, 23226

Office Phone: (804) 254-4663

Email Me


Richmond, VA Current Weather

Richmond Real Estate, Richmond Fan Homes, Richmond Luxury Real Estate, Richmond Homes, West End Richmond Homes, Henrico Real Estate, West End Richmond Real Estate, Henrico Homes, Richmond Home, Richmond Realtor, Richmond VA Real Estate, Relocating to Richmond VA, Glen Allen Real Estate, Glen Allen Homes, Richmond Virginia Real Estate, Richmond James River Condos, Richmond Life Style, James River View Condos, Richmond Virginia Realtor, Richmond VA Real Estate Agent, Richmond Homes For Sale, Chesterfield Real Estate, Downtown Richmond Condos, Historic Richmond Real Estate, Historic Richmond Homes


Links

Archives

RSS 2.0 Feed for this blog