Between March and April of 08 the number of foreclosures fell sharply in Hampton Roads according to a company that monitors forecsloures nationwide.   The number was 83 percent higher than April 2007 according to RealtyTrac.  In Hampton Roads,  the foreclosure concentration ratio was one to ever 2006 home owners.  In Virginia Beach the ratio for April was 1 to 903 home owners or 192 filings for the month. 

There are opportunites out there for people that have good credit and can move fast on foreclosed homes as we are seeing banks become more aggressive in moving some of the homes by dropping prices $50,000 to $100,000 in a day.   If you have a credit line or cash, you are in even a better position when negotiating with a bank because they looking to move inventory and many times will place a lower cash offer within reason ahead of an offer that is being financed.

If you are not working with an agent and looking to get back into the game and can show verification of funds or get preapproved with a direct local lender, email me or call me to get in on the game.  Each deal has to be looked at and evaluated as there may be work to do.  My specialization is in representing buyers and sellers with  the sale of Virginia Beach homes and condos.

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