Short Sales - Banks need to streamline the process from a REALTOR’s view
November 6th, 2008 | Posted in Hampton Roads Housing | No Comments »
Have you tried to purchase a home that was disclosed as a short sale? The laws vary by state, but I think we all can agree that something needs to change. The process is extremely cumbersome and time consuming for the listing agent, and they better document who they talked to etc. If the buyer has time on their hands and is patient, the buyer may find a really good deal. However, most buyers do not have the time that is required as it can take 60 days or longer from the inital offer to close on the property. Do not expect an immediate response from the lender. Hopefully, the bank’s loss litgation department and foreclosure department talk to one another as there could be miscommunication and the home could end up in foreclosure with a deal on the table as this happened to a colleague of mine. With all the issues in the short sale process, it causes buyer’s agents to discuss these listings with their clients and talk about the pitfalls. As a result, a large percentage of agents will avoid these homes from being shown, which in turn cost the lender more money because of less competition. If the lender is forecloses on the home, the mortage lender incurrs additional holding expenses including taxes, property maintenance, vandalism, etc. Would the lender not be better off then, if they did not incur these additional expenses? Personally, as a REALTOR, I would rather write an offer on a home that the bank has already foreclosed on and is marketing as it is a much smoother transaction.
Foreclosures Down Last Month
May 28th, 2008 | Posted in Hampton Roads Housing | No Comments »
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.
News Release
May 28th, 2008 | Posted in Hampton Roads Housing | No Comments »
William E. Wood and Associates - Introduces the Region’s Newest Real Estate Magazine. The first edition of its new, self-published monthy Home Source Magazine will be on newstands throughout Williamsburg, Southeast Virginia, and Northeast North Carolina in the 1st week of June.
This free full-color will intially have over 100 pages that promote the company’s more than 2600 properties for sale throughout the region. The President of William E. Wood sees this as an innovated way to advertise all our listings in a professional designed publication that drives prospective buyers to the company website and to the agents until the listings sell.
As the region’s largest real estate company, William E. Wood continues to lead the market in sales and innovation with over 700 agents.
Grantor’s Tax Ruled Unconsitutional
March 13th, 2008 | Posted in Hampton Roads Housing | No Comments »
The Virginia Supreme Court has ruled the grantor’s tax unconsitutional. This would have unfairly raised taxes only on those people selling homes in Hampon Roads by enormous portions in order to pay for new roads and existing roads. Currently, on a $200,000 home the grantor’s tax is $200. The proposal would have raised it to $1000 on the same $200,000 home. Lets be grateful that this did not go into affect and create another obstacle in this unbelieveable home market.