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Foreclosure homes for sale in Hampton Roads

Foreclosures can represent a great buying opportunity for an informed buyer.  However, for an uninformed buyer, foreclosures can be a time and money waster.  Before entering into a purchase offer on a foreclosed property, make sure that you understand the process and what can go wrong.

AS-IS Where IS Sales

Many AS-IS home sales will not qualify for traditional FHA or VA financing, and depending on the condition of the home, most banks will not make the necessary repairs to meet the minimum financing requirements.  If you are not an investor or cash buyer, you will want to avoid  getting into contract on a home only to have to start over after you have paid for a home inspection and an appraisal.  Alternatively, if you have the cash to pursue an FHA 203K rehab loan,  you might be able to buy that ugly duckling in the perfect community and have the home renovated into your dream home.  Your Trustworthy agent will help you with this evaluation.

Bank Addenda for Foreclosure Homes

 Most contracts in Hampton Roads are written using a standard contract template, that has been carefully written to represent each party fairly.  These contracts specify that the Seller will make minimum lender ordered repairs to bring the home up to a financeable condition.  They require that the Seller convey a generally warranty, marketable and insurable title, and they require that the seller must "perform" (sell you the home)  on the specified settlement day.   In a normal sale, if the Seller changes their mind, cannot clear title, or does not wish to make lender ordered repairs, the Buyer may sue the seller to recover damages (home inspection & appraisal fees...) or to perform (close per the terms of the agreement).   Because the institution that is selling a foreclosure home is often unfamiliar with the homes condition,  or is not fully aware of all of the title issues, they will require that the Buyer sign "Bank Addenda" that creates exceptions to the standard purchase agreement.  These exceptions often exempt the bank from making "any" repairs, even if needed for financing.  They often exempt the bank from conveying a general warranty or marketable title.  More importantly, they often include a provision that allows the institution to withdraw out of the agreement altogether, at the institutions sole discretion,  without being liable for any expenses or damages the buyer might have incurred in the process like home inspection and appraisal fees.  Your Trustworthy agent will help you evaluate the pro's and con's of purchasing a foreclosure home so that you make an informed decision.

Search all Foreclosure homes in Hampton Roads

Recent Foreclosure Homes in Hampton Roads

201 Armstrong Street, Portsmouth VA image
201 Armstrong Street, Portsmouth VA $206,000

Check out this spacious Victorian style home! This gem has so many possibilities - all it needs is your imagination! The property has 4 bedrooms and 2 full bathrooms! The...

  • 4 Beds
  • 2 Baths
  • 10473277 MLS
3001 Guenevere Drive, Chesapeake VA image
3001 Guenevere Drive, Chesapeake VA $199,000

Agents, please see information regarding buyer requirements in agent remarks. Priority is given to owner occupant buyers. Bring your imagination and fall in love with thi...

  • 3 Beds
  • 2 Baths
  • 10473267 MLS
5513 Brittingham Court, Virginia Beach VA image
5513 Brittingham Court, Virginia Beach VA $245,000

Fabulous 2 story on a cul de sac lot! Subject house selling as-is; Nice galley style kitchen, three bedrooms, 2.5 baths, great room and separate dining. Rear yard shed ...

  • 3 Beds
  • 2.1 Baths
  • 10473173 MLS
1626 Buckley Hall Road, Mathews County image
1626 Buckley Hall Road, Mathews County $125,000

Being Sold as is where is! Sweat Equity! Ranch style manufactured home on perm foundation features 3 bedrooms, 2 baths, Great Room with wood burning fireplace, Laundry ro...

  • 3 Beds
  • 2 Baths
  • 10472964 MLS
2412 Rolfe Highway, Surry County image
2412 Rolfe Highway, Surry County $267,000

3 Bedroom 2 bath home located on large cleared lot is convenient to both Surry as well as Isle of Wight / Smithfield employment centers.

  • 3 Beds
  • 2 Baths
  • 10472927 MLS
2512 Hemple Street, Chesapeake VA image
2512 Hemple Street, Chesapeake VA $156,000

Great investment property. Spacious ranch in good location. Convenient to expressway, shopping and bus line. Home requires cosmetics. HVAC system approximately four years...

  • 3 Beds
  • 2 Baths
  • 10472908 MLS
1204 Blythewood Lane, Suffolk VA image
1204 Blythewood Lane, Suffolk VA $140,000

This ranch home was built in 1971 has 3 bedrooms and 1 and a half bathrooms, to include ensuite, living room, formal dining room, laundry room, flex room, and sunroom. Co...

  • 3 Beds
  • 1.1 Baths
  • 10472591 MLS
1250 27th Street, Newport News VA image
1250 27th Street, Newport News VA $125,000

Don't miss out on the opportunity to own this spacious single family 2 story home located in the heart of Newport News. This home has approximately 2763 sq ft. of living ...

  • 5 Beds
  • 2 Baths
  • 10472794 MLS
208 Glasgow Street, Portsmouth VA image
208 Glasgow Street, Portsmouth VA $275,000

3 bedroom, 2.5 bath home located in the Olde Towne neighborhood of Portsmouth. walking distance to upscale restaurant's and museums and the ferry. I personally rate thi...

  • 3 Beds
  • 2.1 Baths
  • 10472784 MLS
1219 24th Street, Newport News VA image
1219 24th Street, Newport News VA $60,000

This 3 bedroom, 1 bath home would be a great addition to your portfolio. Ideal for investors!

  • 3 Beds
  • 1 Baths
  • 10472477 MLS
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7 Cities in Hampton Roads

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Chesapeake, VA 23320

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