Search all Foreclosure homes 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.
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.
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.
Just minutes from Hampton's beaches, Langley Air Force Base, shopping, golf, & numerous entertainment venues. This brick rancher in Foxhill on a huge corner lot offers 3 ...
Former automotive dealerships and service. Large lot. 11 bays. Large showroom. Call today for your private showing!
Camelot detached single story ranch with two car garage. Open living room and dining room with sliding glass door to patio for easy bar-b-que grilling. Primary bedroom wi...
Fall in love with this adorable 3 bedroom 1 1/2 bath ranch. Close to many shops, restaurants, and the interstate! Call today for your private showing!
Charming Bungalow in the heart of Norfolk with exponential potential. Features include a Formal Living Room and Formal Dining Room, First Floor Bedroom and a Full Bathroo...
Seller is Secretary of Veteran affairs. 3 bedroom, 1.5 bath ranch with oversized detached garage. located in the Merrifields neighborhood in Portsmouth. If property was ...
Bring your imagination! This ranch-style home has so much opportunity. With around 1,000 square feet, this home boasts 3 bedroom and 1 full bathroom. The extended drivewa...
Selling strictly as-is with lots of potential and lots of work to do. Living room, eat in kitchen, pull down stairs to attic.
** MULTIPLE OFFER SITUATION-HIGHEST & BEST DUE BY 5PM MONDAY 06/05** Property sold "As-is" No concessions or repairs. Offers not considered until property has been liste...
Come and see this 3 bedroom 2 bathroom condo in the heart of Virginia Beach! Located close to many shops and restaurants. Call today for your private showing!