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.
INVESTOR SPECIAL-3 bedroom 2.5 bath ranch home waiting for you to update and revitalize-located near shopping and main roads. The eat-in kitchen is open with electric ra...
Ranch home where the neighborhood is located off great Bridge Blvd next to N Dominion Blvd/Route 17.This 3-bedroom home has 1 full bathroom, kitchen, converted garage, ut...
Located in the Heart of Cradock Neighborhood, lined with mature trees, this home is a unique find with a spacious detached garage! Near shopping, TCC Portsmouth Campus an...
Come see this home located in desirable Gloucester! This home offers 2 bedrooms one bath, nice size living room, and eat-in kitchen. This adorable ranch sits on one acre ...
Beautiful turn of the century Gem in the heart of Historic Cradock. This Savannah Blue home features Raised ceilings, open living spaces, separate formal dining room, 3 l...
Beautiful townhouse style condo with private patio. Nice size kitchen with lots of cabinets and adjacent dining. Downstairs primary bath with second upstairs ensuite be...
Don't miss a great opportunity to own a ranch style home in the well established neighborhood of Pughsville. A spacious 4 bedroom with an open floor plan, a separate livi...
This like new, gently lived in 3 bedroom, 2.5 bathroom "Delaware" plan is spacious with a living and family room plus a dining area and kitchen with a bar for casual ente...
Hurry to see this charming bungalow in Sewells Garden! This 2 bedroom, 2 bath home has original wood floors, plaster walls and needs you to renovate and bring her back to...
3 bedroom 2 full bath ranch located in the Nottingham Village neighborhood of Newport News.Secretary of Veteran Affairs. Pre-qual or POF required w/ all offers.