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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

11 Keeton Court, Hampton VA image
11 Keeton Court, Hampton VA $209,900

Great Investment opportunity for investors or home buyer willing to put in the TLC it takes to make this a perfect home. This 3 bedroom 2 full bath ranch home sits in a ...

  • 3 Beds
  • 2 Baths
  • 10363724 MLS
6931 Bonnot Drive, Norfolk VA image
6931 Bonnot Drive, Norfolk VA $107,500

4 bedroom 1.5 end unit townhouse located in Norfolk. First floor utility / laundry room. Large eat-in kitchen with separate dining room. Fenced in back yard. Driveway for...

  • 4 Beds
  • 1.1 Baths
  • 10363336 MLS
1010 Melvin Drive, Portsmouth VA image
1010 Melvin Drive, Portsmouth VA $329,000

Built in 1968 and located in the Mayflower Park neighborhood, this one level home offers approximately 2878 finished square feet, four bedrooms and three full baths, fire...

  • 4 Beds
  • 3 Baths
  • 10363335 MLS
388 Boush Street Unit 423, Norfolk VA image
388 Boush Street Unit 423, Norfolk VA $234,900

Come see this beautiful 2 bedroom, 2 bath top floor corner condo with great views of downtown and river! Custom finished and upgrades in every room. New carpet in bedroom...

  • 2 Beds
  • 2 Baths
  • 10363082 MLS
22293 Linden Street, Southampton County image
22293 Linden Street, Southampton County $159,000

3 bedroom 2 bath on over 1/4 acre of land. Enclosed porch, 3 fireplaces and lots of character in this beautiful home. Come make it your own.

  • 3 Beds
  • 2 Baths
  • 10363208 MLS
200 N 6th Street, Suffolk VA image
200 N 6th Street, Suffolk VA $167,500

Owned by the Sec of Veterans affairs, being sold as is. This property was built prior to 1978 lead base paint may exist. This property my qualify for seller financing (Ve...

  • 4 Beds
  • 2 Baths
  • 10363123 MLS
410 Cabot Street, Portsmouth VA image
410 Cabot Street, Portsmouth VA $68,000

Great home conveniently located in Portsmouth near shopping, restaurants, schools and the interstate! This won't be on the market for long as it's priced to SELL! Perfec...

  • 3 Beds
  • 1 Baths
  • 10363003 MLS
154 Ruston Drive, Newport News VA image
154 Ruston Drive, Newport News VA $125,000

HUD CASE # 541-777633 ** HUD HOMES ARE SOLD "AS-IS" ** (INSURED ESCROW) RANCHER WITH LARGE FRONT PORCH * LIVING & DINING ROOM WITH OPEN FLOOR PLAN * 3 GOOD SIZE BEDROOMS ...

  • 3 Beds
  • 1.1 Baths
  • 10362786 MLS
23 Whetstone Drive, Hampton VA image
23 Whetstone Drive, Hampton VA $300,000

Colonial Home on a large corner lot featuring screen in patio, 5 large bedrooms with two primary bedrooms, formal living and dining room, large kitchen with breakfast are...

  • 5 Beds
  • 3.1 Baths
  • 10362889 MLS
403 Joel Court, Newport News VA image
403 Joel Court, Newport News VA $131,000

Home is located in cul de sac featuring a large lot with fenced in backyard with deck off the living room, 2 large bedrooms downstairs with two bedrooms and full bath ups...

  • 4 Beds
  • 2 Baths
  • 10362893 MLS
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