PAM DENT

Jump into Greener Pastures


434-960-0161
[email protected]
  • HOME
  • About Us
    • About Pam
    • Testimonials
    • Company Info
  • Sellers
    • Seller Basics
    • Ask Before You List
    • Optimize Your Sales Price
    • If Home Appraisal is Low
    • Inspections
      • Pre-Listing Inspection
    • If House Isn’t Selling
    • Tips To Sell a Horse Farm
  • Buyers
    • Buyer Basics
    • Make Buying Less Stressful
    • Customer or Client
    • Conservation Easements
    • Home Buying Steps
    • FHA and VA Mortgage Assumptions
    • If Home Appraisal is Low
    • Inspections
    • Predatory Loans
    • Horse Farm Checklist
    • Study Period
  • Area Info
    • Real Estate Property Taxes
    • Schools
    • Boutique Hotels
    • Charlottesville Medical Facilities
    • Restaurants
    • Wineries and Cideries
  • Featured Listings
    • My Featured Listings
    • Historic Eldon
    • Cedar Ridge
    • Parker Mountain Estate
    • Madison Horse Farm
  • MLS For Sale
    • Search The MLS
    • Farms and Estates
    • Golf Communities
    • Horse Farms
      • Soil For Horse Farms
    • Historic Properties
    • By County
    • By Price
    • By Acreage
  • Market Info
    • Market Reports
  • Blog

Buying A Charlottesville Foreclosure – Part 1

Buying A Charlottesville Foreclosure – Part 1

Everyone has listened to the news and is familiar with the growing number of foreclosures across the country.  While Charlottesville and Central Virginia do not have as many bank owned properties on the market as are seen in many parts of the country, we do have them.  Because of the possibility to purchase a Charlottesville foreclosure for a very good price, there is a lot of interest in these homes.  We see both investors and buyers looking for a home to live in themselves who are curious about the foreclosure market.

What is the foreclosure market like in the Charlottesville area?  What kind of REO properties do we have in our real estate market and what is involved in purchasing one?

This is the first in a series of videos on Buying A Charlottesville Foreclosure.

Copyright 2011 by Pam Dent, all rights reserved “Buying A Charlottesville Foreclosure – Part 1“.  Written by Pam Dent.

Filed Under: Blog, Foreclosures Tagged With: buying a foreclosure, Charlottesville foreclosures

Buying A Foreclosure In Charlottesville – How Much Should I Offer?

Buying A Foreclosure In Charlottesville – How Much Should I Offer?

In the current real estate market I am often approached by folks who are interested in purchasing a foreclosure.  Bank owned properties can provide the opportunity to purchase a home at a discounted price.  However people are often surprised at what exactly that price may be.

You have been hearing on tv about the glut of foreclosures.  You know that the banks need to get these homes off their books.  So it makes perfect sense that they would be happy to get anything for the properties just to get rid of them…wrong.  The banks want to get as much as they can for the properties.  They have a figure that they want to get for the home.  The home has been priced according to a brokers price opinion based on market value and condition.  This is usually less than comparable resales that are on the market.  The Charlottesville foreclosure is already discounted and the bank usually will not take 30 cents to the dollar on this discounted price.

When the home comes on the market as a REO it is listed at a price based on a BPO.  If there has not been an acceptable offer, the bank will periodically reduce the price.  When the price of a bank owned home becomes attractive, offers come in.  It is not unusual to end up with multiple offers and we will see the home end up selling for over the list price.

This graph shows the sold to list price ratio of foreclosures in the greater Charlottesville real estate market.  Note that this ratio is based on the sale price as compared to the original list price, not the final reduced price.  You can also see how much lower the REOs are selling for compared with the conventional sales.

As you can see the foreclosures in the Charlottesville real estate market are selling on average for approximately 82 – 88% of  the list price.  Yes, you can make an offer, but don’t expect to be able to get the property at 1/3 of  the list price.  I am not saying that it never happens, but it is not at all the norm.

Copyright by Pam Dent all rights reserved “Buying A Foreclosure In Charlottesville – How Much Should I Offer?”  Written by Pam Dent.

 

 

Filed Under: Blog, Foreclosures Tagged With: buying a foreclosure, Charlottesville foreclosures

Foreclosures – Not Your Typical Real Estate Transaction – Part II

In the first part of this series, I talked about the preforeclosure process which ended with the issuing of a notice of default by the bank.  In this post the next step of offering the home at auction will be discussed.

After issuing the NOD (notice of default), the lender will offer the property for sale at auction.  The auction may take the form of a sheriff's sale or through a private party.  Usually the auction will start with a minimum bid which will cover the balance of the mortgage, interest and any costs associated with the foreclosure.  However, most foreclosure auctions don't even get one bid, because the amount owed on the home is usually greater than the market value of the property.  As a result the lender will end up the highest bidder thus becoming the owner of the property.

If you do decide to bid on a home at a foreclosure auction, there are some points to be aware of.  Often the homeowners are still occupying the home, and will be unwilling to let you in to see the interrior of the home.  This results in your bidding on a property that you have only seen from the exterrior.  In addition you will not be able to bring in any inspectors.  The home will be sold "as is" without any warranties.  It is crucial to do your homework and research the title before bidding on the home to determine if there are any back taxes or leins on the property.

You will need to obtain all of your financing in advance, because public auctions usually demand cash payment at the time of the sale.

If you do end up being the highest bidder and buying the home, you may be faced with evicting the homeowner.  Also be aware that the former owner may try to vandalize the home before leaving.

If the bank does end up as the owner of the home, it is now referred to as a real estate owned (REO) or bank owned property.  I will talk about the special aspects of buying bank owned properties in the next post in the series.

Click here to see all homes for sale including foreclosures in the Charlottesville, Virginia  real estate market.

Charlottesville, Virginia and the Albemarle County area is a beautiful place in which to live.  Now is the perfect time to buy a home is this area and there are some great deals in the local market right now.  We are also seeing more Charlottesville foreclosures as well.

Pam Dent, e-PRO, SRES, NHD
Real Estate III
Charlottesville, Virginia
Charlottesville Real Estate Talk
Jump into Greener Pastures

Filed Under: Blog, Foreclosures, Information for buyers, Information for sellers, Real Estate, Virginia Tagged With: Albemarle County, Charlottesville, Charlottesville foreclosures, foreclosure, foreclosure auction, sheriff's sale, Virginia, Virginia real estate market

Search Homes By Price

  • New Listings
  • $200,000 – $225,000
  • $225,000 – $250,000
  • $250,000 – $275,000
  • $275,000 – $300,000
  • $300,000 – $325,000
  • $325,000 – $350,000
  • $350,000 – $375,000
  • $375,000 – $400,00
  • $400,000 – $500,000
  • $500,000 – $600,000
  • $600,000 – $700,000
  • $700,000 – $800,000
  • $800,000 – $900,000
  • $900,000 – $1,000,000
  • $1,000,000 – $1,500,000
  • $1,500,000 – $2,000,000
  • $2,000,000+

Search Land By Acres

  • New Land
  • 1-5 Acres
  • 5-10 Acres
  • 10-21 Acres
  • 22-50 Acres
  • 51-100 Acres
  • 100+ Acres

Search Luxury Homes & Estates

  • Farms and Estates Under $350,000
  • Farms and Estates $350,000 – $500,000
  • Farms and Estates $500,000 – $750,000
  • Farms and Estates $750,000 – $1,000,000
  • Farms & Estates $1,000,000 – $2,000,000
  • Farms and Estates Over $2,000,000

Search Farms By Price

  • Farms and Estates Under $350,000
  • Farms and Estates $350,000 – $500,000
  • Farms and Estates $500,000 – $750,000
  • Farms and Estates $750,000 – $1,000,000
  • Farms & Estates $1,000,000 – $2,000,000
  • Farms and Estates Over $2,000,000

Search Farms By Acres

  • Farms and Estates 10-20 Acres
  • Farms and Estates 20-50 Acres
  • Farms and Estates 50-100 Acres
  • Farms and Estates 100+ Acres

Search Farms By County

  • Farms and Estates ALBEMARLE Co.
  • Farms and Estates AMHERST Co.
  • Farms and Estates FLUVANNA Co.
  • Farms and Estates GREENE Co.
  • Farms and Estates LOUISA Co.
  • Farms and Estates MADISON Co.
  • Farms and Estates NELSON Co.
  • Farms and Estates ORANGE Co.

My Specialties in Central Virginia

HORSE FARMS

GOLF COMMUNITIES

FOR SALE BY COUNTY

FOR SALE BY PRICE

FOR SALE BY ACREAGE

HISTORIC PROPERTIES

Relocation Series

Request Relocation Info

Blog Categories

  • Albemarle Country Homes for Sale (4)
  • Area Features (5)
  • Blog (456)
  • Brightwood VA Equestrian Homes for Sale (2)
  • Brightwood VA Equestrian Properties (3)
  • Central Virginia Historic Homes (8)
  • Central Virginia Homes (22)
  • Central Virginia Horse Farm for Sale (26)
  • Central Virginia Real Estate Properties (7)
  • Charlottesville (70)
  • Charlottesville Golf Communities (7)
  • Charlottesville Golf Community Homes (10)
  • Charlottesville Homes for Sale (51)
  • Charlottesville VA Homes (39)
  • Charlottesville VA Horse Farms for Sale (24)
  • Conservation Easements (1)
  • Crozet VA Homes for Sale (1)
  • Earlysville VA Homes (3)
  • Earlysville VA Homes for Sale (4)
  • Equestrian news (43)
  • Equestrian Properties in Port Republic VA (1)
  • Farms and Estates (124)
  • Fluvanna County VA Homes (3)
  • Fluvanna VA Country Property for Sale (1)
  • Foreclosures (12)
  • Free Union VA Country Homes for Sale (4)
  • Free Union VA Homes (3)
  • Free Union VA Homes for Sale (3)
  • Glenmore (7)
  • go green (3)
  • Gordonsville VA Homes for Sale (3)
  • Gordonsville VA Horse Farm for Sale (2)
  • Green building (9)
  • Historic Central VA Home (6)
  • Historic Central Virginia Country Home for Sale (2)
  • Home selling tips (7)
  • Homes for Sale in Central Virginia (8)
  • Homes for Sale in Crozet (1)
  • Homes for Sale in Earlysville (1)
  • Homes for Sale in Keswick (3)
  • Homes for Sale in Lovingston VA (2)
  • Homes for sale in Palmyra VA (2)
  • Homes for Sale in Roseland VA (1)
  • Homes for Sale in Scottsville VA (2)
  • Homes in Charlottesville VA (23)
  • Homes in Free Union VA (3)
  • Homes in Lovingston VA (1)
  • Homes in Palmyra VA (4)
  • Homes in Roseland VA (1)
  • Homes in Somerset VA (3)
  • Horse Farm Properties for Sale in Brightwood VA (3)
  • Horse Farms for Sale in Charlottesville VA (9)
  • Information for buyers (130)
  • information for home owners (20)
  • Information for homeowners (18)
  • Information for sellers (72)
  • Keswick (1)
  • Keswick VA Homes (4)
  • Keswick VA Homes for Sale (4)
  • Listings (38)
  • Local events (25)
  • Louisa VA Homes (2)
  • Louisa VA Homes for Sale (1)
  • Lovingston (1)
  • Lovingston VA Homes (2)
  • Lovingston VA Homes for Sale (2)
  • Luxury Homes in Scottsville VA (2)
  • Market Reports (39)
  • Mortgages (9)
  • Neighborhoods (9)
  • Nelson County Homes (1)
  • New Construction, (1)
  • open houses (3)
  • Palmyra VA homes (5)
  • Palmyra VA homes for sale (3)
  • Pam Dent (41)
  • Pet Friendly Real Estate (3)
  • Places to Go (7)
  • Rapidan VA Horse Farms (1)
  • Real Estate (104)
  • Real Estate Properties for Sale in Charlottesville VA (20)
  • Real Estate Properties for Sale in Crozet VA (1)
  • Real Estate Properties for Sale in Louisa VA (1)
  • Real Estate Properties for Sale in Troy VA (1)
  • Real Estate Properties in Charlottesville VA (11)
  • Real Estate Properties in Keswick VA (3)
  • Roseland VA Homes (1)
  • Roseland VA Homes for Sale (1)
  • Roseland VA Real Estate Properties for Sale (1)
  • Ruckersville VA Homes (2)
  • Ruckersville VA Homes for Sale (3)
  • schools (3)
  • Scottsville VA Homes (2)
  • Scottsville VA Homes for Sale (2)
  • Sold Listings (28)
  • Somerset VA Homes for Sale (4)
  • Staunton VA Historic Home for Sale (1)
  • Troy VA Homes (1)
  • Troy VA Homes for Sale (2)
  • Uncategorized (56)
  • Vacation homes (2)
  • Virginia (59)
  • Virginia Equestrian Property for Sale (24)
  • Virginia Historic Homes (9)
  • Virginia Horse Farms (33)

Areas of Expertise

  • Central Virgina Horse Properties
  • Keswick VA Horse Properties
  • Albermarle VA Horse Properties
  • Charlottesville VA Horse Farms

Social

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube


Contact Pam

Pam Dent
Phone: (434) 960-0161
Email: [email protected]
Gayle Harvey Real Estate Inc.
198 Spotnap Rd, #C-5,
Charlottesville, VA 22911


Real Estate Site Map

Copyright © 2016 All Rights Reserved