Tag Archive | reo properties

Five benefits to using a knowledgeable NoVA agent when wholesaling properties for real estate investment

Five benefits to using a knowledgeable agent when wholesaling properties for real estate investment.

1. They Can Find the Deals- they know what you are looking for and no how to spot investment deals and wholesaling opportunities no matter if you are in Northern VA and the DC Metro areas or whatever market you are in.

2. They provide Market Analysis- because agents have access to the mls, they can give you Wholesaling Northen VAaccurate comps for solds, pendings, actives, and rentals.  This will help an investor analyze what kind of deal is best for a property: Flip, Rent for cash flow, pre-hab, or wholesale outright.

3. Access to Properties- when you need to view the interior of homes the agents have access.  Real Estate for sale in Northern VA can often be locked up for fear of vandelism. NoVA real estate agents and all agent will be able to legally gain access to these properties.

4. Marketing for Buyers- Agents can help you find buyers throught out the greater DC Metro area, they have access to buyers in their contact management databases, they can hold (proper) open houses, they can get buyers preapproved, and they know other investors.

5. They can Navigate the process- In the beginning they can help provide you with correct legal contracts, in the middle they can assist with coordinating with a title company to run title for liens and problems, and at the end they can coordinate with vendors, contractors, and help you prepare for closing.  When issues arrise they can help you think outside the box to solve issues.

 

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THE NORTHERN VA REAL ESTATE LADY!

Call me to buy a home in any DC Metro area of Northern VA & Maryland,  areas including Fairfax, Prince William, Loudoun, Fauquier, and Stafford Counties.                                     

“I can dream alone, build alone and strive alone, but true        

success always requires the help and support of others.

Please send me your referrals.”remax agents northern va

 

Visit my website today,

The Northern VA Real Estate Lady!

Deandrea “Dee Dee” Jones

Supervising Broker/ Realtor

Home Buying Marketing II, Inc.

VA & MD

http://DJonesRealEstate.com

djoneshomes@gmail.com

download my mobile app http://87778.mobi/DEANDREA

or text DEANDREA to 87778

 

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Want to buy a Foreclosure in Chesapeake, VA? Fannie Mae HomePath might be the way!

Have you ever wanted to buy a foreclosure but was told your type of financing will not lend on that home. Buyers don’t miss the boat, Fannie Mae has a new great offer for you! This program can help you find a great forclosed home that meets Miminum Property Standards.

The new program started June 14th and will be good until October 31st, 2011. Fannie Mae is currently giving buyers up to 3.5% closing cost assistance.

Initial offer must be submitted on or after June 14, 2011and close on or before October 31, 2011. Initial offers made prior to June 14 are not eligible for the June 14 – October 31 incentive.

This program is for Fannie Mae HomePath foreclosure properties only to be used as a primary residence to receive closing cost assistance. Second homes and investment properties are excluded from the incentive.

Sales must be closed using cash, retail, HomePath, or public funds financing only. Homes sold through auction or investment pools are ineligible. Properties acquired by Fannie Mae by reverse mortgage will be ineligible.

Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer. If less than the 3.5% is used the buyer does not receive the difference.

For more information please consult a lender! If you are in Hampton Roads areas and need help finding a reputable lender give me a call!

If you are in Hampton Roads, Southern Virginia Cities: Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Smithfield, Suffolk, Williamsburg, York County. Join the Group, http://activerain.com/groups/hamptonroads

“I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals.”

Visit my website today, The Hampton Roads Real Estate Lady!

Deandrea “Dee Dee” Jones djoneshomes@gmail.com

Associate Broker Wainwright Real Estate Virginia Beach, VA

Certified Real Estate Instructor Millennium School Of Real Estate

http://DJonesRealEstate.com

Is Hampton Roads the only place with Foreclosures in great condition??

Is It me or are Foreclosures looking cleaner, nicer, more complete, and better these days!!!!

I once went into a foreclosure in Chesapeake, VA that had been stripped of everything including the toilets. The previous owner had even took the gas fireplace inset out of the house. It was a gorgeous home completely scalped. I once saw a Norfolk foreclosure that had paint poured in the toilets and over every corner of the home.

Lately, the last few foreclosures I have shown have been immaculate in all Hamprton Roads cities. From Suffolk to Hampton. New paint, New floors, I just saw one with new everything, new landscaping, and new appliances. Banks are realizing they do not want there inventory to sit. They are trying to attract the best offers.

In my area with an abundance of Military and FHA Buyers the home has to meet minimum property standards for the deal to fly. Every buyer is not willing to do a Rehab loan and banks are just now catching on recognizing this and are finally stepping up to the plate. The prices are still great and now with good condition these homes are an amazingly good deal! I always tell my buyers to remember certain homes can only be sold with certain loans. It is great to see more options for buyers putting less than 5% down.

If you are a buyer contemplating jumping into this market do not hesitate. There are some great deals to be had. Call me and I can help get you started!

“I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals.”

Visit my website today, The Hampton Roads Real Estate Lady!

Deandrea “Dee Dee” Jones djoneshomes@gmail.com

Associate Broker Wainwright Real Estate Virginia Beach, VA

Certified Real Estate Instructor Millennium School Of Real Estate

http://DJonesRealEstate.com

Norfolk, Va Are you ready for Virginia’s Evolving Foreclosure Crisis!

I drove from Chesapeake, VA to Isle of Wight, VA yesterday and I have never seen such an abundance of for sale signs. There were signs from real estate companies I have never heard of and as I drove up and back I wondered How are these agents holding up and are they prepared for this 2011 market?

Realty Trac and H.O.M.E. Housing Opportunities made Equal put out a report on Virginia’s Evolving Foreclosure Problem. At first glance I realized the study was heavily weighted on Northern Virginia Rural vs Urban areas but as I kept reading it became clear that even Southern Virginia is not safe from this foreclosure crisis.

I have been an agent for 15 years licensed in three states and I have seen my share of up and down markets. And as the saying goes “And this to shall pass”!!!! But the question after reading this report is “WHEN and ARE YOU READY.”

The Key findings of the report are informational but slightly disturbing:

•In 2010, the largest increase in foreclosure filings occurred in rural Virginia (Do they mean Rural not big city Urban like Hampton Roads ) Rural is defined as less than 500 people per sq mile.

•Foreclosure filings eased slightly at the end of 2010, mostly because of moratoriums from large national lenders so they could sort out mortgage servicing issues.

But Without these moratoriums that were put in place, Virginia would have seen the largest number of foreclosure filings since the beginning of the Great Recession. That says a lot are they serious?

•Since 2006, there have been over 200,000 foreclosure filings in Virginia and more than 60,000 in 2010 alone. (I could tell this was a problem by the increase in REO, Bank foreclosure inventory in the MLS in 2009 to 2010.)

•Foreclosure rates in rural areas have nearly doubled since 2008, while rates in urban areas have remained fairly consistent because of moratoriums and short-sale approvals. (Rural vs Urban)

•High foreclosure volume has revealed some significant mortgage servicing issues. A survey of housing counselors has found significant servicing issues statewide. (Deed of Trust, Note, and recording issues)

•In 2009, nearly four out of every five mortgage loans were sold to an investor -the highest rate since at least 2004. Since 2004, more than sixty percent of mortgage loans have been sold to an investor within one year of origination.

-This further complicates the mortgage recordation process and may create mortgage servicing issues in the future that may lead to more faulty foreclosures.

So ok if these are the findings it is probably safe to say. That Southern Virginia sellers, buyers, agents, and the whole community is not safe from the evolving foreclosure crisis.

The report states that in 2006 and initial wave of foreclosures started because of inflated home sales. The next wave was fueled by high cost loans given to low income and minority communities. We also saw a host of exotic subprime loans, interest only, jumbos, stated income, etc.. take its toll on the market,. Now in 2011 we will face ARMs that will linger and keep resetting throughout 2011, foreclosures from the loan modifications that didn’t/t work, and a wealth of other foreclosures.

To my fellow agents are you prepared. Have you brushed up on your short sale and foreclosure skills? Can you help a buyer identify a good deal from junk inventory and what best fits their needs ie; mortgage and loan requirement, criteria, area preference, etc…..Buyers you have to live somewhere, why are you not taking advantage of the super low interest rates and abundance of good houses for sale? Agents can you tell a seller were he can go get legal advice. Agents should never give legal advice. Are you familiar with free home counseling programs such as The Virginia Association of Housing Counselors, the Center for Housing Leadership, and the handful of knowledgeable real estate attorneys that really truly work on a buyers behalf? Are you a self deemed short sale guru and or a savvy REO, bank property expert. Sellers are you ready to do what it takes to sell, Patience and Performance. And if you can’t wait do you have a plan B, C.

If you answered NO, then you should be prepared. Up into now you could avoid it rather easily. Agents often could focus on some other avenue of real estate, property management, new construction, etc… but as the report states; Foreclosures have now trickled down to every crevice and corner in Virginia. North, South, East, and West, Urban, and Rural. Rather you work with sellers or buyers you will sooner or later be affected. It is amazing if you go in to a restaurant you may over hear a conversation on a short sale or foreclosure situation, someone in your family may be or you may know someone going thru or coming out of a short sale or foreclosure situation.

If you answered yes are you prepared for what the future might hold. Are you looking ahead long term? What will happen in 5-7 years when a large part of the population will now have a history of a foreclosure or shortsales on their credit? And lenders may or may not loosen the credit criteria. Will we have to fight for ready, willing, and able buyers? What happens when the babyboomers do-ing reverse mortgages die off? How will that effect inventory? What happens when these loan modifications come to an end? Will we see even more foreclosures? I say Just be prepared for it all, But don’t put your blinders on we are in for a lot of change, its going to happen. Can you stay grounded, positive, and educated? Are you Ready?

If you are in Hampton Roads, Southern Virginia Cities: Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Smithfield, Suffolk, Williamsburg, York County. Join the Group, http://activerain.com/groups/hamptonroads

“I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals.”

Visit my website today, The Hampton Roads Real Estate Lady!

Deandrea “Dee Dee” Jones djoneshomes@gmail.com

Associate Broker Wainwright Real Estate Virginia Beach, VA

Certified Real Estate Instructor Millennium School Of Real Estate

http://DJonesRealEstate.com