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Bedford Short Sales and Foreclosures

November 5, 2010 Leave a comment

Short Sales and Foreclosures in Bedford VAshort sale image

If you looking to invest in real estate and your considering a Short Sale or a foreclosure in Bedford VA, then contact Witt Fogleman.
The Bedford, Lynchburg, Roanoke area has not been hit nearly as hard as other areas for short sales and foreclosures. This area didn’t have the real estate bubble that existed in other areas but needs less to say we do have several foreclosures and short sales.

Selling a Short Sale in Bedford

The difference between a short sale or a foreclosure on your credit could impact you and your family for many years. If your home goes to foreclosure you will have a hard time buying a new home, renting, purchasing an car, or getting credit for any purchase.

Negotiating a short sale can be very difficult and timely, there are many factors to consider including getting the right price, how the bank reposts your account, and potential taxes after the sale. You need an agent who understand the process and can help you all along the way. If your a seller, what are the implications of a short sale for you long term? We can help.

Purchasing a Short Sale or a Foreclosure

If your wanting to purchase a short sale, contact us. Short sales may not fit your particular needs or situation. During our buyers consultation, we will review all your needs and make the best recommendations.

Sometimes foreclosures can be a great investment, buying a property and having equity from day one is a great thing. However, there are pitfalls to buying a foreclosure. Having an experienced real estate agent on your side to help guide you o make good decisions. Ultimately every decision is up to you, but we will advices you and help you avoid the pitfalls.

SFR logo Scott Fogleman and Wendy Witt are the founders of Witt Fogleman of keller Willaims Realty, both SFR agents. SFR is a certification provided by the National Association of Realtors and stands for Short Sale and Foreclosure Resource.

 

To read more please visit WittFogleman.com

Great home in Bedford VA



808 Woodhaven
Bedford, VA 24523
Convenience Counts!



Scott Fogleman

Cell: 434-941-8847
Office: 540-586-3131
Website: Visit Website

Price : $144,900
Bedrooms : 3
Bathrooms : 2
Square Foot : 2,100
Lot Size : 25,264 sq.ft.
County : Bedford
Property Type : Detached
Year Built : 1989
MLS Number : 260954



click for more information and pictures
Property Description
When minutes count, this location is so convenient. Just off of 460, 25 minutes to either Lynchburg or Roanoke, this home is great for anyone needing to split the difference. Two minutes to downtown Bedford but pay lower county taxes! Well maintained, one owner brick ranch on larger .58 acre lot with creek, storage shed with electricity and garden space. Plenty of shade trees and privacy. New heat pump and 3 year old 30 yr architectural shingles, insulated windows, walkout basement with finished space and storage room. Nice newer deck overlooking the private backyard and patio on lower level. Wonderful raised beds and landscaping throughout the yard. Propane gas stove with blower in den. Ceiling fans throughout. All appliances convey. Paved drive. Cable ready. For more information, call Scott 434-941-8847
Equal Housing Opportunity.
Scott & Bond : 415 East Main St – Bedford VA 24523 : 434-941-8847

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What do you mean what the seller paid is immaterial?

It just doesn’t matter, it just doesn’t matter, it just doesn’t matter!

Two transactions recently where people are sooo concerned with the price the seller paid for the home. On the first transaction we represented the buyer, an analytical person who wants as much information as he can get. He researches a property for some time, speaks with the neighbors, pours through data..and after some serious thought, makes an offer. So far his offers have been low and have been turned down, the homes he has considered have sold for a higher price than his offer.  In the most recent one, the seller offered to sell the home for how much they currently owe. He feels this is more then what he wants to offer, so here we are, the last day of the tax rebate, $3500 difference on price. Yes, you are reading it correct, this client qualifies for a $8,000.00 tax rebate. This client is giving up $5,000 because he feels the current owners can’t owe that much and should be able to reduce their price.

Another transaction-We have listed a property a client purchased at foreclosure. He invested time and money into the property with the intention to make a profit. Well, along comes a buyer who wants to make an offer, but his offer is going to be based upon what the current owner paid. Since its present owner has only has the property for a short period of time, it hasn’t been released in tax records. His agent asked us several times “How much did the seller pay?” To which we responded, “regardless of what the current owner paid, this is a prime real estate, in one of the best neighborhoods in the area, and we feel the current asking price is more than reasonable for a home in its current condition,” as it does need some minor repairs. Somehow this buyer found the amount paid and made an offer. His offer doesn’t cover how much the owner currently invested (after commissions, repairs, legal fees, cost of the property.) I called his agent and informed him ”we have another offer coming in today, your clients offer was too low and they should make their best offer” said, “I have been in the business for 24 years and due to the price paid by the seller, they did make their best offer.” I politely suggested to this agent “do the math”. Needless to say, the other  buyer’s offer was accepted

Here is my point, does it really matter what the seller paid? NO! The value of the home is not in direct correlation to what the current owner paid. If someone paid too much for a home, does that mean they should get more for that home?  NO! The intrinsic value of a home does not adjust due to what a seller paid!

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Hooked on Loan Modification woks for me!

Surprisingly this has happened twice to us in the last month. A home owner signs up for loan modification due to a personal/ financial issue and doesn’t realize what this will do for their loan.Money for loan mods

You may already know, Loan Modifications allow homeowner who are having an issue pay less per month for their home then the current payment. In desperation, many homeowners have signed up for this program without reading the fine print in the contract or understanding the long term implications. They think the reduced payments are the banks way of helping them. But this program is not much help to most homeowner. While it allows a reduction in payments, the interest still accruals. Forcing the homeowner deeper and deeper into debt.

Recently my partner and I have had two different sets of clients who were about to close on the sale of their home only to find out they were on a loan modification and owed much more then they thought. Now the homeowners are really stuck! The owners payoff is more then their net and they don’t have the cash or credit to make up the difference. They can’t sell the house but can’t afford to keep it. We could try a short sale, but it takes months and they have a contract to close very soon. They face a potential lawsuit from the other party for non-performance. The selling realtor threatened my partner with a lawsuit saying “You should have known about this!” Lets face it, how often does a loan amount go up in six months.

So here are a few suggestions.

* Call your bank before listing your home to get your exact payoff
* Inform your REALTOR if your on a loan modification program
* Ask your REALTOR for your estimated net at closing
* Check your balances monthly!!!!

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