Hello Foxypris14. First we want to thank you for serving this great country. I am an active duty military spouse here in the Virginia Beach area and a full time real estate agent with EXIT Realty Professionals. Before buying a home, it is important to sit down with a Realtor and familiarize yourself with the process of buying a home. There are many homes in the Hampton Roads area priced to sell fast. If your serious about making a purchase before December, you need to consult with a lender ASAP to find out what you qualify for under todays interest rates. Once you know how much house you can/want to buy, we need to begin searching the MLS for the home that fits your criteria. Give us a call at 757-705-0602 or email us at finndandi@cox.net to get started.

Thanks,

Iris Finn

Dear Foxy:
I hope by now that you have decided on a house that you would like to purchase, or have already closed on your new home because you have only a couple of days left to take advantage of the $8000 tax credit. The Hampton Roads area is a great place to purchase a home. The schools are great and the area is excellent for fishing, boating, etc.
I am an associate broker, and have had the opportunity to work with several first-time home buyers. The home buying process is not difficult if you have an agent that will guide you through the process. The joy that I get when helping first-time home buyers is seeing how proud they are when the process is over and they are in their first home.
If you haven't found that home and would like my assistance, please contact me. Feel free to visit my website at http://www.sellorbuywithhoward.com.

Welcome to the beach! You are going to love it here! I agree with the idea of buying a foreclosed property as long as you are aware of the risks involved with buying a property "as is". Also, find out what the aicuz levels, (potential crash zone and noise decibels for airplanes in your direct path), are in that district and the traffic patterns. When you are new to an area it is not always something you are conscious of and it REALLY makes a difference in your quiet enjoyment of a community. Trulia has some great resources that I refer clients to that will rate the school scores over all of Hampton Roads so that you can compare what will be the best fit for your family.
Just to give you an example of pricing overall..
I have some great 3 bed garage homes that will be on the market shortly in the low $200Ks built in 2005 that are move-in ready and close to the beach and the bases. I also have an adorable townhouse w/ a fenced backyard that is priced low at $159,999K and a 3 bedroom single family bungalow priced at 179,900 in the historical district of Chesapeake. If you can spend more you can find foreclosures closer to the beach resort area from $200K-500K depending on whether you would like an attached or detached home. It really depends on what your budget and lifestyle is and how handy you are. If you can do the work yourself on improvements go for the fixer upper and get the sweat equity. Just make sure you work with a Realtor that gives you all the information you need about each area and ask for the current tax assessments and if there are any outstanding assessments to be issued within the Condo Associations or Property Owners Association. I just closed on a condo not too long ago with first time home buyers in the Masters. It was a short sale at $218K w/ vaulted ceilings (3 bedrooms w/a garage and lawn service), and it was only one month out from our original closing date due to being subject to bank approval so it doesn't have to be a scary process as long as you work with someone who really guides you through it. (I did call the negotiator for the bank while we were waiting for the final approval every other day and emailed him alternately until he got sick of me and took care of it so that did help speed up the process, too:) There are many opportunities for you here and I hope you will find just what you are looking for especially while we have that $8,000 tax credit available!

Best wishes,
Anja Howard

NO MATTER WHERE YOU GO IN THE MILITARY YOU'LL STILL HAVE A JOB & INCOME. THAT FACT ALLOWS YOU THE OPPORTUNITY TO OWN A HOME IN AN AREA THAT WILL ALWAYS HAVE VIABLE RENTERS & BUYERS LIKE YOU (MILITARY MEMBERS). THAT ALSO OPENS THE OPPORTUNIITY FOR YOU TO BECOME AN INVESTOR IN A VERY STABLE MARKET OF THE COUNTRY (HAMPTON ROADS). THERE ARE VERY LIMITED TAX BENEFITS FOR RENTERS BUT JUST THE OPPOSITE FOR OWNERS. EVERY BRANCH OF MILITARY IS LOCATED HERE IN HAMPON RD. THAT'S HOW I GOT HERE. I'M RETIRED MILITARY. MY ADVICE TO MILITARY MEMBERS IS LET UNCLE SAM 'S HOUSING ALLOWANCE PAY FOR YOUR NEW BUSINESS "REAL ESTATE INVESTOR" SSG KENNETH TAYLOR, USA RETIRED

Foxy, my dad was Navy too, and I remember when we first came here...scary, but fun, and worth getting to know the place in the long run.....kind of like buying a house! Scary, a lot to learn, but you can do it!

I agree, there are so many choices that you may or may not want a foreclosed...Prices are good everywhere, interest rates are low, and sellers are throwing everything in including closing costs, down payment money, appliances, etc...

If you would like to talk, give me a call. I live in and know VB, and can guide you through whatever resources you need.

David Taylor 757-377-2133 or dtaylor@roseandwomble.com http://www.taylormadehomesales.com

ps....Have an iPhone? I'm the only Realtor in Hampton Roads with a free App, search "taylormadehomesales" in iTunes or iPhone AppStore to download.

If your son is school age, you will want to think about the school system. You will be much better off in Virginia Beach than Norfolk school wise, whether renting or buying. Little Creek is right on the Norfolk/VA Beach line. Norfolk is cheaper, but I would avoid it.

I live very close to Little Creek and am a civilian base contractor. There are a few (not many) really nice base housing options (new condos with a pool/waterpark off Shore Drive). If temp base housing is an option while you look for a forclosure, I would go for that.

Hello Dear Foxypris14! I hope this finds you and yours well. I am the Sales Manager for Long and Foster Real Estate's Norfolk Office. I have 3 agents in my office who specialize in listing foreclosed properties. I do believe it would be your wisest move to invest in purchasing a home rather than renting. I'm not saying this because I'm a REALTOR, I'm saying this because is makes sense. The investment you make in a home will be a money saving venture from day one. First, you get the tax benefit of home ownership. A portion of your real estate taxes as well as the interest you pay on your loan is a tax benefit and is deductible from your taxes. This can save you a lot of money over the course of a five year period. When you write your offer to purchase you can ask the seller to pay your settlement costs. Benefits: you have the VA loan with no money down and we negotiate with the seller to pay your settlement fees. You may be able to purchase your home for less than what a security deposit and first months' rent would cost you to rent a property. I don't know if you will be able to meet the deadline for the $8,000 tax credit for first time buyers which is December 1. Many loans are taking 45 days to process and close. If you're dealing with a foreclosure, the time frame increases as the mortgage holder may not respond to your offer immediately. They could hold your offer in the hopes of receiving another offer before responding, and I've had that happen. It could take several days to over a week or two. There is no rule regarding response time although you can write in your offer that you would like a response by a certain date or you have the right to rescind it. The key is finding an agent who will hold your hand through the process and make sure you are protected. If I can be of assistance please do not hesitate to contact me. I would consider it a privlege to assist you. Best of luck to you Foxypris14 and I'm here if you need me.
Candy C. Dennis
Sales Manager, Long and Foster, Norfolk
candy.dennis@longandfoster.com

Wow Foxypris14,

There are some great answers on this Forum ! I would encourage you to decided what stress level you want to put yourself through. Forclosure homes are a great option but the stress sometimes is unbearable for many. Also many of the agents below hit the nail on the head TIME. Im not sure but it might be a good idea to do rent for 6 months while looking for a home. Lets talk and connect on www,facebook.com/bzibeerealestate. Id love to help you out

Foxypris14

I would like to suggest you use a little time to look over the information on these sites to help you become more informed and to also look at some Foreclosures to get an idea of Prices, the process and to help you interview Agents to determine who may be the best choice for you to use....

Hud site with Great information and resources for First time Buyers plus info on buying a Hud home and the Process.....http://www.hud.gov/buying/index.cfm

FHA Home..Fha site with tons of info on loans, resources, programs ect..http://portal.hud.gov/portal/page/portal/FHA_Home

Fed Gov. site with all current Fed. loan programs, you can get specific information, compare options, or take a short questionnaire to determine your eligibility for each program.
http://www.govloans.gov/govloans_en.portal?_nfls=false&_…

For browsing actual foreclosures listed for sale ect.. you may find this useful

The Banks and the Gov. have created sites to provide the public with information on the Bid/Purchase process as some are different than others and to provide access to their properties for sale listings..(REO/Foreclosures)



Sites like.... http://www.wamuproperties.com/ .... http://www.hud.gov/homes/index.cfm

https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do ... http://www.homepath.com/

The links to these Bank and Gov. sites can be found here.... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp http://www.biggerpockets.com/bank-reo.html

If it's Tax sales you're interested in then you may find this search engine useful...
http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…

Good hunting, Dunes

We have some great deals out there. I specialize in working with first time home buyers. This year I have helped 2 Navy buyers buy while they were on deployment, so I have the tools for you to buy a home when you do not live in this state. Feel free to to check out my website to learn more about me. Feel free contact me @ RobinSellsHomes@cox.net. Just give me idea of what price range you will be working with and I will send you what is for sale out there to help you with your decision.

I wish I could help you personally.... but I will do what I can from here. Referenced below is a series of blog posts which will educate you well in what you can expect to encounter in the buying process. From there, a good buyers agent will have to help you apply the knowledge. If you don't have an agent and would like a referral, I'd be happy to connect you - email me your contact info (vchrisner@kw.com). Otherwise, good luck!

Dear Foxypris14:

There are some good answers here so I won't repeat any of the advice you have read. What hasn't been said is that in choosing an agent it is very important that they are Realtors and not sales agents. Realtors belong to the National Association of Realtors and are held to a high standard and code of ethics. If anything goes wrong with your relationship you have recourse to help you. This does not hold true with real estate agents.

I am happy to answer any and all questions you may have with no obligation. If you are a first time home buyer you will qualify for the government sponsored tax credit for up to $8,000 if you close on a home by November 30, 2009. This appears to be right in line with your timing.

You can check your own credit scores for free right away to see if your score is high enough to qualify for a loan. You will need a combined score of at least 620 to qualify with a lender. BTW, you will need to qualify with a local lender. There are many good lenders available here in Virginia Beach.

Call or email me.

Regards,
Susan Klein, Realtor
ABR, GRI, CRS, SRES
Prudential Towne Realty
757 615-9093
Susan@SusanJKlein.com

Dear Foxypris14,

I've assisted many folks stationed at Little Creek, and I can put you in touch with several past clients as references too. I also work with a real estate brokerage firm (EZ-Vest Realty) that specializes in foreclosures, bank owned, and investor owned properties.

My first bit of advice is the most important -- whether you're buying new construction, foreclosure, or a bank owned home, the process is always just about the same -- you'll first need to speak to a local lender, or a loan officer with USAA, and become pre-approved for a home loan. Once you are approved for a mortgage, your loan officer will tell you "how much home you can buy." This is called your qualifying loan amount, which will tell you precisely what price range to be looking in. This is important because most "decent" homes in Virginia Beach still start right around $185,000 - minimum.

Foreclosures are not always the dream-buy many first time home buyers expect. And often, many foreclosed or bank owned homes are in such disrepair, that you're not able to buy them using conventional financing (perhaps because they have some rotten wood on the exterior, missing carpet, etc.). Not always, but it is pretty common. A buyer purchasing a bank owned or foreclosure needs to be prepared to do some cosmetic work on a home such as removing ugly wallpaper, painting the inside and outside, perhaps installing new kitchen vinyl, maybe making small repairs to kitchen and bath cabinets. However, if you can purchase the home for $30,000 to $60,000 under market value, then a little “sweat equity” can provide you with a large financial return! Just be prepared that the larger the savings, the more work you’ll need to do.
Also be aware that all foreclosures or bank owned homes are sold “AS-IS” with bank doing no repairs on the home. That is, if your home inspection discovers that, the front door doesn’t close correctly, or the air conditioner doesn’t blow cold enough, or perhaps there’s a small roof leak by the chimney, the bank will not fix it – you buy “AS-IS.” Each property must be carefully looked over and scrutinized BEFORE you place an offer on it.

On a lighter note, I'm now seeing many investor owned properties hitting the market that have already been completely remodeled and upgraded for you - and still priced at a great savings, often below assessed values. These homes are in "move-in" condition, and the sellers will always typically pay for any repairs that are discovered in your home inspection.

There’s obviously a lot to be aware of when making any real estate purchase so with that said, let me invite you to review my online home buying video, “8 Step to Buying a Home.” It's a very informative 16 minute video that details all the steps you need to know about the home buying process..
http://www.mrtownhome.net/buyers.htm

I also invite you to contact me anytime, as I'll be happy to email you listings so you can see what's available to you. Just provide me with your BAH and/or desired TOTAL monthly mortgage payment (including property taxes and insurance), and I'll email you some listings later this afternoon.

Welcome in advance to the area, and thank you for serving our country!

V/r,

Frank Biganski, Realtor
(757) 303-0517
EZ-Vest Realty, Inc.

What you need is a good old fashioned buyer consulation to explain your options, the process from A to Z, and to get you pre approved by phone or in person. Give me a call or send me an email. The Hampton Roads Real Estate Lady! Dee Dee Jones Wainwright Real Estate 757-831-8294 or visit my website today.

You will probably have about 20 answers to your questions by the time you get back into Trulia :) There are many good Realtors on this site! The most important thing is to work with someone with whom you feel most comfortable and who will take the time and care necessary to make sure you understand every step of the process. Now is a great time time buy your own home. Prices are low and inventory is abundant. Although you may miss out on the first time home buyer tax credit, you certainly qualify for our Military Moves rebate that gives cash back to military members who purchase a home!

Owning is better than renting! You will certainly have a problem finding an apartment that allows big dogs. Many rental complexes will not allow certain breeds or dogs over a certain size and that may pose a problem for you. Based on that alone, you should seriously consider purchasing!

Foreclosures and short sales can be great deals, but you may not be able to close on those in your required time frame either. The banks are notoriously slow with closing these types of sales. However, there ARE lots of good deals on the market that you can close on quickly! Your first step is to choose a Realtor and allow them to guide you through the process of getting prequalified, finding the perfect home and getting to closing. Much of the initial work can be done vial email, so let's get started! You can reach me 24/7 at pamelahunt@williamewood.com or you can call me at (757) 343-9095.

Hello Foxypris14,

You may be surprised at much help there is out there for you. Lots of people will be willing to give you advice, even if they are not experts!

As a seasoned Realtor, a retired teacher, and the daughter of an Air Force father and Army Nurse Corps mother, I have a few pieces of advice.

1. REALTOR SELECTION: The Virginia Beach Realtor are active on this site and will most likely respond to you. Don't hesitate to talk with them and find a good fit, discussing your housing requirements and wants honestly.

2. YOUR FINANCING: You will need to find a good lender if you are not going to pay cash for your next home. If you are going to buy a home, you will need to assess your credit. No matter whether you are a renter now or a current homeowner or will be a first time homeowner, your credit will matter. If you do not know your credit score, you can easily find that out by checking with the credit bureaus or by asking your lender to check. You already know if you pay your bills on time or if you are in some type of financial crisis. Your credit status is a fundamental factor in obtaining a home loan- or a lease on a rental home. The better the scores, the easier time you will have in a bank lending you money to purchase or a homeowner willing to lease a property.

You may qualify for more than one type of loan and you should make sure you understand the pros and cons of each of them. Ask for help from your lender and your Realtor. Ask lots of questions. The rules and programs change and the changes make the difference between approval and non-approval. I think that one of the reasons so many people are in financial distress is that they did not understand how not understanding their responsibilities in borrowing- and lending. If something sounds too good to be true, it might not be true.

3. TIMING: Be sure to ask the Realtors with whom you talk about the amount of time it will take to purchase a foreclosed property and factor that in to the amount of time you need to before you need to be settled in for work (and school?). Be sure to ask your agent to ask the timing question, especially if you want to close before December and - another big thing- if you want to take advantage of the First Time Homeowner Tax Credit which ends November 30. Your closing must take place on or before Nov. 30 for that.

4. FORECLOSED PROPERTIES: There are a lot of blogs on this site and many others about buying a foreclosed property. You can easily do a little independent study by reading those blogs and forming an idea about the process of buying a foreclosed property. The process is not easy but it is considered easier than buying a short-sale property. There are generally maintenance issues that must be addressed, sometimes before the loan is approved, depending on what type of loan you choose. Depend on the pros you select for more advice.

5. LANDLORDS AND BIG DOGS: You may have some experience with landlords and dogs if you have the dog now and are renting. I have rented properties to big dog owners whose landlords already had dog runs and fenced-in yards. Everyone was happy. I have also had landlords who refused to rent to dog owners with large dogs. You will need to disclose how large the dog is to a potential landlord. But, since you disclosed your ownership of the dog in the question, you probably already know that.

Best wishes.

Mary Margaret Gates
Realtor, GRI, SHS
RE/MAX Allegiance
Burke, VA

The problem you may have with trying to buy a foreclosure and close before December is time. Many foreclosure deals and short sales that are on the market take several month from contract to closing. If you have a large dog you will probably have a difficult time finding a rental. My most recent rental clients had a large dog and it was almost impossible to find a landlord willing to rent to them because of the pet. Also, one of the first steps in the purchase process would be to get you pre-qualified. It only takes about 10 minutes over the phone and I can refer you to a great loan officer. She will take a look at your credit and let you know, based on your credit score, exactly what you would qualify for.

I have worked with both buyers of foreclosed homes and banks in selling their foreclosures so I know the process well. If that is the route you decide to persue I would be happy to assist you. Also,don't limit yourself to foreclosures -- there are many great propeties on the market at very good prices right now. Many selers are motivated to sell and that motivation is reflected in their prices. I would be happy to work with you to do the research to find those homes that are priced right to meet your needs. We can begin the process and have you preview the homes via e-mail to assist you in your selection.

Also, with this being your first house purchase, you would qualify for the $8,000 tax credit offered by the Federal Government. With your VA loan, you could get in with no down and come out $8,000 to the good! You would need to close on your new home by November 30th which should be no problem if we get started now.

Feel free to call me at any time or e-mail me with specifics requirements you would have in your home. I am a native Hampton Roads and I know the area well. It would be my pleasure to assist you.

Nelene Gibbs, Realtor, e-Pro
William E. Wood & Assoc.
757 672-3232
mail to: nelene@homesbynelene.com

There are many properties for sale in the Virginia Beach/Norfolk area that would probably suit you, whether or not they are a forclosure property. If your credit score is approx 600 or above, you should be able to qualify for a VA loan to purchase a home.

I am a full time Realtor in the Hampton Roads area, please contact me for more details on the home buying process. (I am available to talk over the weekend, or any time).

Mike Grandelli
Rose & Womble Realty
757-573-5373 http://www.homesinVB.com