Mike Kinsey, Home Buyer in Chesapeake, VA

which agent/agency is handling this foreclosure sale?

Asked by Mike Kinsey, Chesapeake, VA Sun Feb 22, 2009

This question is about this property: http://www.trulia.com/property/1063882836-2836-Shearwater-Cv…

Help the community by answering this question:


Navy Federal Credit Union bought the property on February 17th, 2009 for $172370.14. They held a second mortgage and chose to buy the house back and resell it to recoup their losses. After all they got wiped out completely at the auction.

I'm not an agent, I've just got connections, I'm a real estate investor so I have a lot of inside information. So you still have the opportunity to buy it from Navy Federal, they own the property now. Don't expect them to go any less than $175k. That's probably what they are into the property at this point. So offer away!

If you have any questions about other properties in Virginia Beach, let me know. I've got connections that realtors don't have and I can get the answer for you.
1 vote Thank Flag Link Thu Feb 26, 2009
Hi Mike, No wonder you asked this question, as you are probably having difficulty locating who is holding it right now. This foreclosure was on market with William E Wood, but it was only on market for 90 days, and it did not sell. It was taken off market October 31, 2008. This is unusual that they did not keep on marketing it. Per tax records it still belongs to the bank who foreclosed. I have sometimes seen properties taken off market and then sent to auction. If you want to view active listings real-time you are best to search a bonafide local mls website (I have included mine here).
I agree with Nelene, you can get the inside "scoop" on properties, how long have they been on market, what happened to them if they went off market, etc. by hiring your own agent. A good buyer's agent will sit down with you, explain agency, explain the lay of the land with the current market (a market like no other), help you clarify your goals, but also make sure that they are compatible with you and can fulfill your buying expectations. Hope that helps.
0 votes Thank Flag Link Sun Feb 22, 2009

It also appears that this is now a bank owned property, priced about $205,000. If you would like me to contact the lender on your behalf, just let me know. But as with all home purchases, and especially with bank owned properties, buyers need to have their financing in order to receive the best terms and price.

(757) 303-0517
Web Reference: http://www.mrtownhome.net
0 votes Thank Flag Link Sun Feb 22, 2009

It appears this particular listing expired June 2008, even though the broker is still advertising it on Homes.com. However, there are 11 other condos currently for sale in Heron's Cove, one of which is a similar end unit with 3 bedrooms, great water view, and an asking price of $250,000.

If you're in the position to begin previewing any of these condos, or if you'd like to receive these listings via email, simple contact me at frank@mrtownhome.net.

Kind regards,

Frank Biganski, Realtor
(757) 303-0517
Web Reference: http://www.mrtownhome.net
0 votes Thank Flag Link Sun Feb 22, 2009
Hi Mike:
If you are interested in purchasing a foreclosure property I would suggest that you work with a buyer's agent that can represent you. I would be happy to meet with you to determine what you are looking for and begin the search. There are many great opportunities to purchase properties below market value at this time, not to mention that interest rates are historically low. The owners of the foreclosed properties (banks) are more than willing to pay a buyer's agent in order to get their properties sold so the end result is that you have an agent working to represent you, at no cost to you. There is a great deal involved in purchasing a bank owned property and I would be happy to put my experience in this area to work for you.

Nelene Gibbs, Realtor, e-Pro
William E. Wood & Assoc.
Serving Buyers and Sellers in all of Hampton Roads
757 672-3232
Web Reference: http://www.nelenegibbs.com
0 votes Thank Flag Link Sun Feb 22, 2009
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