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.
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.
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.
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 firstname.lastname@example.org.
Frank Biganski, Realtor
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