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Foreclosure in Richmond : Real Estate Advice

  • All476
  • Local Info64
  • Home Buying132
  • Home Selling24
  • Market Conditions24

Activity 18
Sun Aug 12, 2012
Deborah asked:
Wed Jun 27, 2012
Rupali Pendse answered:
Visit Fannie Mae website - or Freddie Mac wesite -
They both have a great website where you can see pictures of homes in the areas you are looking at.
They both list their homes through brokers in the area so the information is available on the MLS as well as their sites.
Freddie Mac and Fannie Mae both clean out the houses, do minor repairs if needed and the closings are usually smooth.
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Wed May 9, 2012
Chris Ognek answered:
I'd be happy to help - I have a contractor who does all of my clients' 203k jobs and all of my investment properties - probably 15 or so major renovations a year between DC and VA Beach. He is approved by Wells. Please call or email me and I can tell you more about him and the quality of work he does. You can also see his work at Its a website I use to show my clients what they can do with a 203k. 540-834-7343, ... more
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Sat Apr 21, 2012
Denny Phipps answered:
Your query has gone without an answer for a very good reason: you need to talk with a qualified legal advisor with a review of the specific documents for this case. The situations that receive the strongest forebearance are for personal residences, to keep people in the home they live in.

Do you have a lawyer you can talk to? Would you like for me to help identify someone for you?
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Wed Jun 27, 2012
Veronica Taylor answered:
There are lots of "clean" foreclosures......what is the price range and area you prefer?
0 votes 2 answers Share Flag
Wed Mar 30, 2011
Andrea Mills answered:
Check with your state's association of Realtors, I'm sure they have a bunch of info as well as disclosure forms available for you.
0 votes 1 answer Share Flag
Wed Mar 30, 2011
Ryan Sanford answered:
Hi Marie- You should have received a letter from a foreclosure attorney with sale date. If not you can google your address and add "trustee sale" to the end of it. In VA the attorney has to post an add 3 times in the legal section of the Richmond Times Dispatch stating that there is a foreclosure sale on the property. If you need help short selling the home then let me know, I've closed close to 25 short sales successfully and have a 98% success rate. Don't let the bank foreclose on it or your credit will be damaged for 7 to 10 years and you will always have to disclose it anytime you fill out a credit application.

Ryan C. Sanford
Associate Broker
RE/MAX Commonwealth
The Ryan Sanford Team
9401 Courthouse Road, Suite 200
Chesterfield, VA. 23832
804-218-3409 direct mobile, text
804-423-2392 direct efax
804-777-9001 office
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0 votes 2 answers Share Flag
Fri Dec 24, 2010
Ty Dwyer answered:
Please note that the reason for the question is, upon asking the listing agent for a copy of the HOA docs they never responded. In the past I would expect this, because of the compensation situation but now with the new 3% they also receive I feel it equalizes the amount of work both brokers are responsible for.

What are everyone else's thoughts.
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0 votes 12 answers Share Flag
Thu Aug 19, 2010
Pam Davis answered:
Kathy - what you need is an agent certified in distressed properties as they are the MOST knowledgeable. For the homes in Essex county you can do to and put in the zip code and it will bring up agents who have this certification and can help you. I can help you in Hanover if you would like. Just give me a call at 405-5460. ... more
0 votes 3 answers Share Flag
Mon Feb 16, 2009
Diane Wheatley answered:
Depends upon what you are looking at as your source of the trustee sales. Most likely it is because the sale date has been postponed due to mutual agreement between the parties, bankruptcy or some other unknown reason you are not always privy to. You need to call the Trustee listed on the Notice of Trustee Sale to verify the sale date date, time and location. It is public record and you have all rights to know.

Good luck!

Diane Wheatley, Broker
(909) 981-5589
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Sun Feb 15, 2009
Dallas Texas answered:
Not seeing info. where you obtained this description my assumption is opening bid start auction process.

0 votes 2 answers Share Flag
Tue Dec 9, 2008
Dallas Texas answered:
Contact a real estate attorney, read the HOA guidelines. Liens are placed on the property. Majority of the time ,not all, banks assumes debt of liens regarding foreclosures figured into the sales price of the property. ... more
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Sun Apr 20, 2008
Bill Eckler answered:
Don't expect to get top expect the shaft!!!
0 votes 11 answers Share Flag
Mon Jan 21, 2008
Rbuchanan answered:
I'm not sure if a court has taken action... going to check with the county on Monday. There are other warrant in debts taped to the front door though.
0 votes 5 answers Share Flag
Sun Nov 4, 2007
Ute Ferdig answered:
Hi Nicki. I think the answer to your question depends on whether or not you are buying at auction or an REO that's listed in the MLS. If you are buying at auction, I doubt that you'll be able to get a pre-inspection done. If you are buying an REO listed in the MLS, I guess theoretically you could bring an inspector to the property before making an offer. I am just not sure that I would recommend that you'd spend money on an inspection when you don't know if the bank will even accept your offer. I would first secure an accepted offer and then proceed with the inspection. If the inspection turns up unacceptable property conditions, you try to renegotiate the price or cancel the contract. I hope this helps. ... more
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Sat Mar 8, 2008
Deborah Madey answered:
If you have a large down payment, you should be able to secrue your financing. Lenders view owner occupied homes as less risky. Most people want to preserve their family home, if at all possible.

When money gets tight, a second home, a lot loan, etc., may get skipped in favor of the primary home payment, food, car payment, etc. For that reason, lending guidelines are stricter. The greater equity you have (down payment) the more assurance the lender has that you will not walk away.

Check with direct lenders first; Wachovia, Wells Fargo, Chase, Bank of America.
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Fri Aug 6, 2010
Melissa Mancini answered:
Hi Will,

I'de be happy to connect you with a Top Realtor in your area to research how this process will work for you. They will also be able to refer you to a mortgage company that specializes in financing for this kind of investment. You may not even have to come up with any out-of-pocket money, as the cost of the needed repairs may be able to be worked into your mortgage, allowing you to get cash at closing to do the repairs. Please feel free to contact me at 508-230-8600 x 16 if you would like my help! - Melissa Mancini, Realtor, CBR, GRI ... more
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