The number of people experiencing their Virginia Beach home entering foreclosure is steadily increasing. Also increasing, is the number of bargains just waiting for home buyers to make a move. In RealtyTrac’s April 2009 U.S. Foreclosure Market Report^TM they found that default notices, auction sale notices and bank repossessions were reported on 342,038 properties during the month of April alone. The increasing numbers have contributed to the thirty two percent increase since last year’s April 2008 report. The report also showed one in every three hundred and seventy four homes received a foreclosure filing in April. These statistics prove foreclosure to be a growing threat to home owners. On the other hand, the foreclosure situation is benefiting people looking to purchase real estate in this buyer’s market.

The amount of foreclosure properties on the market opens the door to opportunity for buyers. One way for buyers to take advantage of the opportunity to purchase a foreclosed Virginia Beach home is though an auction. It is important for people, especially first timers, to become educated on how to buy a home at a foreclosure auction. The first place to start would be to look up general information about the process on the internet. Then, it might be a good idea to contact a real estate agent or real estate attorney for professional help and advising. Auctions can be organized in public places or held at local courthouses. It is best to avoid auctions held at courthouses because professional investors are common competitors and there is not much, if any, time to research the physical condition and financial background of the property being auctioned. Instead, find foreclosure auction notices in the local newspaper, online, or by contacting a city official for upcoming auction dates. It is important for buyers to research the property before deciding if they will bid on it. Prior to determining your bid gather some important information about to property such as, the estimated market value, outstanding loan balances, property liens, ownership history, title information, and calculate possible monthly expenses as the future homeowner. Once a little research is done on the property, enough knowledge will be available to determine the appropriate bid.  Thoroughly looking farther in to the property can maximize your chances of getting a good bargain. 

Read the rest of this entry »

Sometimes people have to sacrifice purchasing their dream home for a less perfect home in a better location. The buyer and family’s quality of life can be affected by their surroundings and features a neighborhood has to offer.  Choosing the best neighborhood when buying Virginia Beach real estate is just as important as finding the perfect home.  Neighborhoods have numerous characteristics to consider when trying to make the right choice.

One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling Virginia Beach real estate.

Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover, just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.

Read the rest of this entry »

Virginia Beach Homes For Sale:

3076 Damascus Trail, Virginia Beach VA 23453
MLS# 0922178

Come see and you’ll be glad you did! This master bedroom is a dream. Not enough closet space? Tired of moving your clothes from one room to another? Well you are going to fall in love with this master bedroom. Besides the walk-in closet there are two, yes I said two, more closets; plenty of space for all those shoes and everything else too! Besides the generous closets, this master suite offers a jetted tub with a separate shower and a double bowl vanity.

The kitchen has plenty of cabinets and counter space plus a pantry. Enjoy informal dinners in the eat in kitchen while looking out the windows onto the fenced back yard. The open concept of this kitchen allows the cook to be a part of the crowd. The fireplace sets the stage for a cozy night at home.

For more formal times, this house boasts a nice sized dining room and living room too.

If outside activity is important to you then this fenced back yard is waiting. Plenty of space for all your outside activities and a shed for storing all your toys!

Learn more about Virginia Beach homes for sale and 3076 Damascus Trail at ButlerTeamHomes.com.

Search all Virginia Beach homes for sale.

Interest rates have jumped up in the last two weeks due to fears of inflation. Experts at MarketWatch.com have backed off their inflation concerns recently and are now predicting interest rates will inch back down in the next few weeks and months. If you thought you had missed your opportunity to jump on low rates when buying a Virginia Beach home…think again, but be prepared for the next dip. Here’s what you need to do to get your ducks in a row according to Market Watch:

1. Get started on paperwork. Once you’ve found the mortgage professional you’d like to work with, get started on the necessary paperwork, said Dan Green, loan officer with Waterstone Mortgage in Cincinnati and author of TheMortgageReports.com. Rates move regularly, and if paperwork has been started your file can be processed more quickly when rates hit a low. When you start the application process, your credit score will be pulled and you’ll need to submit support documentation including W-2 forms and pay stubs. You might be asked for updated documents nearer to closing.
   Read the rest of this entry »

It doesn’t matter if you are moving across town or across the country, moving is stressful! But a little planning can go a long way to making the move to your new Virginia Beach home less stressful. Below are 10 time-saving tips for a hassle-free move.

 1. Make a list. 

Create a week-by-week checklist of everything that needs doing. Start 60 days prior to your move and include the most trivial items. Staying on schedule will eliminate a lot of headaches, especially the closer you get to moving day. 

2. Hire a quality moving company. 

If the quote you get from a moving company seems too good to be true…it probably is! An unreliable company will cost you more in the long run, so be sure to check out the companies you interview with the Better Business Bureau. 

3. Have a yard sale. 

Now is the perfect time to get rid of items you haven’t used in the last few years. Why pack, move and unpack something you most likely won’t use in your new Virginia Beach home? Discard it now rather than later. 

Read the rest of this entry »

Buyer’s often find themselves watching a property for a price reduction. Although getting the best deal possible when purchasing Virginia Beach real estate is important, it is not the only factor that determines monthly payments on a home. Rising interest rates nearly diminish the positive aspects of waiting for prices to drop.

Most people are familiar with the basic trends in real estate that have been affected by the United States economic crisis. The listing prices of homes have been steadily declining over the past couple years. This has put people looking to purchase Virginia Beach real estate at an advantage over those trying to sell. People have best described this as a buyer’s market due to the low property prices and reasonable interest rates. However, the decline in prices is stabilizing while interest rates are beginning to inch up. It is becoming more and more popular for investors to make offers on properties, sometimes sweeping the property away from home buyers. Could buyers begin loosing their advantage? Today, properties that are correctly listed at a reasonable asking price are not being reevaluated and reduced as often. These are some of the factors that prove lower Virginia Beach real estate prices are not always worth the wait.

Read the rest of this entry »

VHDA’s (Virginia Housing Development Authority) new Homebuyer Tax Credit Plus Program will allow first-time home buyers to use their anticipated $8,000 tax credit for down payment and closing costs.

Homebuyer Tax Credit Plus Details 

The Homebuyer Tax Credit Plus is a combined second mortgage with a VHDA FHA insured first mortgage. The second mortgage can be up to 5% of sales price or appraised value, which ever is less.  No interest and no payments are due on the second mortgage for the first 12 months of the loan.  This provides the homebuyer sufficient time to receive their federal first-time homebuyer tax credit and use it to repay the loan with no costs or penalty. If the second mortgage is not fully repaid during the first 12 months, the balance will be amortized over the remaining 29 years at the same interest rate as the first mortgage.  If partial repayment is made to the second mortgage during the first 12 months, the loan will be re-amortized at the lower balance for the final 29 years. This will result in a lower monthly payment on the second mortgage.

Read the rest of this entry »

This Virginia Beach home at 1932 Sunrise Drive should be featured in a garden magazine as a guide to tranquil lakeside living. You can feel yourself relax while looking out onto the lake whether you’re inside or out. In the kitchen? No problem, you can see the lake. Relaxing in the hot tub–you can see it from there too. In the back yard amongst the flowers–you can see the lake from there too.

The current owner is a Quality control supervisor and treats his home the same way. As one company says: “Quality, Job One”. He has let nothing slip through the cracks. The family expectation was to stay here “forever”. So, everything was done to be sure it would be as worry-free a home as possible. Now, YOU get the opportunity to take advantage of all his forethought, creativity and wonderful results!

The 3/4 lake front lot is peaceful and beautiful.  Enjoy the view from inside or outside.  The deck offers a hotub, or if you prefer, relax by the gazebo flanked by flowers and shrubs, both sporting views of the lake.

Learn more about 1932 Sunrise Drive and other Virginia Beach homes by visiting ButlerTeamHomes.com.

According to Realestate.com, buyer’s remorse is one of the top ten mistakes made when purchasing a home. Finding the perfect home and making the decision to buy a home are not easy tasks. First, you spend hours on the computer researching Virginia Beach real estate and neighborhoods, perfecting your search criteria on MLS websites, and viewing many virtual tours.  Then, you begin making appointments to go take a look at the ones you think stand a good chance at being the future home of your family. As you walk through the house you envision the happy life you and your family would live and the future décor for this room and that room. You see houses that “require too much work,” “don’t have enough storage,” ones that are “too small” or maybe even one that is “do-able but not perfect.” Finally after weeks or even months of searching, you find “THE house.” Now you send in a promising offer and anxiously wait for feedback. You and seller come to an agreement and the offer is accepted. Once the papers are signed you can relax and enjoy the excitement, right?

Read the rest of this entry »

There has been much confusion in the last couple of weeks concerning the $8,000 first-time home buyer tax credit being used toward your down payment when buying Virginia Beach real estate. HUD announced tax credit monies could be used for the down payment. Then a week later HUD rescinded the offer. Now it is back…with conditions.

HUD has confirmed that the $8,000 tax credit can be used toward the down payment on FHA loans, but cannot replace the required 3.5% minimum. In other words, you still must put 3.5% down, but can then use the tax credit for additional down payment or for closing costs. You make use of the tax credit money by means of a bridge loan.

Some state housing finance agencieshave developed their own tax credit bridge loan programs, so buyers can monetize the tax credit upfront to cover all or part of theirdown payment. These programs are separate from the HUD program.

Give ua a call to learn how you can use your $8,000 tax credit to your best advantage when buying Virginia Beach real estate!

Learn more aobut Virginia Beach real estate at ButlerTeamHomes.com.