The key to success in purchasing a foreclosure home is having a skilled Specialist with a proven track record working for you. As an experienced agent handling many REO transactions I can guide you through the process, the additional paperwork that comes with this type of real estate purchase, and ensure you get a good value.
Foreclosure homes or REO's are properties owned by the bank as a result of the home owner defaulting on thier home mortgage loan. Foreclosure homes in Williamsburg VA are at a premium. These homes or REO Properties "real estate owned," in Williamsburg can range in prices from 500k down to 56k.
If you are trying to avoid foreclosure their are options available to you, a short sale or deed in lieu of foreclosure are 2 such options.
In a short sale you are allowed to sell your house at the current market value, this scenario works when your house is worth less than you owe and you can no longer afford to pay.
A deed-in-lieu is when you voluntarily turn your home back over to the bank (investor) in order to satisfy your debt. This generally occurs after you have been unsuccessful in attempting to short sale your home. In either case you will need a well qualified realtor with experience in short sales.