Norfolk: Cultural & Financial Hub
Norfolk foreclosed homes and houses for sale currently number 432, and sport the median listed price of a relatively modest $147,210. The nearly 800 other houses scheduled for property auctions in Norfolk have the average price of $235,000. Hence, it can be concluded that the seized homes are being sold at approximately half the rates at which the other FSBO {for sale by owner} homes are being offered to the public for purchase. Michael Zarpas, Joan Buckle, Dottie Garrett and Mike Mc Cabe are influential property brokers in Norfolk who frequently determine the outcomes of the Norfolk real estate listings auctions.
Norfolk is an independent city in the Commonwealth of Virginia in the US. Norfolk is a part of the Virginia Beach-Norfolk-Newport News, VA-NC MSA. Norfolk is regarded as the cultural, historic and financial nerve center of the area. Norfolk Naval Base is the biggest such base in the world. The MSA includes the following counties: York County, Gloucester County, Surry County, Isle of Wight County, Mathews County and James City County. Primary suburbs of Norfolk include the cities of Williamsburg, Chesapeake, Virginia Beach, Hampton, Suffolk, Newport News, Portsmouth and Poquoson.
Foreclosure Auctions: An Irresistible Bargain
The government foreclosures in Norfolk have stirred prospective homebuyers’ interest and enthusiasm with the diverse range of gorgeous homes that they offer at practically throwaway prices. Several websites plainly advertise the real estate listings auctions as a chance to get homes a half their usual prices. That the investors are leaping in to benefit from this boom is manifest in their keen participation that the property auctions are evoking. The foreclosure auctions excite and evoke the prospective homebuyers because of several cogent reasons. Firstly, the houses are usually marvelous homes in choice locations. They are well worth an outright purchase. Secondly, the weird circumstances leading to the foreclosure auctions ensure that the homes are listed at inviting markdowns of between 10 percent and 50 percent of their prevailing market prices. Nobody would want to ignore the chance of buying a splendid property at an immensely discounted price. The procedures of the real estate listings auctions are uncomplicated, transparent and fair. Besides, the houses have safe titles and are unencumbered by any lien.
The banks and government agencies like VA and HUD that have foreclosed the houses in Norfolk are keen to get rid of the properties at the earliest. Their basic intention is to quickly recover the outstanding amount on the mortgage loans that they had earlier advanced to the defaulting owners. The actual market evaluations of the seized homes, or the tremendous profit potential innate in their planned sale, neither interest nor concern the auctioneers. This converts into a boon for home-hunters, who receive wonderful homes at enormously concessional prices on a platter. The foreclosure auctions draw umpteen speculative investors also, who wish to pile up good assets at low rates with the intention of flipping them for handsome profits once the tide turns and real estate prices rise in the economy, as they must with time.
