Chesapeake Foreclosed Homes and Houses for Sale

Chesapeake presently has 172 foreclosed homes and houses for sale at its property auctions. They bear the median listed price of just $201,593. On the other hand, there are 1,700 other FSBO {for sale by owner} properties to be auctioned in Chesapeake, and their average quoted price is a steep $299,000. This highlights why the foreclosure auctions are so popular among the potential homebuyers, because it is obvious that at the Chesapeake property auctions, the seized homes are offered at a one-third discount as compared with the other homes being governed by market prices.

Variegated City in Thriving Region

Chesapeake is among the Seven Cities of Hampton Roads, and is situated in South Hampton Roads region, in the US state of Virginia. The other six cities are Norfolk, Suffolk, Hampton, Virginia Beach, Portsmouth and Newport. The following counties are included in the Hampton Roads area: Southampton, Isle of Wight, Currituck {North Carolina}, York, James City, Gloucester, Surry and Mathew. Chesapeake is a multicolored city, with urban settlements rubbing shoulders with lush forests and wetlands, including a large tract of the Great Dismal Swamp. Other cities and towns in the suburbs of Chesapeake include Williamsburg, Poquoson, Franklin, Windsor, Claremont, Surry, Courtland, Smithfield and Dendron.

Effective Buyer-Agent Action Plan

As an aspiring homebuyer in Chesapeake, you would be advised to evolve a comprehensive and practical action plan in tandem with your agent. Lee Hoyle, David Wilkey, Henry T. Thrasher and Gary Lundholm are a few leading property brokers active in the Chesapeake real estate sector, and can help you considerably in finding your dream home among the real estate listings auctions labyrinth. You should firstly acquaint yourself with the current real estate market sentiment and requirements, and conceive a realistic timing and buying approach. You ought to learn about the neighborhood, with especial regard to the presence of schools, shops, health care centers, outdoor parks, and so on in proximity to your chosen property. You must personally go over and carefully inspect the property that meets your criteria. Since the seized homes are auctioned on an “as-is” basis, it is vital that you know of any repair work that you might need to carry out later on.

Your Chesapeake real estate agent should be assigned the chore of pursuing negotiations with the sellers. Your property broker should immediately apprise you of any home becoming available for purchase in areas of your choice. Ask your agent to clarify the essential real estate principles to you, such as the agency equation, types of contracts, and so on. You could empower your agent to write and sign the preliminary offers for homes on your behalf. As an essential aspect of the buyer-agent action plan, you must analyze the diverse mortgage schemes in the market, and gain clarity about the process of closing property transactions. You might also select any other property of the seller that you want to be a part of the sale, such as a fridge or light fittings, and negotiate this with the seller. Your agent should be asked to give you pertinent real estate market updates on a periodic basis.

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