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Buyer Agency In Bedford / Lynchburg/ Roanoke VA

April 13, 2012 by Leave a Comment

 

Buyer agency is probably the most misunderstood aspect of buying Real Estate in Bedford / Lynchburg/ Roanoke.

How much will it cost me to hire a Bedford Buyers agent?

Do I even need a Bedford / Lynchburg / Roanoke buyer’s agent?

Will I save money if I just call the listing agent?

Can a Bedford buyer’s agent help me with new construction homes?  What about Foreclosures? HUD homes? For Sale By Owners homes?

  • How much will it cost me to have a buyer’s agent in the Bedford / Lynchburg/ Roanoke area? Zip. Zero. Zilch. Nada. NOTHING! In fact, having buyer representation in all of Virginia does not cost you anything. Buyers agents are paid by the seller! When you enter into a contract with a Bedford buyers agent, they work in your best interest. They represent you! And can save you money!

 

  • Do I even need a buyer’s agent? Only if you want to save money and have someone who does this every day to help you along the way! Licensed Real Estate agents in Bedford have access to a lot more information that the general public does. When making a purchase of this magnitude, it only makes sense to have someone who sells Bedford Real Estate every day working for you. Not to mention, that should you make a mistake when purchasing a home, the monetary effects of that mistake can add up to a hefty sum… quickly. A good agent will insure that doesn’t happen to you.

 

  • Will I save money if I just call the listing agent? NO! In fact, studies have show calling the listing agent cost more money. The sellers have signed a contract to pay a commission to a Bedford / Lynchburg/ Roanoke listing agent, the listing agent agrees to split this amount with the Bedford buyers agents. If the listing agents brings the buyer, they keep the whole all of the commission. When you sign a Bedford Buyers agreement, our agents represents you, we can make suggestions such as price, requesting repairs, and negotiation tactics.

 

  • Can a buyer’s agent help me with new construction homes? Foreclosures? HUD homes? For Sale By Owners homes? YES! Our Bedford / Lynchburg / Roanoke real estate agents can help you with all of these type of homes. Remember, the on-site agent at a new construction Bedford community represents the builder, NOT you. Again the sellers pay the fees for a buyers agent.

 

  • What if the Bedford / Lynchburg/ Roanoke property I like is listed by Witt-Fogleman? From time to time the Witt-Fogleman Team will represent both the Bedford / Lynchburg/ Roanoke buyer and the Bedford/ Lynchburg/ Roanoke seller. We will designate one of our highly trained Bedford Real estate professionals as your representation!The Witt Fogleman Real Estate Team rules of ethics state we will not disclose anything you tell us on confidence.

 

This is just a high level overview of Buyer Agency here in the Bedford / Lynchburg/ Roanoke area. Call us The Witt Fogleman Team to learn more about buyer home sin Bedford/ Lynchburg/ Roanoke. We are here help and are happy to answer you questions!

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Short Sale homes in Bedford

November 17, 2011 by 1 Comment
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Purchasing a new home is a exciting experience. You may be unaware of some dramatic changes if you’ve been out of the Bedford real estate market for some time. This hold true if you buying a home in Bedford County or the City of Bedford.

 

There are some unique situations which Bedford home buyers should be aware of as they prepare to consider the purchase of a new home.

GOOD NEWS…

Bedford has many great homes from which you can select the perfect home for you. Bedford inventory of homes for sale in high right now.  And mortgage rates are still near record lows! Homebuyers can still get a lot of bang for their buck!

HOW THINGS HAVE CHANGED…

Bedford REALTORS can search the MLS and find many great homes.  The Witt-Fogleman team can show you any home that is currently for sale and they know which ones are by keeping up to date by working with the Lynchburg MLS and the Roanoke MLS. We are members of both the the Lynchburg and Roanoke MLS which gives us insight into all aspects of the market. Many agents only join the Lynchburg MLS or the Roanoke MLS, therefore many REALTORS who visit Bedford only see half the listings.  There are several homes for sale that are listed as a ‘Short Sale’.

If you’re a brand new home buyer in Bedford or recently re-entering the Bedford market, this  may prove perplexing and you may wonder…What is a Short Sale?

SHORT SALES IN BRIEF…

A Bedford Short Sale can be defined as the sale of a home priced below the mortgage balance owed on the home. (after costs associated with the home sale are paid). Basically, the bank is agreeing to sell the house for less that what is owed and they are taking a loss. As you can imagine, it may take some time for a bank to agree to take a loss on a Bedford Home.

WHAT DOES THIS MEANS FOR YOU…

Well, it depends.

On the most basic level, this means that in order to become the new owner of this home, you will have to complete a successful negotiation with the owner (s) of the mortgage note to purchase the home to allow the ownership to be transferred to you for less than the current owner owes.

FOR STARTERS…

It means that you should be prepared to be very patient and persistent if you truly want this home. Bedford Short Sales are arguably among the most difficult negotiations to complete.  It is not unusual for real estate agents like Wendy Witt or Scott Fogleman to negotiate for months to bring these transactions to closure.

Being prepared for the long haul will save you angst of increased blood pressure, stress and unnecessary temper tantrums. It will also be deeply appreciated by your Bedford real estate agent who will probably accure more stress than a commission will adequately compensate for.

BASIC STEPS…

Buying a Bedford home which requires the negotiation of a Short Sale will also add some additional steps to the home purchasing process.  Be prepared to wait while the bank (s) reviews the home owners paperwork to determine if they will qualify the potential Home Seller and home in question for a Short Sale.  You can also anticipate that a Broker Price Opinion aka Appraisal may be ordered to determine if the bank wants to entertain your offer as one reflective of the current market conditions.

Offer submissions for Bedford Short Sales may languish on someone’s desk while they sift through hundreds of files which have landed there before yours or wait to see if a better competing offer comes through. Be persistent. If you’ve done your homework and received professional consultation from your real estate expert, you should be aware of the Value of your purchase. A Short Sale negotiation done correctly can earn you your dream home with a significant amount of equity attached…no small feat in today’s market.

HIRE A PROFESSIONAL…

Bedford Short Sale negotiations are often complex transactions.  It’s important to understand what is being negotiated and the implications for your credit. Witt-Fogleman your Bedford REALTORS advise you to obtain additional professional counsel which may include your tax advisor and/or attorney to determine what the best route is for your specific situation.

Although it’s not possible to cover the complexities of the Short Sale process here. Contact usinfo@wittfogleman.com to discuss the particular details of your situation. We specialize in advising clients on strategies to buy and sell property in a challenging Bedford market.

 

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Does my home qualify as a short sale?

December 3, 2010 by Leave a Comment

Does my home qualify as a short sale?

short sale
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What is a short sale? Simply put, A short sale is when you owe the bank more then what your home is worth. This can happen for a variety of reasons but the most common is the loss of value due to the economic downturn. Bedford, Lynchburg, and Roanoke has not been impacted like the rest of the country. Home values have dropped since 2006, but not like other areas. This area is great in that we don’t see major swings in real estate. We didn’t have the big real estate bubble therefore we don’t have bursting of the bubble (or the big drop in values).

Bedford VA, Lynchburg VA, and Roanoke VA are just like the rest of the country, you have to meet certain criteria in order to get approved for a short sale. Going into a short sale is serious.If not done correctly, it could impact your credit for many years. Even if done right, it does hurt your credit for two years.

Reduction of your homes value is not enough to qualify for a short sale. Do you have a life altering event- loss of job, severe reduction of income, death of income earning family member, or divorce. Its unfortunate but you need an event such as this to qualify.In other words, there has to be something major in order to qualify for a short sale.

But you also need to be behind on your payments. This is where it gets tricky. I wouldn’t suggest missing payments just to get approved for a short sale because your home could go into foreclosure before the short sale is approved.

Ok, you had a life altering event and your behind on your payments, now what?

Call a qualified REALTOR! Someone who is SFR certified. Scot and Wendy both have taken and passed the SFR (Short Sale and Foreclosure Resource Designation) from the National Association of REALTORS. Many REALTORS have given up on short sales. While the rules have changed and banks are getting faster in processing, it still can take some time to get a bank to approve a short sale. Many REALTORS feel short sales take up far too much time and will refuse to work with him. The process is very frustrating to REALTORS. It often requires many calls to the bank, submitting the same paperwork over and over. A REALTOR has to stay on top of the transaction  to make this happen.

You have a REALTOR and a buyer, now what?

Hopefully you have already started but gather everything your bank will want. Basically you are building a case for the for the bank to approve your short sale. First, you need a “hardship” letter. You need to write a great letter explaining where you are and how you got there. You don’t need to write a novel, but just tell the bank the facts in a well organized fashion. Let them know how you feel and what happened was beyond your control. You will also need copies of your taxes, pay stubs, bank records, death certificates, divorce papers, utility bills,  anything you think will help your case with the bank.

In summary, you need to qualify for a short sale and a great REALTOR to help you along the way. Its a stressful and can take some time. But there is hope!

For more information Call Scott or Wendy

For more information about Bedford, Lynchburg and Roanoke. Visit Discover Bedford

 

If you stop making payments on your home, it will hurt your credit and the bank may take action such as but not limited to- foreclosure upon the home. We advise you discuss this with an attorney and a CPA.
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Short Sales and Foreclosures In Bedford Va

November 3, 2010 by 4 Comments

Short Sales and Foreclosures in Bedford VAShort Sale Logo

If you looking to invest in real estate and your considering a Short Sale or a foreclosure in Bedford VA, then contact Witt Fogleman.
The Bedford, Lynchburg, Roanoke area has not been hit nearly as hard as other areas for short sales and foreclosures. This area didn’t have the real estate bubble that existed in other areas but needs less to say we do have several foreclosures and short sales.

Selling a Short Sale in Bedford

The difference between a short sale or a foreclosure on your credit could impact you and your family for many years. If your home goes to foreclosure you will have a hard time buying a new home, renting, purchasing an car, or getting credit for any purchase.

Negotiating a short sale can be very difficult and timely, there are many factors to consider including getting the right price, how the bank reposts your account, and potential taxes after the sale. You need an agent who understand the process and can help you all along the way. If your a seller, what are the implications of a short sale for you long term? We can help.

Purchasing a Short Sale or a Foreclosure

If your wanting to purchase a short sale, contact us. Short sales may not fit your particular needs or situation. During our buyers consultation, we will review all your needs and make the best recommendations.

Sometimes foreclosures can be a great investment, buying a property and having equity from day one is a great thing. However, there are pitfalls to buying a foreclosure. Having an experienced real estate agent on your side to help guide you o make good decisions. Ultimately every decision is up to you, but we will advices you and help you avoid the pitfalls.

Wendy Witt and Scott Fogleman are both SFR agents. SFR is a certification provided by the National Association of Realtors and stands for Short Sale and Foreclosure Resource.

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