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2110 Ivy Road   |   Charlottesville, VA 22903
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Answer these questions to determine if purchasing a bank owned home/foreclosure is right for you…

Please read carefully through the following items when trying to determine whether or not you are interested in looking at REO (Real Estate Owned) and Foreclosure properties.

  1. Would you be okay with a delayed closing? Purchasers of foreclosures may have to wait for a significant amount of time before closing can occur. Are you on a tight deadline to get out of your lease? Are you attempting to take advantage of the Home Buyer Tax Credit (in which homes must close by June 1, 2010?) If so, this may not be the best choice for you.
  2. If closing were delayed, would you be okay with re-applying for your loan and possibly losing your current loan lock? All during the time that we are awaiting closing, mortgage rates will be fluctuating, and if the loan lock deadline passes, you will have to re-apply for the loan and incur any related charges.
  3. If closing is delayed, will you be able to adjust the timeframe for your date of possession? It is very unlikely that we will be allowed to occupy the property prior to closing, so you would need to have a backup residence in mind, in case of any delays. If this is your primary home, some sort of temporary living arrangement would need to be made, and it may include moving twice- from your current home to the temporary residence, and the temporary residence to your new home.
  4. Even if the property is priced extremely competitively, do you have other funds that may be necessary for updating, cleaning up, and repairing the property? Sometimes REO and foreclosed homes will require a significant cash investment just to bring them up to standard living conditions.
  5. Are you comfortable purchasing a home “as is”? Most REO and foreclosed homes will come in “as is” condition. A handful of them will not allow any sort of home inspection prior to purchase at all, however most allow a home inspection for information only. Would you be comfortable making any necessary repairs yourself (or with a contractor, of course) and after closing?
  6. Would you be willing to sign addenda that heavily sways negotiations in favor of the Lender/Bank who owns the property and overrides most of the standard protections granted to the buyer? Most of these forms override rights that we outline in the standard Virginia Association of Realtors Residential Contract to Purchase. Oftentimes, the lender will allow no revisions to be made to these documents. Some of the changes that are often arranged in the addenda; tougher restrictions on the Purchaser, shorter timelines for the Purchaser to secure a loan, conduct a home inspection, etc, a larger deposit, deposits to be held in the escrow of the lenders choice, and very few provisions that will allow for the Purchaser to get out of the contract and many ways for the lender/seller to walk.
  7. Would you be okay with getting up to the week of closing, only to find that the lender received another offer and has chosen to take that offer and void their contract with you? Many of the packages of documents that the lenders have you sign will include a provision allowing for this.
  8. Would you be comfortable with your earnest money deposit to be escrowed with a escrow company or attorney of their choice? This money will not be accessible during the time that the property is under contract.
  9. Are you prepared to do a title search and purchase title insurance? You will want to verify that the lender does hold title of the property (not all homes transfer from the previous sellers right away). You will also want to make sure that any liens that may have been held against the previous owners (who may have had difficulty paying many bills, aside from their mortgage) have been released and you will have the ability to purchase the home free and clear of liens and encumbrances.

If these items would not cause a major inconvenience for you, then you may be a perfect candidate to purchase a REO or foreclosure property- there are some incredible deals to be had!

Any more thoughts/additions to this list from others who have had bank owned/foreclosure homes?

Please do not hesitate to contact me if you’d like to be set up on a search that will send you foreclosure and bank-owned homes that might meet your search criteria!


Posted on December 23, 2009 Leave a Comment

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    Jul 15

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    ✨ When you work with Josh, you’re getting more than just a skilled negotiator — you’re getting a trusted advocate who’s focused on protecting your bottom line and making the smartest financial moves possible.

Lauren S. said it best:

“Josh built complete trust with us… and was focused on making sure we didn’t leave any money on the table during the negotiation process.”

That kind of advocacy doesn’t happen by accident — it comes from deep expertise, constant communication, and a genuine commitment to doing what’s best for the client at every step. At Story House, we believe your real estate decisions should be guided by someone who cares about the outcome just as much as you do. Josh embodies that — and it’s why his business has continued to grow organically almost entirely through repeat and referral clients.

#CharlottesvilleRealEstate #CentralVirginiaHomes #RealEstateNegotiation #TrustedAdvisor #StoryHouseDifference #ClientFirstAlways @joshwhite_shre
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    Jul 15

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    Open post by storyhousere with ID 18005349938793597
    COMING SOON | 🏠 1411 Chesapeake Street Charlottesville VA 22902 | MLS #666885 | $546,000 | 🛏️ 5 bed 🛁 4 full| 🎉 

Welcome to 1411 Chesapeake Street, a unique opportunity in the heart of Charlottesville! Whether you're an investor or a homeowner with a knack for DIY, this property offers incredible potential. Situated with road frontage on Chesapeake and Short 18th Street, this home boasts a prime city location. The main level features 3 bedrooms and 2 full baths, leading to a spacious attached workshop—perfect for storage, hobbies, or even a small business. But that’s not all. 

The property includes two basement apartments that, with a little TLC, could become excellent income-generating units. Imagine the possibilities: live upstairs while renting out the lower units, or transform the entire property into a lucrative investment. Don’t miss this chance to create something truly special.

 📩 Email showings@storyhouseRE.com with questions!

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    Jul 15

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    Open post by storyhousere with ID 18086011669783913
    COMING SOON | 🏠 40 E Jack Jouett Road Louisa VA 23093 | MLS #666881 | $500,000 | 🛏️ 3 bed 🛁 2 full/1 half | 🎉 OPEN HOUSE Sunday, July 20th from 11 AM - 1 PM!

This thoughtfully renovated home offers modern comfort in a quiet Louisa County setting—perfectly positioned for an easy commute to bothCharlottesville and Richmond. Inside, you’ll find beautiful hardwood floors throughout and a stylishly updated kitchen with sleek finishes, ample storage, and room together. The spacious primary suite features double vanities and a walk-in closet, while a flexible main-level room easily serves as a 4th bedroom, home office, or home gym. And for pet lovers—the entire property is fully fenced, front and back!

 📩 Email showings@storyhouseRE.com with questions!

#Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
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    Jul 11

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    Open post by storyhousere with ID 18092345524723074
    🚨 Welcome to REAL, Ryan! 🚨 

Please help me give a warm welcome to @ryanburksrealtor, one of the newest additions to our REAL family!

Ryan is a seasoned agent in Waynesboro, VA, with a background in homebuilding and a true heart for helping people navigate their real estate journey. We first connected at a conference years ago, and since then, Ryan’s been a familiar face—showing up to classes, webinars, and implementing what he’s learned. 🙌🏼

When he reached out recently for mentorship and alignment with REAL, I was deeply honored. It’s agents like Ryan—committed, community-driven, and collaborative—who are helping us grow something really special in the Shenandoah Valley and beyond.

✨ Stay tuned as we announce even more incredible agents joining our REAL crew this month!

Curious why so many top agents are making the move to @realbrokerage?
Wondering if now is the time to align with a modern brokerage model that actually works for you?

📩 DM me—I’d love to share more.

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    Jul 11

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    Open post by storyhousere with ID 18065629291907063
    JUST LISTED | 🏠 824 Nassau Street Charlottesville VA 22902 | MLS #666775 | $299,000 | 🛏️ 4 bed 🛁 2 full bath | 🎉 OPEN HOUSE Saturday, July 12th from 11 AM - 1 PM!

This 4-bedroom, 2-bath attached home offers an open main level with a spacious kitchen and living area that’s perfect for entertaining. A convenient first-floor bedroom adds flexibility for guests, a home office, or multi-generational living. 

Upstairs, you'll find three additional bedrooms, a full bathroom, and a laundry room— 2 bedrooms have been freshly painted! Whether you’re looking to walk to your favorite Belmont restaurants or grab a quick coffee downtown, this location can’t
be beat. 

 📩 Email showings@storyhouseRE.com with questions!

 #Charlottesvillerealestate #StoryHouseRealEstate #StoryHouseRE #startyournextstory #comingsoon #Charlottesville #StartYourStoryWithUs
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