Opportunity
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Foreclosure: 202 Kensington Drive, Elkton |
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Property To Be Sold: 202 Kensington Drive, Elkton Date/Time of Sale: Tuesday, February 19, 2008 at 9:00 a.m. Original Principal Amount of Deed of Trust: $292,500 Deposit: $12,000 or 10% of the sale price For Information Contact: Draper & Goldberg, PLLC 803 Sycolin Road Leesburg, VA 20175 703-777-2448 http://www.drapgold.com Per the Daily News Record, February 8, 2008 | |
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Foreclosure: 2388 Hopkins Drive, McGaheysville |
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Property To Be Sold: 2388 Hopkins Drive, McGaheysville Date/Time of Sale: Wednesday, February 27, 2008 at 9:45 a.m. Original Principal Amount of Deed of Trust: $450,000 Assessed Value: $338,300 Terms of Sale: A deposit of $20,000.00, or 10% of the sales price, whichever is lower, cash or certified check, will be required at the time of sale with settlement within fifteen (15) days from the date of sale. For Information Contact: Samuel I. White, P.C. 5040 Corporate Woods Drive, Suite 120 Virginia Beach, VA 23462 757-457-1460 Call between 9:00 a.m. and 11:30 a.m. 0512-08/CONV Per the Daily News Record, February 4, 2008 | |
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Foreclosure: 9212 Rawley Pike, Hinton |
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Property To Be Sold: 9212 Rawley Pike, Hinton Date/Time of Sale: Friday, February 22, 2008 at 9:00 a.m. Original Principal Amount of Deed of Trust: $179,100 Assessed Value: $180,700 Terms of Sale: A deposit in the form of certified funds in the amount of $15,000.00 or 10% of the successful bid, whichever is lower, is required of any bidder at the time of sale. Closing within fifteen (15) days of sale. For Information Contact: Stephen B. Wood Friedman & MacFadyen, P.A. 1601 Rolling Hills Drive, Ste. 125 Richmond, VA 23229 (804) 288-0088 Ref #213213 Per the Daily News Record, January 30, 2008 | |
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Foreclosure: 388 Ridge Court, Timberville |
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![]() Date/Time of Sale: Monday, February 11, 2008 at 10:00 a.m. Original Principal Amount of Deed of Trust: $125,600 Assessed Value: $121,100 Most Recent Sale: $157,000 (1/6/2006) This property is currently on the market for $169,000. Terms of Sale: A bidder's deposit of $12,500.00 or 10% of the sale price, whichever is lower, will be required in cash, certified or cashier's check. Settlement within fifteen (15) days of sale, otherwise Trustees may forfeit deposit. For Information Contact: Professional Foreclosure Corporation of Virginia C/O Shapiro & Burson, LLP 13135 Lee Jackson Highway, Suite 201 Fairfax, VA 22033 703-449-5800 Per the Daily News Record, January 30, 2008 | |
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Buy vs. Rent --- Harrisonburg Townhouse on Vine Street |
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![]() The townhome pictured to the right, located at 904 Vine Street in Harrisonburg, is listed for sale with a price of $149,000. Since homes sell on average at 97% of their asking price, we'll assume that it may sell for around $144,530. We'll also assume that one might be able to rent it for around $825 per month. Many buyers of townhomes in this price range do not have $17,000 to put into the transaction --- some only have the closing costs ($3,000 - $4,500). Let's take that angle --- which increases the monthly mortgage cost to $922 per month, or $97 extra each month. So why might someone consider purchasing this townhome rather than renting it? Let's assume, for a moment, that the conflicted buyer-tenant will stay in the townhome for three years. Here's the comparison: 1. The buyer pays $3,492 extra in monthly housing costs ($97 * 36 months) 2. The buyer pays down their mortgage $6,176 during the three years. 3. The buyer pays $23,366 of interest, which saves them approximately $5,841 on taxes (assuming 25% bracket). So far, the buyer is ahead of the tenant by $8,525 by the third year. If we then include a modest 3% per year appreciation, the buyer has gained an additional $13,402. (They don't get this until they sell). Thus, by buying, rather than renting, the net gain comes out to be: - $4,000 purchase closing costs - $3,492 extra monthly housing costs + $6,176 principal reduction + $5,841 tax savings + $13,402 appreciation --------------------------------------------------- + $17,927 net gain after three years One important note --- if the buyer then decides to sell after three years, some portion of their gain will be expended in seller closing costs. | |
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Does Real Estate Always Increase In Value? |
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Yes and no . . . As an overall trend, real estate (almost) always increases in value. The graph below shows the "Four-Quarter Percent Change in Virginia House Price Indexes," based on data from the Office of Federal Housing Enterprise Oversight. ![]() Each quarter, the OFHEO releases the House Price Index, which is described as "...a broad measure of the movement of single family house prices." The figures represent the amount of increase or decrease in housing prices in a particular market, based on a repeat-sales index. They derive their data based on repeat sales of the same property, or refinances of the same property. Since 1975, there have only been eight quarters (out of 127) when the house price index has declined. The graph below shows the value trend that would have existed for a home valued at $100,000 in 1975 --- using the OFHEO's house price index to determine growth in value. ![]() But don't forget -- all properties do not follow overall trends during all time periods. Some buyers have mistaken the trend described above to mean that all properties will increase in value during all time periods of ownership. However, it is essential to remember that the trends are based on a market as a whole --- in the case of my examples, the entire state of Virginia. So while real estate values as a whole (in Virginia) seems to (almost) always increase, that will not necessarily be the case for all individual properties in Virginia. | |
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How and Why To Buy Property At A Foreclosure Sale |
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![]() The Risks:
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Foreclosure: 338 Louisa Street, Broadway |
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Property To Be Sold: 338 Louisa Street, Broadway Date/Time of Sale: Wednesday, February 6, 2008 at 3:00 p.m. Original Principal Amount of Deed of Trust: $180,400 Assessed Value: $193,800 Most Recent Sale: $190,000 (1/20/2005) Terms of Sale: A deposit of $15,000.00, or 10% of the sales price, whichever is lower, cash or certified check, will be required at the time of sale with settlement within fifteen (15) days from the date of sale. For Information Contact: Samuel I. White, P.C. 5040 Corporate Woods Drive, Suite 120 Virginia Beach, Virginia 23462 757-457-1460 (call between 9:00 a.m. and 11:30 a.m.) Per the Daily News Record, January 28, 2008 | |
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Foreclosure: 3210 Danbury Court, Harrisonburg |
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![]() Date/Time of Sale: Wednesday, February 6, 2008 at 3:00 p.m. Original Principal Amount of Deed of Trust: $460,800 Assessed Value: $394,100 Most Recent Sale: $512,000 (11/17/2006) Terms of Sale: Cash: A deposit of $20,000.00, or 10% of the sales price, whichever is lower, cash or certified check, will be required at the time of sale with settlement within fifteen (15) days from the date of sale. For Information Contact: Samuel I. White, P.C. 5040 Corporate Woods Drive, Suite 120 Virginia Beach, Virginia 23462 757-457-1460 (call between 9:00 a.m. and 11:30 a.m.) Per the Daily News Record, January 28, 2008 | |
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Foreclosure: 16958 Sundance Forest Road, Broadway |
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![]() Date/Time of Sale: Monday, February 11, 2008 at 10:00 a.m. Original Principal Amount of Deed of Trust: $154,000 Assessed Value: $101,500 Most Recent Sale: $154,000 (8/17/2006) Terms of Sale: All Cash. A bidder's deposit of $15,000.00 or 10% of the sale price, whichever is lower, will be required in cash, certified or cashier's check. Settlement within fifteen (15) days of sale, otherwise Trustees may forfeit deposit. For Information Contact: Professional Foreclosure Corporation of America C/O Shapiro & Burson, LLP 236 Clearfield Avenue, Ste 215 VIrginia Beach, VA 23462 757-687-8777 Per the Daily News Record, January 25, 2008 | |
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Why Blog About Foreclosures? |
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Several people have recently asked me if I specialize in foreclosure sales. I do not. The questions were from people who read my blog, and the question is reasonable, as I have posted 9 entries in regards to foreclosure sales (trustee sales). Here is why I have started posting notices of foreclosure sales:
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Foreclosure: 2410 Reservoir Street, Harrisonburg |
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Date/Time of Sale: Monday, February 4, 2008 at 10:00 a.m. Original Principal Amount of Deed of Trust: $93,800 Assessed Value: $152,800 Terms of Sale: A bidder's deposit of $9,300.00 or 10% of the sale price, whichever is lower, will be required in cash, certified or cashier's check. Settlement within fifteen (15) days of sale, otherwise Trustees may forfeit deposit. For Information Contact: Professional Foreclosure Corporation of America C/O Shapiro & Burson, LLP 236 Clearfield Avenue, Ste 215 VIrginia Beach, VA 23462 757-687-8777 Per the Daily News Record, January 21, 2008 | |
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Foreclosure: 153 Bellevue Street, Timberville |
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![]() Date/Time of Sale: Wednesday, February 13, 2008 at 9:00 a.m. Original Principal Amount of Deed of Trust: $161,209.46 Most Recent Property Transfer: $137,000 (July 19, 2005) Assessed Value: $94,600 Terms of Sale: A deposit in the form of certified funds in the amount of $15,000.00 or 10% of the successful bid, whichever is lower, is required of any bidder at the time of sale. Closing within fifteen (15) days of sale. For Information Contact: Stephen B. Wood Friedman & MacFadyen, P.A. 1601 Rolling Hills Drive, Ste. 125 Richmond, VA 23229 (804) 288-0088 Ref# 213052 Per the Daily News Record, January 18, 2008 | |
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Condos Are Coming To Downtown Harrisonburg! |
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Urban Exchange, an exciting new mixed-use development, will be built with frontage on East Market Street and Mason Street --- within walking distance to downtown Harrisonburg and JMU campus. ![]() The six-story structure will be comprised of (196) 1, 2 and 3 bedroom condos / apartments, as well as approximately 12,000 s.f. of retail space -- to house tenants such as a coffee shop, restaurant, and other retail operations. These brand new, upscale units will be available both for sale or for lease. Amenities will include on-site parking, free internet and phone service, a state-of the-art fitness center, public space and an outdoor courtyard. Demolition on the existing structures will begin this month, and the entire project will be complete by Summer 2009. For more information about Urban Exchange, visit http://www.ueharrisonburg.com. | |
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Foreclosure: 10877 Indian Trail Road, Harrisonburg |
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![]() Date/Time of Sale: Monday, January 28, 2008 at 9:30 a.m. Original Principal Amount of Deed of Trust: $166,000 Assessed Value: $126,500 Terms of Sale: A bidder's deposit of $15,000.00 or 10% of the sale price, whichever is lower, will be required in cash, certified or cashier's check. Settlement within fifteen (15) days of the sale, otherwise Trustees may forfeit deposit. For Information Contact: Professional Foreclosure Corporation of Virginia C/O Shapiro & Burson, LLP 236 Clearfield Avenue, Suite 215 Virginia Beach, VA 23462 (757) 687-8777 Per the Daily News Record, January 14, 2008 | |
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Foreclosure: 300 13th Street, Grottoes |
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Property To Be Sold: 300 13th Street, Grottoes Date/Time of Sale: Monday, January 28, 2008 at 9:30 a.m. Original Principal Amount of Deed of Trust: $121,500 Assessed Value: $99,500 Terms of Sale: A bidder's deposit of $12,100.00 or 10% of the sale price, whichever is lower, will be required in cash, certified or cashier's check. Settlement within fifteen (15) days of the sale, otherwise Trustees may forfeit deposit. For Information Contact: Professional Foreclosure Corporation of Virginia C/O Shapiro & Burson, LLP 236 Clearfield Avenue, Suite 215 Virginia Beach, VA 23462 (757) 687-8822 Per the Daily News Record, January 14, 2008 | |
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Foreclosure: 332 Chestnut Oak Lane, Penn Laird |
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Property To Be Sold: 332 Chestnut Oak Lane, Penn Laird Date/Time of Sale: Wednesday, January 23, 2008 at 11:30 a.m. Original Principal Amount of Deed of Trust: $625,000 Assessed Value: $825,600 Terms of Sale: A deposit of $62,500.00 or 10% of the sales price, whichever is lower, (in certified funds or cash of not more than $10,000.00) will be required of the successful bidder at time of sale. Settlement is to be made within 15 days. For Information Contact: Glasser and Glasser, P.L.C. and/or Atlantic Trust Services, L.L.C., Substitute Trustees, Crown Center Building, Suite 600, 580 East Main Street Norfolk, VA 23510, File No. 61185 (757) 321-6465 Call between 10:00 a.m. and 12:00 p.m. Per the Daily News Record, January 11, 2008 | |
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Foreclosure: 9075 Centreville Road, Bridgewater |
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Property To Be Sold: 9075 Centreville Road, Bridgewater Date/Time of Sale: Tuesday, January 22, 2008 at 4:00 p.m. Terms of Sale: A deposit of $20,000.00, cash or certified check, will be required at the time of sale with settlement within fifteen (15) days from the date of sale. For Information Contact: ReConstruct Company 209 Business Park Drive Virginia Beach, VA 23462 (800) 281-8219 Call between 10:00 a.m. and 5:00 p.m. (CST) Original Principal Amount of Deed of Trust: $274,400 Assessed Value: $260,600 Per the Daily News Record, January 4, 2008 | |
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Foreclosure: 2998 Earmans Loop, Harrisonburg |
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Property To Be Sold: 2998 Earmans Loop, Harrisonburg Date/Time of Sale: Wednesday, January 23, 2008 at 11:00 a.m. Terms of Sale: A deposit of $15,000.00, cash or certified check, will be required at the time of sale with settlement within fifteen (15) days from the date of sale. For Information Contact: ReConstruct Company 209 Business Park Drive Virginia Beach, VA 23462 (800) 281-8219 Call between 10:00 a.m. and 5:00 p.m. (CST) Original Principal Amount of Deed of Trust: $199,500 (12/28/06) Assessed Value: $102,600 Per the Daily News Record, January 4, 2008 | |
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Foreclosure: 2991 Taylor Spring Lane, Harrisonburg |
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![]() Date/Time of Sale: January 15, 2008 at 11:00 a.m. Terms of Sale: A bidder's deposit of $13,200.00, cash or certified check, will be required at the time of sale with the settlement and full payment of the purchase price within (15) fifteen days from the date of the sale. For Information Contact: Nectar Projects, Inc 104 N. Bailey Ln. Purcellville, VA 20132 540-751-1267 Call between 8:00 a.m. and 11:00 a.m. http://www.nectarp.com Original Principal Amount of Deed of Trust: $135,000 Assessed Value: $197,900 Comparable Properties For Sale: http://taylor_springs.scottprogers.com Per the Daily News Record, January 2, 2008 | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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