Virginia Beach Real Estate

Before lending you a large sum of money to purchase a piece of Virginia Beach real estate, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan.  If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind.  Below are some general examples of questions you may expect to hear when applying for a home loan:

Employment and income
• Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived -- steady salary or irregular income? (if it's the latter, plan on providing more details so that you get a favorable interest rate)

Outstanding debts

• What recurring debts do you have?
• How much do you pay a month for auto loans?

• Credit cards?
• How much of your monthly pretax income do these debts consume?

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1408 Bayberry Court S, Chesapeake VA for Sale

This Chesapeake VA home, located in Bayberry, has room for everyone with over 3300 sf ft with 4 bedroom and 3 baths in the main house and a 1 bedroom 1.5 bath in-law suite. In-law suite includes a fully applianced kitchen, bedroom with walk in closet and a generous living room and dining area.

This house has been totally remodeled within the last four years include a 3 zone heating and air system, vinyl siding , windows and roof. This truly is a move in home with nothing left for you to do but enjoy! The fenced in back yard has an above ground pool and patio with plenty of grassy area for all your outside enjoyment.

For more information about this Chesapeake VA home for sale or Chesapeake and Virginia Beach real estate, visit ButlerTeamHomes.com.

Banks are not in the business of owning Virginia Beach real estate and are motivated sellers. Often, you can get a decent price for a foreclosed property, but here is what you need to know before you shop. These tips will save you time, money and lots of headaches!

According to RealtyTrac, lenders repossessed 28 percent more homes in May than April 2008 and 158 percent more than May 2007.

Although banks don't want to be in the real estate business and will sometimes accept ridiculously low prices to get rid of their inventory of foreclosed homes, buying such properties has drawbacks.

Here's what you need to know.

1. Search the Internet

The Internet can help you locate foreclosed homes. You can search national websites, such as Foreclosures.com, ForeclosureListings.com, ForeclosureNet.net or RealtyTrac.com. These sites have Free Trial periods, but then require a subscription. Or, you can search locally at no cost and even sign up to have a list of foreclosed properties emailed to you as they come on the market.

2. Use a Realtor

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Suffolk, Smithfield & Isle of Wight Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It's the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. "Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner-occupants," he said.

Let's take a look at the Suffolk, Smithfield & Isle of Wight real estate market activity to see how the spring market is shaping up.

Suffolk, Smithfield & Isle of Wight May 2008 Sales Statistics

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Portsmouth Real Estate Market Report

A modest gain in the level of home sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It's the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. "Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it's unclear if they are investors or owner-occupants," he said.

Let's take a look at the Portsmouth real estate market activity to see how the spring market is shaping up.

Portsmouth May 2008 Sales Statistics

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