Several Issues That This Search Could Uncover Include:

• Easements that may allow for roads, sidewalks, cables, etc. to be built on your land
• Judgments or liens that are a result of unpaid taxes or money that is owed
• Errors or forged signatures contained within deeds, trusts or wills
• Undisclosed heirs or rightful owners to the property
• Additional legal issues or pending suits such as divorce that could affect the purchase

Owners title insurance will protect both homeowners and their heirs from any claims that arise as a result of problems that were initiated prior to obtaining the coverage. In the event that you were to inherit your own liens or judgments against the home, a new policy would then protect the next buyer if these bills were overlooked and remained unpaid upon closing.

Did you know that approximately 1/3 of all title searches will uncover some type of issue on a property? Although these tend to be extremely thorough and accurate, there are still those rare instances where certain matters will remain undetected. Title insurance is therefore the solution for any such cases that may arise.
In the event that you purchase a policy and claims do arise, the policy will reimburse you for any losses that are incurred under the coverage. Therefore, the stress, fees and wasted time that you can avoid when faced with such unfortunate circumstances are well worth the small investment.
To obtain information on reputable title companies that we highly recommend before your next Virginia property purchase, contact us using the information included on our “Contact Us” tab above.

However, if you are considering a foreclosure property in Norfolk, Virginia Beach or any other area of Hampton Roads for your next purchase, then there are some common pitfalls that you will need to avoid along the way to protect yourself and your future asset.  Let’s review some areas to be aware of before making any serious offers.

1. Avoid Making Emotional Offers: When you are planning on putting a bid down on a property, you need to be extremely confident with the home’s current condition, its true market value, and what will be needed to fully restore the property.  Too many buyers will think that they found a slamming deal and fear that they will lose the home to another bidder.  So instead of taking the time to truly do their homework and complete the proper inspections and analysis, they can end up locking up a property for more than it’s actually worth.

2.Estimate Neighborhood Values: Consider what other comparable properties are selling for and talk to a real estate agent who has a working knowledge of the area.  In fact, it’s a wise decision to thoroughly review these questions and any other recommendations your Realtor may make:

• Is this neighborhood a desirable location and how are crime rates?
• What schools would be available for my kids or future buyers?
• Were there any other foreclosures or investor sales that could negatively affect the future value of my home?
• How long do I plan on living there and how could that affect things?
• What type of appreciation should I expect?

3. Get Preapproved: Before you even start looking at homes in Hampton Roads, you must get preapproved on a mortgage in order to know exactly what you can afford.  Sadly, many buyers can miss out on some phenomenal deals or spend hours of wasted time because they avoid this step.  Show banks that you are a serious buyer and have your financing in place!

4. Get Professional Help: Not only should you seek the expertise and of an experienced Hampton Roads Realtor, but you may also need guidance from a real estate attorney or financial consultant as well.  Each professional can ensure that you are making the right choices throughout the process and can protect you from any issues you may come across along the way.

Remember that there is a lot more than meets the eye when you are trying to buy a foreclosure property in Virginia.  Negotiating with the banks, filling out paperwork properly, and undergoing all the necessary inspections can be a very detailed and tedious procedure.

Therefore, we encourage you to give us a call today to get started.  I have years of experience assisting clients with buying foreclosures for their next home or investment property.  Discover how we can help you to make a smart and profitable investment as well!