An out of state owner has an investment property in Norfolk which is upside down. Both tenants moved out so it is no longer covering expenses. The mortgage is current but without rents coming in this will not be the case for long. The property needs some work to bring it back up to rentable condition so at this point one of the options is selling it as a short sale.Virginia is a recourse state so is the owner resposible for the bank loss or is that only the case for a (mail in the keys ) foreclosure scenario ? Any advice would be appreciated.
If the listing was received via an automated data feed from Listhub as is stated on a prior answer, then you can take it from there. If however another agents contact information shows up when you pull up your listing, that is simply a matter of that agent using marketing stategies to get the added exposure which as another contributer, a realtor, agreed that if it helps get the house sold, the ultimate goal will have been met. Listing and Buyers Realtors share commissions all the time. As long as the agent whose contact info shows up when you pull up your property isn't outright claiming to be the listing agent, then I don't see any problem with it.
I happen to agree with the advice to steer clear of Condos and Townhouses for the same reasons. There are some positives and negatives to be said for buying a house now or waitting until the market shows sure signs of a protracted recovery and stabilization. In your particular case I would recommend that you rent until a real recovery takes hold.You won't be wasting your money on rent because in the first few years of paying a mortgage, the vast majority of your payment goes towards paying interest. Subsequently you will not have done much at all to build equity by reducing the the principal. Couple that with the chance of falling values and you could be off to a bad start. Rent for now, save some money, build some credit and make the move on a house that you wouldn't mind living in for 7 - 10 years. One that you really like, One that is nice enough so that there will be a bigger pool of buyers for it when you are ready to move up. Good luck.
One way to buy a house when you have bad credit is to lease with an option to buy. You pay an option fee up front which will go towards the purchase price when you are ready to buy.You pay your monthly rent and when your credit score improves you can exercise your option and buy the house.The banks look favorably on you because we can use part of your monthly rent as a payment towards the house purchase which lowers the price and shows you are stable and low risk. You can also purchase using owner financing where you buy the house and pay the owner monthly payments instead of the bank. You can go to my website [link removed by moderator] and let me know what kind of house you are interested in and I can probably put a deal together for you.Dan Goggin[contact info removed by moderator]