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Nearly 30% of Roanoke, VA Homeowners are Underwater or Have Negative Equity in Their Home.  REsolutions Real Estate Services Can Help. In May 2012 I posted an article on the negative equity problem in our market.  Although the real estate activity has picked up since then prices have only increased slightly and only in certain areas.  Many Roanoke home owners and Sellers cannot sell their homes because they have no equity and cannot afford to pay REALTOR commissions or even to sell at market value. As you can see by the Zillow.com heat map and the summary table I’ve made below, some neighborhoods have been hit harder than others due to the high number of foreclosures and short sales in the market as a result of buying at the peak of the market and having a reduction in income, job loss or an increase in the mortgage payment that lead …

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Many of the Tenant-Buyers we work with in our Rent To Own program here in Roanoke are previous home owners who had the unfortunate experience of a foreclosure due to the market collapse.  This is a very encouraging article about how we’re starting to see many of those folks re-enter the market as Buyers. If you have a foreclosure on your record don’t let that discourage you.  There are about 4 million people in your shoes nationwide and many more to follow.  We typically have a 2-3 year option period on our Rent To Own homes which allows you enough time to work with our team to repair your credit and get you qualified for a new loan at a historical rate.  For full information on our Rent To Own program be sure to visit www.Rent2OwnVA.com. Chad Corbett President, REsolutions Real Estate Services   Home Buyers With Foreclosures On Their …

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If you ask a Roanoke Realtor what the market is like they will likely tell you they’re having a banner year and they need more inventory.  That is great news to anyone involved in real estate because it means our market is clearing distressed houses. However, there are literally hundreds of foreclosed homes sitting vacant in the Roanoke Valley that are not on the market and nobody seems to know why.  Sure, we all have our theories like “Well it’s because the banks are bogged down.” or “It’s the government’s fault because of the slow down last year due to the robo-signing investigation.” but could it be because the banks are intentionally controlling the supply to increase the prices and cut their losses? RealtyTrac, the leader in foreclosure data published an interesting article this week talking about this issue on a national level.  “In the May 2012 issue of the …

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Last week the New York Times featured an article “Speeding Up Short Sales”. In which they highlighted the positives of how expediting the short sale process will clear the glut of homes that are in default that will inevitably foreclose. “With rules that take effect next month, federal regulators have hopes of greatly streamlining the short-sale process. Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days.” Typically a short sale takes from 4 — 8 months with the vast majority of them falling apart after the buyer and the seller have invested a considerable amount of emotion and energy into the process.  Speeding up the process may force the lenders to become more efficient and process more which will result in more that actually close but I still don’t recommend …

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www.Zillow.com has just released a new tool on their site which allows home owners across the US to see how their neighborhood ranks among others for the amount of negative equity in their homes.  For months I’ve been researching this and I’ve found that roughly 55% of homes nationwide currently have less than 10% equity and 27% are over leveraged.  I have not been able to find data at the local level until now.  This confirms that Roanoke is NOT insulated from the effects of the overall real estate market as so many professionals lead you to believe.  In my experience here in Roanoke, pretty much any home owner who originated their loan after 2006 who did not put 20% or more down is most definitely in a negative equity situation.  That is why REsolutions Real Estate Services has introduced our Rent To Own program. Through our Rent To Own …

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REsolutions is proud to present our new site to the public.  After 3 months of business in the Roanoke, VA market we saw the need for more real estate services so we added Rent To Own and Lease Purchasing to our business.  In the near future we will have several exciting commercial offerings in addition to our wholesale homes and rent to own homes.  Because of these changes we decided to rehab our site to fit our growing business. Our goal is to become the premier real estate investment and brokerage company in the Roanoke Valley by providing creative solutions to our now complex real estate market.  We believe with enough knowledge and ethics any real estate problem can be solved and all parties can benefit. Please browse around the site to learn more about REsolutions Real Estate Services.  We offer wholesale properties, Rent To Own properties, Turn-key rental properties, …

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