This Sandbridge foreclosure home for sale on the water offers not only great seclusion but just minutes to one of the best beaches in Virginia Beach

Specifics of this foreclosure home for sale:

2260 WIDGEON LN, Sandbridge, Virginia Beach, VA

Kellam Schools

Red Mill Commons Shopping Center just minutes away featuring Wal Mart, Home Depot, Target, Primo Pizzeria, Inlet Fitness, Starbucks, and more.

3 bedrooms, one and one half baths

On water (Lake) with dock

Easily expandable to bigger home with renovation

Approximately 110o square feet

Search all Sandbridge homes for sale

Luxury foreclosure home for sale in Virginia Beach offer potential great bargains for the upscale buyer.

Foreclosed Sandbridge Home

Below is an updated list of foreclosure luxury homes for sale in Virginia Beach with a price range of $500,000 and above. 

You can always sign up for the fatcat foreclosure luxury homes for sale RSS feed and get the latest listings immediately.

Get the latest up to date Luxury homes market stats…..

Jumbo Interest rates for Virginia Beach foreclosure luxury homes are all time lows….consider the real cost of the home with lower interest rates versus the sales price.

What may be holding you back from purchasing a Virginia Beach Home?   Understand the real costs associated with buying a Virginia Beach home (interest rate vs cost over life of loan).

The below article why you should consider buying a Virginia Beach home may help you understand better.

Reprinted with permission by Steve Harney on July 27, 2010 · 3 comments

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Homeownership almost seems like a dirty word in today’s society.  People are blogging, tweeting and facebooking their belief that buying a home is just plain stupid. I respect their opinion on the issue though I totally disagree. Why?

This might be the best time to buy a home in American real estate history.

Some might think I’m crazy. Cynics might think that I am saying this because I still hold a real estate license (though I have not listed nor sold a home in ten years). My reason for saying it is actually quite simple. Owning a home makes more sense than not owning a home for the vast majority of families in this country. Let me give you five reasons why.

1. Real Estate is a Great Long Term Investment

Don’t take my word on this. This is what Mike Mandel, former chief economist at BusinessWeek and current Senior Fellow at Wharton’s Mack Center for Technological Innovation, had to say:

We’ve just had the biggest boom and bust in real estate in recent history. Nevertheless, real estate has still greatly outperformed the stock market over the past ten years.

Below is his chart actually showing the difference between real estate and the stock market.

2. A Home Is a Better Place to Raise a Family

Don’t take my word on this. When Fannie Mae asked current renters for the major reason to buy a house in their National Housing Survey 2010, these were the answers renters gave (they could pick multiple answers):

• 78% said it was a good place to raise children
• 75% said because they would feel safe
• 70% said because you have control of your own space

3. A Home Creates a Sense of Community

Don’t take my word on this. The Federal Reserve Bank of New York just published a paper The Homeownership Gap. The paper explained:

Because owners have a financial interest in their property, they have incentives to take measures that will maintain or increase the value of that property. Some of these measures—such as fixing a leaky roof—are closely related to the house itself. Others, such as investing resources in the betterment of the neighborhood and the community, have broader beneficial effects on the local area, creating what economists call “positive externalities.”

4. It’s Cheaper to Own Than Rent in Many Parts of the Country

Don’t take my word on this. Housing Wire just reported on a Credit Suisse study:

While a segment of the renting population continues to rent, many are looking to dip their toes in the homeownership waters. Credit Suisse said the percentage of median household income needed to pay the mortgage on a median priced home is at a 30-year low… Low mortgage rates and property values makes homeownership more attractive than renting for many. In many markets — including Washington DC, California’s Inland Empire, Las Vegas and Phoenix — paying for a mortgage is less expensive than renting.

And here is a graph from the study:

5. The People Who Do Buy a Home Don’t Regret It

Don’t take my word on this. Probably the best people to ask if buying a home makes sense are the people who currently own homes. A recent national poll commissioned by Bankrate.com found:

Ninety percent of homeowners say they don’t regret buying their home despite a nationwide tsunami of foreclosures, short sales and loan modifications.

It’s a great long term investment. It’s a great place to raise a family. It gives you a greater sense of community. It’s less expensive than renting. People who currently own have no regrets. Buying a home seems like a no brainer to me.

Start your Virginia Beach real estate and home search here.

New Sandbridge foreclosure home for sale on Sandpiper Road in Virginia Beach, Va and minutes to ocean.

Specifics of this foreclosure home for sale include:

• Over five thousand square feet in this home
• Remodeled with 3 floors of living space
• Hardwood floors
• Inground Pool
• 8 bedrooms, 6 baths
• Elevator
• Rec room
• Balcony
• Raised ceiling in 3rd floor with large open area, dining, and gourmet kitchen
• Corian counter tops
• Easy walk to Beach
• Plus a putting green for you golf enthusiasts
• Kellam Virginia Beach Schools and Zip Code 23456
• Asking Price for this foreclosure home:   $774,800

View all Virginia Beach Sandbridge resales and foreclosure homes for sale on the expanded IDX/MLS

Other Sandbridge homes for sale under 700,000

Heritage Park homes for sale are brisk with over 19 homes in a “pending” status.  Pending home sales are the best indicator of market activity and prices.

Heritage Park is an upscale real estate development in Virginia Beach is near Lagomar, Red Mill shopping center, and Ashville Park (development in foreclosure).   Heritage Park also enjoys top notch schools such as Three Oaks, Princess Anne Middle, and Kellam High School in the 23456 zip code.

Within the Heritage Park homes development is the Equi-kids facility – EQUI-KIDS Therapeutic Riding Program was established in 1989 to offer horseback riding lessons to individuals with mental and physical disabling conditions such as Down syndrome, Cerebral Palsy and Learning Disabilities. (See video top right of this page for viewing of facility and neighborhood)

Most of these homes in Heritage Park (Pending) are new construction ranging in price from $515,000 and one over one million dollars.

A Heritage Park bank owned property (foreclosure) recently sold for $475,000.

Below is a listing of the “solds” and “pendings” (market report) for the last six months:

Pendings:

Lagomar owners motivated to move…..

Looking to move into a great neighborhood with beautiful homes for sale such as 901 Rio Grande in Lagomar in Virginia Beach?

This home for sale on 901 Rio Grande may be the “ticket” for you!!  $432,900 asking price, closing costs available and/or decorator allowance.

Read my Six Good Reasons Why to Live in Lagomar, Virginia Beach

Enjoy some of the best schools in Virginia Beach with Kellam HS, Princess Anne Middle, and Red Mill Elementary

Nearby Lagomar is Red Mill Commons featuring Wal-mart, Home Depot, Starbucks, Target, Primo Pizzeria, and much more.

Just minutes up the road is Sandbridge Beach, featuring some of the best beach front on the East Coast.

Just next door is Hells Pt Golf Course.

This Lagomar home for sale at 901 Rio Grande Drive, Virginia Beach , is a 4 bedroom, 2.5 bath 2800 sqft+ home for sale offered at $435,000  is located on a corner with over 15,000 square feet of lot.

Additional features of this Rio Grande Drive home for sale  include large fenced backyard with deck and inground pool making for great entertainment space.

This home has a loft that is great for an in-home office, library, play room, or could be a 5th bedroom.

Downstairs is a formal living room, formal dining room, eat-in kitchen, kitchen with island, large family/great room with fireplace, separate laundry room, foyer, and 2 car garage.

Upstairs 4 bedrooms  (master with separate shower/bath) , loft (home office or 5th bedroom), and full bath

See this “driving video” of the Lagomar neighborhood in Virginia Beach:

After recently showing clients homes in Sandbridge I have compiled my favorites that are for sale and could be potentially good deals.  These Sandbridge homes for sale are either semi-oceanfront (2nd row) or back bay(canal)/lake waterfront.  Kellam schools, minutes to Virginia Beach municipal center, Red Mill shopping, and more.

My favorite homes for sale: (Least to most expensive)

$549,900:  2884 Bluebill Drive, Virginia Beach, VA , 1949 sq feet, huge bulk headed lot on canal corner leading to back bay, inground pool, boat launch, good rental history…house needs some TLC and updates.

$599,000:  2864 Bluebill Drive, Virginia Beach, VA , 2430 sq feet, large bulk headed lot with dock on canal leading to back bay, inground pool, good rental history, move in ready.  Minor cosmetics to fix up..

$679,000:  2217 Widgeon Lane, Virginia Beach, VA , 2520 sq feet, backs up to lake only shared by four other homes, with access to Back Bay, huge lot, well taken care home, minutes to beach, a home for someone wanting seclusion, on the water, yet close to uncrowded beach.  A hidden gem in Sandbridge.

$789,000:  2941 Sand Bend Road, Virginia Beach, VA , 2700 sq feet, 2007 build out, granite kitchen to die for, stainless steel appliances, decks, inground pool, boat dock, two car garage, and luxury throughout this Sandbridge home on Back Bay…..Short Sale so hurry.

Interested in other Sandbridge properties under $600,000? (Prices are deemed accurate at time of posting and can and will change over time periods)(Consult your REALTOR(R) for the most up to date Sandbridge or Virginia Beach real estate information)

VHDA First Time Home buyers in Virginia Beach and Hampton Roads often get benefits when buying a home and a zero down mortgage is part of this.   But nothing beats the current offer from VHDA now with mortgage rates under 4%.

Be sure and read my Virginia Beach and Hampton Roads Home buyers guide for important information about becoming a home owner and how it can be used with the VHDA first time home buyer mortgage program.  Read my Virginia Beach and Hampton Roads market reports and be an informed first time home buyer.

VHDA has some requirements that must be met by prospective first time home buyers.  Here are some important guidelines for first time home buyers considering a VHDA mortgage. 

Any questions on the first time home buyer VHDA program should be sent to David Simkins email address below (Old Virginia Mortgage, Virginia Beach, VA).

1.   VHDA Household Income limitations for Virginia Beach and Hampton Roads:

a.  Family of 2 = $70,000 annually

b.  Family of 3+ = $81,000

($76,300, $89,600 for Areas of Economic Opportunity— first time Virginia Beach and Hampton Roads homebuyer requirement is not required in Area of Economic Opportunity)

2. Maximum Debt to Income Ratio = 31/43%—Internet says they will allow 38/50—not true anymore!

3.  Max Sales Price = $325,000, $431,063 for Areas of Economic Opportunity

4.  No down payment required but client must have 1% of sales price in liquid assets

5.  VHDA Homebuyer Education and 3 years tax returns including W-2s required, buyer calls 1-877-843-2123, to do on-line VHDA course

6.  Individual collections cannot exceed $250, aggregate collections cannot exceed $1000

7.  620 Credit Score Required, I can rescore credit  for free if client  can payoff credit cards.   You can always get your free credit report here.

David H. Simkins

757-651-3081

david@oldvam.com

Short sales in Virginia Beach (zip code 23456) often offer potential great bargains without sometimes needing the fixing up foreclosures require.

These particular Virginia Beach 23456 homes for sale (short) feature very good Virginia Beach Schools , close shopping, Hell’s Pt golf course, Heron Ridge golf course, and Sandbridge beach nearby.

You can search for 23456 or other short sales throughout Virginia Beach, Chesapeake, Norfolk, Suffolk, and all of Hampton Roads using the expanded IDX/MLS real estate homes for sale search engine here.

Short sale defined: A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.^[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.

23456 Short Sales in Virginia Beach (for sale)

Ok, first time home or investment buyers can get a Virginia Beach short sale or bank owned/foreclosed home for under 100,000.

Many of these Virginia Beach short sale and bank owned homes will  have closing costs assistance or other incentives.

Other short sale and bank owned homes in other price ranges can be viewed on the Virginia Beach and Hampton Roads expanded home IDX/MLS search engine (with lots of pictures) where you can sign up for automatic email alerts or RSS feeds to your email in box – an easy way to get up to date listings immediately.

Below are the listings for short sales and bank owned/foreclosed homes under 100,000: (contact me for information or showing appointments)