140 Snead Circle, McGaheysville, VA 22840

This Trustee Sale is scheduled for January 12, 2009 at 10:00 a.m.  The original value of the deed of trust was $235,900 on July 29, 2004.

The assessed value is (approximately) $278,100.

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Source: Daily News Record, December 19, 2008

432 Boyers Road, Harrisonburg, VA 22801

This Trustee Sale is scheduled for December 17, 2008 at 10:30 a.m.  The original value of the deed of trust was $600,000 on October 28, 2005.

The assessed value is (approximately) $580,400.

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3414 Ragtown Road, Harrisonburg, VA 22802

This Trustee Sale is scheduled for December 23, 2008 at 3:00 p.m.  The original value of the deed of trust was $56,000.

The assessed value is (approximately) $105,600.

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1361 South Dogwood Drive, Harrisonburg, VA 22801

This Trustee Sale is scheduled for December 23, 2008 at 3:00 p.m.  The original value of the deed of trust was $273,600.

The assessed value is (approximately) $283,800.

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306 West Bank Street, Bridgewater, VA 22812

This Trustee Sale is scheduled for January 6, 2009 at 5:00 p.m.  The original value of the deed of trust was $167,450 in July 7, 2006.

The assessed value is (approximately) $128,600.

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2310 Wishing Well Court, Harrisonburg, VA

This property is assessed at $192,700.  The first deed of trust, however, only had an original balance of $152,550 in September 2005.  This allows for a decent cost savings for someone considering a purchase of this property at the foreclosure sale.

The foreclosure sale will take place on November 26, 2008 at 1:32 p.m. at the Rockingham County Courthouse.

Trustee:  Nectar Projects, Inc., (540) 751-1260
Source:  Daily News Record, November 11, 2008

1528 Central Avenue, Harrisonburg, VA

This property is assessed at $190,400.  The first deed of trust, however, only had an original balance of $153,000 in September 2002.  This allows for a decent cost savings for someone considering a purchase of this property at the foreclosure sale.

The foreclosure sale will take place on December 3, 2008 at 8:30 a.m. at the Rockingham County Courthouse.

Trustee:  Friedman & MacFadyen, P.A.,  804-288-0088
Source:  Daily News Record, November 6, 2008

100 Ashby Avenue, Harrisonburg, VA

This property is assessed at $157,400.  The first deed of trust, however, only had an original balance of $129,600 in March 2006.  This allows for a decent cost savings for someone considering a purchase of this property at the foreclosure sale.

The foreclosure sale will take place on October 29, 2008 at 8:30 p.m. at the Rockingham County Courthouse.

Trustee:  Friedman & MacFadyen, P.A.,  804-288-0088
Source:  Daily News Record, October 20, 2008

111 Brookside Place, Harrisonburg, VA – Take 2

This property is located in Westfield Subdivision, and is assessed at $196,300.  The first deed of trust, however, only had an original balance of $135,960.  Thus, a decent opportuntity may exist to purchase this property and obtain some equity right off the bat.

The foreclosure sale was to take place on September 24, 2008 at 3:15 p.m. but is now scheduled to take place on October 29, 2008 at 3:30 p.m. at the Rockingham County Courthouse.

Trustee:  Samuel I. White, P.C., 757-457-1460
Source:  Daily News Record, October 20, 2008

3303 Valley Overlook Drive, Dayton, VA

This property, on over 28 acres, is assessed at $374,100.  The first deed of trust, however, only had an original balance of $203,027.05 in January 2000.  This allows for a significant cost savings for someone considering a purchase of this property at the foreclosure sale.

The foreclosure sale will take place on October 22, 2008 at 3:30 p.m. at the Rockingham County Courthouse.

Trustee:  Samuel I. White, P.C., 757-457-1460
Source:  Daily News Record, October 9, 2008

2991 Taylor Spring Lane, Harrisonburg, VA

This property is located in Taylor Spring Subdivision, and is assessed at $197,900.  The first deed of trust, however, only had an original balance of $135,000.  Thus, this may be a good investment opportunity for a home buyer or investor.

The foreclosure sale will take place on October 22, 2008 at 11:00 a.m. at the Rockingham County Courthouse.

Trustee:  Nectar Projects, Inc., 540-751-1260
Source:  Daily News Record, October 9, 2008

How do I find out more about a foreclosure sale?

Several people have recently asked me how to find out more about upcoming foreclosure sales.  They realize that they can find Harrisonburg and Rockingham County foreclosure sale information on this web site, but if a property of interest is being sold, they’re not sure what the next steps might be.

Typically, very little information is available about a property that will potentially be sold at a foreclosure sale.  Sometimes, the property is also listed for sale, and you can easily check that out using the Quick Search on my real estate web site. Beyond that, you’ll need to start looking through public records (and other places) to find out whatever you can about the property.  You’ll find links to online information about properties in Harrisonburg and Rockingham County in the Resources section of my HarrisonburgHousingToday blog.

And if you’re having trouble finding the information you are looking for, feel free to call (540-578-0102) or e-mail (scott@harrisonburghousingtoday.com) me.

111 Brookside Place, Harrisonburg, VA

This property is located in Westfield Subdivision, and is assessed at $196,300.  The first deed of trust, however, only had an original balance of $135,960.  Thus, a decent opportuntity may exist to purchase this property and obtain some equity right off the bat.

The foreclosure sale will take place on September 24, 2008 at 3:15 p.m. at the Rockingham County Courthouse.  

Trustee:  Samuel I. White, P.C., 757-457-1460
Source:  Daily News Record, September 4, 2008

11842 Daphna Road, Broadway, VA

This single family home on 5+ acres is scheduled to be sold at a Trustee Sale on September 3, 2008 at 3:00 p.m. at the Rockingham County Courthouse.  The original principal amount on the Deed of Trust was $143,200 — though that was in 1999, so it is likely around $128k now.

As I have mentioned, I am only featuring trustee sales on this web site where there is a reasonable different between the amount of the deed of trust and the assessed value.  This property is assessed by Rockingham County at $228,700 — providing a potential equity gap of $100,000.

Trustee:  Shapiro & Burson, LLP (757-687-8777)

Source:  Daily News Record, August 19, 2008

What is a “short sale”?

A workgroup of the National Association of Realtors recently penned this definition for a short sale:

“A short sale is one where title has transferred; where the sales price was insufficient to pay the total of all liens and costs of sale; and where the seller did not bring sufficient liquid assets to the closing to cure all deficiencies.”

Wikipedia offers us this definition:

A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor.

As becomes clear from these definitions, it is an actual closed sale where the seller’s loan was not completely paid off by the seller.  The bank must agree to this sort of a transaction, as they are not recouping all of the money they lent to the homeowner.

Why does this matter to homeowners in danger of foreclosure?

If you are having difficulty making your mortgage payments, and find foreclosure looming, you might first think of selling your home.  But if you can’t sell your home for a sufficient price with which you can pay off your mortgage, you might think you are stuck.  A short sale (if/when allowed by your lender) can help you out of this situation without the financial (and emotional) impact of the foreclosure process.

A few things to remember — you must demonstrate a “hardship” to the lender, and the proposed short sale (with a particular buyer, at a particular price) must also be justified for the lender so that they are confident they are obtaining as much (or close to as much) as is possible for the property in the current market.

Navigating the short sale process as a homeowner can be difficult and frustrating.  I am not (yet) a short sale expert, but I’d be happy to try to answer any questions that you might have if that would be helpful.

Why does this matter to home buyers?

You may encounter a home for sale that is of interest to you, and then discover that it would only be possible to purchase it if the bank approves the short sale.  For example, if a property is on the market for $200k, and you are prepared to pay $190k for it, but the homeowner has a remaining mortgage balance of $210k, and the owner can’t bring the extra $20k (plus) to closing.  In this scenario, if the seller is willing to sell it for $190k, and will seek short sale approval from the bank, it may be worthwhile to pursue the property.

One key thing to remember — the process is often very slow, and you may have to wait several weeks to hear back from the bank as to whether the short sale has been approved.

Are we seeing this in Harrisonburg and Rockingham County?

In many parts of the country, many (many) short sales are occuring.  I haven’t heard of a tremendous number in the Harrisonburg and Rockingham County area, but I know that a few have taken place. If you have questions about the process (from either perspective), feel free to call (540-578-0102) or e-mail me.

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