VIRGINIA BEACH -- Foreclosures are still plentiful in Hampton Roads and many home buyers are looking at them to get the most home for their money.
Out of 3,000 properties currently on the market in Va. Beach, about 500 are foreclosures. Many others are short sales, which often turn into foreclosures.
Real estate agent Rick Sterling says buyers are using a 403-K loan, a construction loan that can ease concerns about buying foreclosed property.
"You can finance the rehab of a property right into the 30-year fixed loan and take up to six months to get the construction done," he explained.
Sterling believes the region will be slow to emerge from the economic downtown in real estate, saying it's too heavily dependent on the military.
Short sale properties can be a good deal, but Sterling says be prepared to wait months for the process to go through.
