2010-08-18 / News Briefs

Village Bank wants to sell some property

One local bank is taking a more aggressive approach to get rid of property it’s obtained through foreclosures, according to Richmond BizSense.

Though banks usually hire a realtor to sell foreclosed properties, Village Bank, which is headquartered in Midlothian, has added real estate sales to its website to augment realtors’ efforts.

The bank had $11.8 million in foreclosed assets at the end of June, which is a high amount compared to other similar-sized local banks. Village Bank has seven single-family homes and 18 single-family lots located in Chesterfield and Louisa counties and the Outer Banks listed for sale on its website. There are also several tracts of land for residential development in Chesterfield on the site, as well as land for commercial development.

The bank is offering special financing for some qualified borrowers to try to sell these properties.

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