Heather Elias

Hello,
This is a bank owned property (so it has already been foreclosed on.) According to the listing, there are multiple offers on the property already, and they are looking for 'highest and best' offers by close of business today. It's been active on the market for four days under the current listing number. Based on that list price, I think their strategy was to price it low to get a bunch of offers to pick from; the other active listings in the neighborhood are all in the mid to high $300,000s. Feel free to reach out to me if you have other questions!

Hope that helps!
~Heather - Wed Feb 18 2009, 08:06

Stephanie,
Those sellers who originally bought it for $700,000 got it at the absolute height of the market, and by listing it at $650,000 were probably trying to sell it without having it be a short sale (meaning, the asking price is less than what they owe, and they don't have the funds to make up the difference, so the lender has to approve the deal and takes a loss). The $350,000 sale price was probably much closer to market value, given that the lender agreed to the sale...if it wasn't close to market value, they would have waited to take the property via foreclosure and listed it for sale at or near market value. Without knowing which property specifically it's hard to say for sure.

If you have patience, and work with a Realtor who can advise you about market value, you can definitely find a short sale situation where you can get a good deal on a home. Keep in mind that it can take a lender months to respond to an offer on a short sale, and there is no guarantee that they will allow a sale to proceed. There are certainly a large number of homes that fall into that category that are for sale in Ashburn or Sterling.

If you aren't already working with a good buyer's agent, that is your first step. A Realtor that is very familiar with the neighborhoods/towns that you want to purchase in will be able to pinpoint which listings are the best potential deals available.

Hope that helps!

Heather - Mon Dec 22 2008, 15:39

Raja,
In terms of what is happening with the market in Ashburn right now, this is going to surprise you, but the townhome market there is very busy right now. While the whole of Loudoun County has an inventory level of homes that would take around seven months to sell at the current rate they are going under contract, the townhomes in Ashburn are at around a two to three month supply. What this means is that townhomes that are coming on the market in good condition and/or priced well are going under contract quickly. I have seen multiple offer situations taking place, too, although we aren't seeing a jump up in prices like we have in the past. Whether this recovery is short lived or signs of a more stable trend, only time will tell.
If your goals are to purchase in Ashburn and stay for three to five years, you should feel comfortable buying now. Please feel free to call or email me with any questions about the market, or visit my website.

Sincerely,
Heather - Mon Jun 23 2008, 05:42