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The Foreclosure sale will come this weekend in DC, what do you think about buy a SF home in port potomac,

Address: 16200 Cutter Way Woodbridge , VA 22191.
Prince William County.
Square Footage: 3104 Property Type: Single Family
Starting Bid: $159,000 Previously Valued To:* $647,054
Financing: Yes
Tue Mar 4 2008, 16:04 - 22191 - Foreclosure - 6 answers
 
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Mary
Real Estate Pro
in 20906
Mary, Real Estate Pro in 20906 in 20906
Answers (6)
Show me:  Recent Answers     Oldest Answers     Highest Rated  
 
FrankyRealty was FIRST TO ANSWER
They also tell you in the very, very small print that there may be silent bidders. These are like planted bidders, these bidders will quit bidding once the price has gone high enough. Auctions seem totally crooked to me, but thats just my opinion. You get all excited, they make a ton of money.

Mon Mar 17 2008, 14:59
 
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Beware of auctions.
If you win the bid, I heard they call you at day 20 (30 days to close) and tell you the bank didn't accept your offer. You can raise your offer or lose your down payment. I guess thats why they note the second, third, etc highest bidder. I think auctions make a lot of money for the auction company.
I also heard, they are not that great of a deal, maybe 10-15% off, and you need to pay the auction company 10% comission.
Thats my opinion.
It may be better to talk to the bank and have your lawyer draw up the papers on the deal, before it goes to auction.

Mon Mar 10 2008, 13:10
 
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Port Potomac is a great community. That area has been plagued with homeowners loosing homes, who purchased at the height of the market. That said, with Wegmans soon to open, and being so close to Potomac Mills Mall,and the Hospital it's has wonderful services nearby. So it you are bidding to live in for the next decade wonderful, bid away. If you are thinking of a flip-Forget About It!

You can check out the most recent Foreclosed and Bank Owned homes in Woodbridge/Lake Ridge area on my website. I post them weekly. That will help you get a feel for what other homes are listed for. Good luck!

Thu Mar 6 2008, 03:58
Web Reference: http://erickandcompany.com/foreclosure-list.asp
 
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Remember that the starting bid is NOT what the lender is going to sell it for. You may have the top bid but the seller may decide not to accept it. Have you done your research and looked at other properties in the area that aren't in the auction? Have you checked out any buyers premiums to be charged? There will be a lot of auction fever this weekend so be careful that you don't get caught up in it. There are a lot of foreclosures in Port Potomac and the community may not have seen the bottom yet.

Tue Mar 4 2008, 19:14
Web Reference: http://varealestatetalk.com
 
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Port Potomac is a beautiful development. The amenities are great and its in a great location. You must be prepared to move forward quickly though. If you make a purchase of a foreclosure at auction they usually require 10-20% or more up front in certified funds at the time of the auction. Your financing usually has to be in place to settle within 7-10 days. Can you do that? Hope that helps.

Tue Mar 4 2008, 17:48
Web Reference: http://www.TheBridgesTeam.com
 
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FIRST ANSWER
Think of it like Ebay. Starting price $1. Ignore the starting price, that is just to get people excited.

As for previously valued... what in 2005 at the top of the market?

You better be ready to do some SERIOUS bidding up if you want to win some of these. I would NOT recommend buying to flip.

Tue Mar 4 2008, 16:26
Web Reference: http://blog.FranklyRealty.com
 
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Ed, Home Buyer in 20176
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