Property Q&A in McLean>Question Details

Robin Withall, Other/Just Looking in 22102

I'd like to confirm the price of $62,700

Asked by Robin Withall, 22102 Sat Apr 4, 2009

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Hay Robin,

BTW few tips
REO and Bank Owned are two different names of same meaning that the 'Real Estate is Owned by lender" now.
Lenders and Trustees post info on RealtyTrac and Realty TRac spreads to different website.. thats is what you are seeing above.


Bank orders BPO's (broker price opinions) and Appraisals to determine the fair market value - this takes few weeks to months to determine the repairs or anything else needed before it can be relisted in MLS as Reo property at fair Market Value .

Now most banks are listing properties towards the lowest BPO values to generate more interest and have multiple offers and sell quickly but sometimes it does not hold true.
There are not enough resales in the market so the most choices are left to S Sale or Reo's..

--Now there is a certain way that banks will or will not negotiate to do so you need a market expert on your side to get hold of what you like.

In the property You are asking there is room for negotiation as much as I could do the research. I have posted the link with info on this and the other ones in the neighborhood,, let me know if I can be helpful further

Click the following URL to see the listings:
Happy Spring !!

703 626 3327
Web Reference:
0 votes Thank Flag Link Sat Apr 4, 2009
Hey Robin -

This "foreclosure" is from RealtyTrac it is not an actual listing. The $62,700 is likely the amount owed to the lender when the property was foreclosed. See a previous answer that I posted for more info ...

Resale vs. Foreclosure, MLS Activity…

Hope this helps.
0 votes Thank Flag Link Sat Apr 4, 2009
This property is listed at $319,000 on the Realtor MLS. It is a foreclosure sale, the property is owned by a credit union. I see it has been on the market for close to 60 days (57 to be exact). The longer a property sits on the market the more the bank is willing to negotiate. Let me know if you need any other information.

Zeeshan Kaba
I-Agent Realty Inc.
Realtor VA and D.C.
Get a 2% rebate on your next home purchase, ask me how!
0 votes Thank Flag Link Sat Apr 4, 2009
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