I am assuming you are talking about a soon to be foreclosures. They will list them in newspapers or you can call the clerk of courts. I am sure Virginia has to advertise the upcoming foreclosures in the local newspaper, but many things can happen that prevents them for going to sale.... more
If it is being auctioned at the FFX County Court House you can go to the auction with a certified check for the amount listed in the auction notice. Understand that the bank may not let the house go for less than the amount owed on the loan and "buy" it back themselves. You will be buying the house as is and will be required to close generally within 30 days.... more
(1) I am not certain how anyone can know when the property will be re-listed. Perhaps she meant AFTER July 20th. The bank will base their price on the Brokers Price Opinion and the appraisal they recieve. Since you have a buyers agent, you should ask him/her what the price might be. Without knowing the specifics of the property, no one here can tell you what the price will be -it won't be based on the data you gave.
(2) Buyers, in general, aren't crazy about short sales, and since they are harder than REOs, that is reasonable. Add to that "difficulty" showing.... my point is, if they've had no offers, I don't think it is necessarily a reaction to the price (although it might be-again I don't know what property you're referring to).
(3) If the tenants were a problem before, they may be a problem after the foreclosure, as well. Who knows when the bank will get them evicted. On the other hand, maybe the tenant will just go once ownership has turned over.
(4) What else is available to you? If you haven't seen this property, it might not be at all what you are expecting, and there are lots of deals out there.
(5) There is reference to a blog post that might help you. It talks about REOs, but the same valuation principles affect a banks' reaction to offers on a short sale - and then it is complicated by the short sale evaluation.
Best wishes. Feel free to contact me with any other questions.
You can give me a call and talk about what you are looking for. Most foreclosures are in the MLS and an agent who has experience with foreclosures can help you understand the process of what to expect when you are buying a foreclosure. The process takes longer and you are buying a property "as is." I have experience working with foreclosures and will be glad to explain the process to you.... more
You can give me a call and talk about what you are looking for. Most foreclosures are in the MLS and an agent who has experience with foreclosures can help you understand the process of what to expect when you are buying a foreclosure. The process takes longer and you are buying a property "as is."... more
There are very few bank-owned properties currently listed for sale in the 22181 zip code. I could only find 2 that were actually owned by banks listed in the MLS. There are also 4 or 5 short-sale properties listed but these are technically not REO properties. Comparing this to the market in Loudoun County where close to 20% of all listings are distressed properties and the Vienna market seems to be pretty healthy. That could change next year but chances are it will not be a significant percentage of the marketplace and Vienna will do better than other areas of Northern Virginia. On a side note, if you want to find REO deals in Loudoun County check out our site: www.loudounforeclosures.com... more