If you have an experienced Buyer's Agent assisting you, the purchase of a foreclosure/REO property can be less daunting, actually, than purchasing under a short sale scenario. The good thing is that there are disclosures (sometimes very intimidating) that's provided by the selling bank which outlines the terms under which the property is being sold.
Because foreclosures are usually sold in an As-Is condition, it's best to also consider a 203K renovation loan, just in case the property doesn't pass inspection.
It really depends on the actual situation. It depends on the current price of the house, how much is still owed on the house, how long it has been since the property has been on the market and also which bank may be holding the property. And of course, it is also dependent on the condition of the property. Please check to see if the property is available for sale in as-is condition or not. It is likely that the property may be but check with a buyers agent who will work on the transaction on your behalf. Glad to see that you have excellent credit. If you are a first-time homebuyer in the area you may qualify for First Time Homebuyer Credits depending also on your income.... more
I believe that you might be asking about Chevy Chase, MD but just wanted to also point out that there is a Chevy Chase in DC also. Concerning Chevy Chase, MD, the rental market is strong in addition to the sales market. It is a location that is very close to the Washington DC boundary and the neighborhoods have excellent schools with very high ratings (note that some of the school are magnet schools for science and technology) and also because of its proximity to 495 and Bethesda. The community has Chevy Chase Sec 3, 4, 5 and Chevy Chase Village and the Town of Chevy Chase. There is a very sweet neighborhood market called Brookville Market on Brookville Road. Check it out!... more