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Foreclosure in Alexandria : Real Estate Advice

  • All403
  • Local Info35
  • Home Buying105
  • Home Selling11
  • Market Conditions13

Activity 19
Samiam53, Home Buyer in New York, NY
Tue Sep 15, 2015
Samiam53 answered:
Ron FTC This is kind of a tricky question , The Federal Banking Commission is very specific on this subject NO When a property is foreclosed on it goes into RECEIVERSHIP an agent of the bank is assigned to that property . At no time does the bank (or lending agency) own the property . What they do own is the mortgage ie insurance . They do have the right to do what they can (within the specific rules of the FBC and state statutes) to recover any outstanding monies owed plus any added expenses to bring the property for resale plus residential expenses (ie electric bills, taxes) . However a lending agency (bank, credit union,etc) can purchase a foreclosed property from a public auction and resell it but this is a bit tricky too, at this point it becomes a bank investment property. The same as a bank investing in bonds etc; however if the bank chooses to resell the property it must be clearly stated Bank held Title and property must be handled and sold by a Realtor . Hope this helps . PS look at what the previous owners paid for the property and be careful of bank reassesed properties ... more
0 votes 13 answers Share Flag
Susan & Mindy…, Real Estate Pro in Alexandria, VA
Mon Jun 2, 2014
Susan & Mindy Team, Realtors answered:
If you are inquiring about 8607 Beekman Place, #7C, the property sold in July 2011 and was a Freddie Mac foreclosure. If you have any additional questions, please do not hesitate to ask. ... more
0 votes 1 answer Share Flag
Asmita Modi, Home Buyer in
Wed May 28, 2014
Asmita Modi asked:
0 votes 0 Answers Share Flag
Chris Ognek, Real Estate Pro in Fredericksburg, VA
Wed Dec 18, 2013
Chris Ognek answered:
I would also take a serious look at the value of the asset and the long term financial impact - whether positive or negative - of keeping it versus the short term and potentially disastrous option of letting it go to foreclosure. Take a step back, look at it for what it is - an investment - and manage the property as non emotionally as possible. Yes, eviction can be difficult but if the numbers look good on it, as in a good return on your investment or good long term wealth building tool, it could very well be worth the little bit of pain to get the asset productive again. Give me a call or email if you want, I can run some numbers on it and let you know what I think. ... more
0 votes 2 answers Share Flag
Robert Lepel…, Real Estate Pro in Alexandria, VA
Wed Dec 18, 2013
Robert Lepelletier answered:
Dear Bryan:

Most commercial and investment properties have an "assignment of rents" provision in the Deed of Trusts. It would be at the discretion of the lender whether or not they elect to enforce the assignment. So either read your deed of trust and note to see what it says, or ask your attorney.
Please let me know if you're interested in selling the property. Sincerely - Bob Lepelletier - Broker - Associate - Classic Realty (703) 310-7880 or
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0 votes 7 answers Share Flag
Robert Lepel…, Real Estate Pro in Alexandria, VA
Thu Oct 3, 2013
Robert Lepelletier answered:
Dear Kamal:

Here are the monthly condo fees as follows:

6301 STEVENSON AVE #1411, ALEXANDRIA, VA 22304 $740
6301 STEVENSON AVE #302, ALEXANDRIA, VA 22304 $913
6301 STEVENSON AVE #1211, ALEXANDRIA, VA 22304 $709
60 VAN DORN ST #512, ALEXANDRIA, VA 22304 $548.00
4600 DUKE STREET #720, ALEXANDRIA, VA 22304 $886.00

Please contact me at 704-310-7880 to see any of these units. In addition to being a real estate broker, I am also an Accredited Buyers Representative (ABR(. Thanks - Bob Lepelletier
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0 votes 2 answers Share Flag
Deeley  Ches…, Real Estate Pro in Ocean City, MD
Mon Sep 5, 2011
Deeley Chester answered:
Hello Ccvarna,
Yes sometimes in short sales the owners are not always approved for the actual amount. Make sure that your agent is aware of why they are asking for more money.
0 votes 14 answers Share Flag
Jim McCowan, Real Estate Pro in Arlington, VA
Thu Jan 6, 2011
Jim McCowan answered:
You should get expert advice from an attorney, but as I understand it, any assets that transfer from your name within a specific amount of time before going to foreclosure could make your son liable, and could keep your lender from moving forward. ... more
0 votes 4 answers Share Flag
Debbie Bathen,  in 08225
Tue Jan 19, 2010
Debbie Bathen answered:
I agree...the listings here are similar to other off mls sites...if the listing agent doesn't change the active status on their mls, then it doesn't pick it up on Trulia.

Debbie Bathen
RE/MAX Atlantic
Northfield, NJ
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0 votes 2 answers Share Flag
Susan & Mindy…, Real Estate Pro in Alexandria, VA
Mon Aug 24, 2009
Susan & Mindy Team, Realtors answered:
This property has been assigned to a broker, however, the lockout has not yet been performed. It should be on the market soon; for more details, contact me via email or phone.
0 votes 6 answers Share Flag
Rachel Carter, Real Estate Pro in Alexandria, VA
Wed Jul 29, 2009
Rachel Carter answered:
Yes. I had a short sale at the end of last year where the listing was priced at $450K and the bank approved his offer at $420K plus 3% of the sales price in closing costs. It was a VA loan therefore, he was entitled to ask for up to 4% (which he did) but the bank would only approve 3%. He agreed to that. It turns out, he actually got nearly $3000 back at the settlement table.

So, take your chance and see what happens. But be flexible if the bank comes back to negotiate a different number. You never know. You could get a real bargain!

Rachel Carter, AREP, ESRES
Coldwell Banker Residential Brokerage
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0 votes 4 answers Share Flag
Margaret Ama…, Real Estate Pro in Sarasota, FL
Wed Jul 8, 2009
Margaret Amador answered:
Very briefly the foreclosure process starts with the bank suing the borrower from which a lis pendens is entered into public record.
A shortsale is a payoff where the lender accepts less than the money owed. A short sale may happen while the foreclosure process is in motion.
Bank owned or REO just means that a property has gone through the legal foreclosure process and the property has been sold at auction. These days there really is no auction per se, the lender is represented at court to receive the property back. Since most properties are worth so much less than what is owed on it there are no bidders. An REO is owned free and clear by the bank.
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1 vote 3 answers Share Flag
Mag, Home Buyer in Alexandria, VA
Tue Jun 16, 2009
Mag answered:
Thank you for the responses!

It sounds to me that my current landlord seems to be expecting me to keep sending them to rent until I move out. That was the reason I asked because they mentioned that after the auction, if I wanted to stay, I have at least 2 months before the Bank takes the property back.

I would rather stay few more months and take my time in moving but only if I can work something out with the Bank to let me keep renting for a little while longer, if but not, I am preparing myself for the move even if temporary until I find my new home.

Also, from what I read about the new foreclosure prevention bill that the president recently signed into law, it requires that lenders give tenants 90 days notice to move out of foreclosed properties. The 90 days are for month to month tenants from what I understand, which is the category I would fall under…but it is unclear to me when the 90 days start. I will have to wait and see!

There was an article in washingtonpost on 5/22 or 23 about this. . .
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0 votes 4 answers Share Flag
Keith Manson-…,  in Milwaukee, WI
Tue Mar 10, 2009
Keith Manson- Metro Milwaukee Wisconsin answered:
What difference does it make if the bank makes a profit or not. The bank should be trying to sell the property at market value. Because you want to purchase at the price that was bid at the auction does not mean they have to sell it for that price. You as a buyer had the chance to purchase the property at the auction, if you wanted to assume the risks associated with buying a property at auction.

Banks have lots of cost associated with REO's including interest,attorney fees, property inspections, taxes, loss servicing fees, insurance, city violations, property maintence and any repairs required during the foreclosure and selling the REO.

Over 90% of the cases the banks sell, they are taking a loss, if they make a profit on one case good for them!
Articles I have seen ,have been stating how low REO are selling and affects others trying to sell properties. It's nice to see where banks are trying to hold values. Typically, REO's have been listing low to generate multiple offers, so this cases seems out of the ordinary.

If your working with a buyers agent maybe they can help review what the value is to determine what you should offer or if the bank wants too much, start looking for another opportunity.

Wish you well in your search.
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0 votes 9 answers Share Flag
Mike Rosen, Real Estate Pro in Leesburg, VA
Sun Feb 22, 2009
Mike Rosen answered:
Hey James -

The short and sweet answer is - the banks will do whatever is in their best interest. Some bank owned properties hit the market priced well under other comparable bank owned houses. Those properties tend to sell quickly and attract multiple contracts - sometimes selling for over list price. I've helped many clients purchase bank owned properties in similar situations - they usually don't get bid back up to market price so it's can be a great value.

Others hit the market at a higher price and may sit for a while. These properties will usually sell for a discount from list price. The bank will most likely negotiate if they don't have multiple offers on the table. Also keep in mind that the terms in your offer DO matter. You can write a really clean and streamlined offer (maybe all cash) and the bank will take that into consideration.

As for the realtor commissions - for every bank owned listing I've seen the bank pays the commissions. Now if the bank is only offering 2.5% to the buyer agent (as an example) and you have an agreement with your agent for 3% then you will have to make up the 0.5% difference.

Hope that helps. By the way you can search for bank owned properties on FranklyMLS .... try this one for Arlington bank owned ....

Let me know if you need help with an advanced search.
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2 votes 10 answers Share Flag
Will Nesbitt, Real Estate Pro in Alexandria, VA
Fri Nov 28, 2008
Will Nesbitt answered:
If you're buying real estate as an investment, you have more control than you will have in a mutual fund or over a stock. But you will never be able to eliminate risk. One of the reasons that real estate was out of whack over the past few years is because too many people tried to "play" the market. Real estate should never be a play.

If you need a house or condo, and you can afford the condo, you would be wise to buy it. If you can't afford it, you shouldn't buy it. It's difficult and risky to make money by guessing the market. It's easy to make money if you buy things you can afford. If you can afford it, it will work. Rents are not going down. Demand is not decreasing.

I hope my reply doesn't sound too cranky, but if it sounds cranky it's because I disagree with the premise of your question. You should always consider the possibility with real estate that you might have to hold it forever. If you can't deal with that possibility, you probably shouldn't be investing in real estate.
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0 votes 2 answers Share Flag
AJ Heidmann, Real Estate Pro in Arlington, VA
Sun Jun 22, 2008
AJ Heidmann answered:
Maria, as of yet, the bank has not listed this on the MLS for whatever reason. Trying to determine who to submit an offer to at this point would be a nightmare in my opinion. If you like the neighborhood, there is a home across the street that appears substantially the same at 5730 Cassel Glen Ct, which is listed as a short sale at $850K. If you would like to go see this listing, give me a call and we can set a time. I look forward to hearing from you,

AJ Heidmann ABR, CRS, e-PRO
Cell 703-474-1260
Coldwell Banker Residential Brokerage, Old Town Alexandria
"Serving Distinctive Clients & Properties in Northern Virginia"
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1 vote 1 answer Share Flag
Don Tepper, Real Estate Pro in Burke, VA
Sat Jan 5, 2008
Don Tepper answered:
Most jurisdictions have an area on their Web sites where properties with tax delinquencies are posted. Do a Google search for "Alexandria VA tax assessor" or "Fairfax County tax assessor" (or whatever) to bring up the right office. From there, you can find people delinquent on property taxes as well as information (or at least a person to contact) to find out what the process is for buying those properties.

If you're just talking about foreclosure notices, those are published as public notices in the papers. The Washington Post, in its classified section, runs pages and pages every day. There are also some private services that compile and e-mail those listings to you. I subscribe to one, for $10 a month, that sends me daily listings of all foreclosure notices in Fairfax County. It'll run 10-25 a day, on average.

Just a comment: If you're looking for "bargain real estate," government tax foreclosures isn't the place to start. First, most lenders will foreclose long before the government gets around to selling the property for delinquent taxes. And many of the tax foreclosure properties I've seen have been for unusable properties. For instance, there was a chunk of land near Eisenhower Avenue near Van Dorn. But it was in the flood plain, and was unbuildable. I'm not sure why the original owner ever bought it; maybe he was hoping he could get it rezoned. Or you'll find slivers of land-locked land. But you're not likely to find something in Del Ray for $4,000 in back taxes.

Hope that helps.
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0 votes 2 answers Share Flag
Richard Rose…,  in Alexandria, Arlington,...
Sat Dec 29, 2007
Richard Rosensteel answered:
Buying foreclosures has some risks that are manageable if understood buy the buyer. Mostly the risks are associated with the mechanics of the transaction and not the condition of the property. In most cases you will still know exactly what you are buying. You may not know exactly when the settlement will occur, or the exact date of your move in - but the rewards (usually all financial) can be great. It all depends on how handy you are - or if you can negotiate a price that allows for any work/repairs you think necessary. I have a piece on my blog about the short sale process - not exactly the same as a foreclosure, but very simular. I'd be happy to answer any questions you have.
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