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Foreclosure in Arlington : Real Estate Advice

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  • Home Buying55
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Activity 4
Sat Feb 9, 2013
Margaret Amador answered:
If you have time, meaning if it takes a few months and a delay isn't causing a great problem then short sales or foreclosed properties (REO's) might be of interest. Those may be great deals but there are pitfalls as has already been described. You need to work with a Realtor who understands these processes. I would also suggest closing with an attorney which will be an additional closing cost for buyers. Some lenders selling their inventory insist on their own closing agent. Still, you may want to do your own check about marketable title before closing on a property. ... more
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Tue Apr 27, 2010
Paul McIntyre answered:
The short answer to your question is that it depends entirely on the FHA inspector. There was a report many years ago of an FHA inspector literally walking over a dead body because it wasn't on his checkoff sheet! While the guidelines are different these days (and dead bodies were never allowable), the "Quality Home Standards" guidelines are vague and open to interpretation. If the inspector requires the mold to be remediated you then have a negotiating situation. Generally passing inspections is a requirement in the contract offer, so you could walk away if you wanted. Financing is another contingency so if you aren't able to get financed because of the mold it would then be up to the two parties (you and the bank) to figure out how it's going to be taken care of.

In your situation my disposition would be that the bank should take care of it because they are going to have to disclose the presence of mold to any subsequent buyer (although that may not be true in the state of Virginia). They bank will have to decide whether it is worth their investment to take care of the mold and take the current offer or to sell the home at a lower price to a cash buyer possibly several months down the road. On the other hand, if you are getting a good deal on the home it may be worth your investment to split the costs or even cover it yourself.
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Tue Apr 15, 2008
Don Tepper answered:
The advice about using a Realtor, who can search for such properties, is excellent. However, I do have to take issue with the characterization of people/companies who sell that information as "scam artists." I subscribe to a local (Washington metro area) service that compiles listings from local papers, attorney web sites, and other sources. I know the guy who owns the service; he's a local real estate investor. And it's not a scam. Every day, he has people go through papers, log onto web sites, and make calls, then compile the lists, enter them into an Excel spreadsheet, and e-mail them to me and his other subscribers. He's got his expenses, and he's trying to make a profit. (Costs me all of $10 a month for a large county.) Here's his link (I don't make a penny from it, but it's a good service): http://virginiapreforeclosurelist.com/contact_us.html

As Deborah says, these are properties in pre-foreclosure, not necessarily properties that are on the MLS. Actually, though, from an investor's standpoint, that's fine. I can contact those owners and ask if they want to sell me their property. I'm not competing against the hyper buyers who figure the only good deal is a short sale or REO. And if I (or another investor) buys directly, and it's not listed, the seller can save the real estate commission. That can be a persuasive argument when talking to someone in preforeclosure.

So, if you want to pursue foreclosures listed for sale, your best choice is a Realtor. If you want to pursue foreclosures that may not be listed for sale, you can either do the research yourself (combing through the newspapers, compiling the data) or pay someone else to do it for you. Not a scam. Just capitalism and free enterprise.

Hope that helps.
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