How can I make an offer of the house on Hawthorne Ridge Court in Vienna, VA that in foreclosure and is being auctioned?

Asked by Jcl2966, Vienna, VA Wed Dec 1, 2010

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8
Leonard Kant…, Agent, Vienna, VA
Thu Feb 10, 2011
Dear Foreclosure hunter,

Buying a foreclosure in the price range of properties on Hawthorne Ridge Ct from a County foreclosure auction is dicey. If you go bid on the property at the Courthouse, you need to put down a large sum and then within 30 days you need the balance and settle. The homes on this street are in the $650k plus price range.

This is not a home to cut your teeth on in the foreclosure auction arena. Plus, depending on what is owed on it, the lender will most likely buy it back and then list as a REO, real estate owned.

A good realtor has access to databases that can tell you who purchased the property and if the lender aquired it. Wait just a minute and I will check the database for I am a Realtor...... No, there is no listing in Vienna for Hawthorne Ridge for auction due to foreclosure.

Please give me a call so we can discuss where you saw the auction announcement. There is a website http://www.auction.com that handles auction sales as well.


Love to speak with you.

Regards,

Lenny Kantor
Keller Williams Realty
8521 Leesburg Pike
Suite 100
Vienna, VA 22182
703-980-6100
Leonard@KantorResidential.com
http://www.KantorResidential.com
0 votes
John Fitzger…, , Fairfax County, VA
Wed Dec 1, 2010
Your question is not altogether clear. If you mean that this home is being auctioned by the lender (or lenders) substitute trustees at the county courthouse, then, as other agents have wisely explained, in order to bid, you will need to follow the instructions in the newspaper published notice of foreclosure. In Fairfax County, these notices are also posted near the Courthouse entrance.

Other agents have also mentioned many of the obstacles to buying at foreclosure auctions, but the main one has just been mentioned in passing. Most lenders are required by their regulators to bid the full loan amount at auction. This is usually more than the home is worth. Otherwise, it would have sold. OK, maybe an 80/20 ( 100 - 105% financing ) situation may be an exception, but there are still condition and financing perils. I am assuming here that you are not an investor who is prepared to pay all cash for the home and who has experienced contractors available to do repairs at reasonable cost. I think you need, at the least, to engage a buyer agent to run a comprehensive series of market analyses for you to get an idea of the home's value.

There is one more real danger. Again, this has already been pointed out, but it bears repeating. There may well be other liens against the home that may not even have been filed yet, such as mechanics' liens.

I think there are so many possible troubles with buying at auction at the courthouse steps that the average home buyer would be better off buying a home that is already lender-owned.
0 votes
Erik Weissko…, Agent, fairfax, VA
Wed Dec 1, 2010
Cindy and Vicky have answered your question accurately..and quickly!

If you are interested in being among the first to know of available properties on the market, price reductions, etc. feel free to contact me. I can set you up for no cost or obligation.

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Erik@AskMeAboutHomes.com
703.216.1222
0 votes
Lauryn Eadie, Agent, Reston, VA
Wed Dec 1, 2010
JC,

if you are working with an agent than you should certainly ask for their assistance through the steps. If the house is being auctioned and there is a foreclosure date in the paper, there are usually terms listed that must be met by any bidder, for example:
1. Amount of down payment: usually 20% required

Often times the houses are not available to be seen prior to sale so there is certainly some risk to buying at auction. There are lots of unknown variables like the possibility of having to evict, not knowing condition etc. If you are buying cash and have the means to fix up a property, you can get some great deals.

Check where you found the notice and see what the terms of sale are.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Dec 1, 2010
Consider working with an agent, since buying at auction can be risky--research all documentation beforehand, such as any leins, what is owed, opening bid, earnest money deposit/full payment, is there time for a home inspection,etc., also look at comps--recently sold similar properties in the immediate area, review the data to make a determination as to a fair bid--again, consider the help of an agent.
0 votes
Young Choi, , Fairfax County, VA
Wed Dec 1, 2010
If it's scheduled to be auctioned. They will do it in court house.

1. You would need to find out the data and time for the auction at the court house.
2. You would need to have cash to purchase the house. Usually it is hard to finance it since the appraiser cannot access the house unless someone is living in it.
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Wed Dec 1, 2010
The previous poster is correct. However, below is a link to a more detailed blog series on buying at auction. if I can assist you, please reach out to me.
0 votes
Cindy Jones, Agent, Alexandira, VA
Wed Dec 1, 2010
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.
0 votes
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