Foreclosures in Fairfax County VA – Finding the Right One
With the real estate market in a slump in some areas of the country and prices coming down, now is the time to buy foreclosures in Fairfax County VA. Buying a foreclosed property takes some knack and a little research, so you need to start preparing in advance for your purchase. You can’t just go out and buy the first Fairfax County foreclosure you see and expect to make a lot of money.
Several fly by night companies say you can pick up foreclosed properties for pennies on the dollar, but this isn’t necessarily true. While it’s possible to save from 30% to 40% on foreclosures, most buyers are not that lucky; they usually get about a 5% discount, which can still be a good deal.
The overall savings may not be very high, but there are other savings that can come from purchasing a foreclosed property. The lender who holds the note on the property may be willing to forego some of the additional costs such as:
- Closing costs
- Lower interest rates
- Lower down payment
Searching through foreclosures in Fairfax County VA can be a daunting task. Foreclosures happen because the owners are in financial difficulty and fall behind on their mortgage payments. They’ve often fallen behind on regular maintenance of the home, too, so watch out for home maintenance issues that you’ll need to address.
These issues might be slight, as in a missing tile here and there or dirty carpets. Those are easy and inexpensive to fix. Others may be more exensive repairs, which you may not be willing or able to take on.
Before determining if a repair is too large for you to take on, consider both the time and money involved. If you’re not already an expert at home repairs, you may want to read some home repair tips.
If you’re looking one of the foreclosures in Fairfax County VA or other Fairfax County VA homes for sale, I can help. No matter if you’re an investor or looking for a single-family home or condo, I know the area well and will assist you in finding the right property for your needs and budget. Call me now at 703-909-3939 or drop me an email at Steve@HomeSearchWebsite.com. You’ll be glad you did!
Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939
