Should You Buy Fairfax County VA Homes for Sale in Foreclosure?
If you’re like many buyers, you probably think that a home foreclosure is the best real estate value you’ll find. While it’s true that Fairfax County VA homes for sale in foreclosure are often priced lower than similar properties for sale, foreclosures aren’t right for everyone. Before you decide to buy a foreclosed property, do some research and make sure it really is your best deal.
- Price. Fairfax County VA real estate in foreclosure is often priced lower than other properties on the market. This is because the bank is only interested in getting back the money they loaned the seller. However, if the seller has more than one mortgage because they took out a home equity loan, the home can be priced even higher than the current market value. Don’t assume that a foreclosure is automatically a better deal.
- Inspections. Foreclosures are sold as-is. The bank will not make any repairs to the property. If it has been well maintained by the seller, this makes the home an excellent value. Unfortunately, sometimes sellers damage homes before they move out or don’t take care of their homes while they live there. In that case, you may have to spend considerable time and money making needed repairs.
- Negotiations. When the bank is eager to sell the property, they are sometimes willing to negotiate terms like down payment and closing costs. However, since the banks only goal is to recoup their costs, you won’t have the same bargaining power with them that you would with a traditional seller.
- Closing Time. Perhaps the greatest disadvantage of a foreclosure is the length of time it takes to close. The bank will usually require additional paperwork and qualifications that can delay closing. If the seller had more than one mortgage, you will have to wait until the bank decides how much each lender receives from the sale.
Right now is a great time to find a good deal on Fairfax County VA homes for sale. Let me help you find the right one for you. Call me today at 703-909-3939 or email Steve@HomeSearchWebsite.com.
Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939
August 5th, 2008 at 4:08 pm
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August 6th, 2008 at 5:32 am
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August 7th, 2008 at 10:47 am
[...] they are in default on their loan. At this point the seller is usually willing to negotiate, and you stand to buy the Fairfax County home at less than market value. However, the seller won’t be able to sell the [...]
September 29th, 2008 at 8:16 am
[...] down, now is the time to buy Fairfax County VA homes for sale that are in foreclosure. Buying a foreclosed property takes some knack and a little research, so you need to start preparing in advance for your [...]