Foreclosures can be very rough on an owner of a home. There's lots of blame to spread around. Some of the blame falls on unscrupulous and/or greedy lenders, some on unwise borrowers, some on the frenzy of the recent real estate boom, and yes, even some of it on the bad advice of REALTORS. Despite this, a large number of foreclosures occur because of some change in the owner's financial situation, whether it be job loss, a divorce, or a serious and expensive medical problem. Nobody wants to see someone lose their home, whatever the circumstances.
Nevertheless, the rise in foreclosures do present a buying opportunity for people looking to purchase a home at under market value. This can be first-time buyers willing to put in some sweat equity to improve the property, or investors hoping to add to and profit from their real estate portfolio.
One must be cautious when purchasing a foreclosed and bank-owned property. These homes will almost be always be sold in "AS IS" condition with no repairs being made and no home inspection contingencies allowed. Many times there will be substantial issues with the condition of the home. Remember that banks do not foreclose on their loans until the owner has missed 3, 4 or more monthly payments. A homeowner who is not paying their mortgage is likely not spending the necessary money to maintain the home, its appliances, and systems in good order either. When purchasing a foreclosure, you need to be ready to spend some money, time and effort on repairs immediately after settlement. This is built into the price of the foreclosure.
The number of foreclosures and bank-owned properties in Northern Virginia varies greatly depending upon which area you are searching. For more information, read Northern Virginia Real Estate -- Where are the Foreclosures and Short Sales?
Alexandria has very few foreclosures compared with some other areas of Northern Virginia, but there are a few. Here are several Alexandria foreclosures for sale, pinpointed on the interactive map below:
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ALEXANDRIA 2 BEDROOM CONDO $189,900
ALEXANDRIA 1 BEDROOM CONDO $235,900
ALEXANDRIA 2 BEDROOM CONDO $299,900
ALEXANDRIA 2 BEDROOM CONDO $339,500
DEL RAY TOWNHOUSE $416,000
ALEXANDRIA SINGLE FAMILY HOME $439,900
CONTACT ME TO FIND OUT ABOUT FORECLOSURES IN ALEXANDRIA OR ELSEWHERE IN NORTHERN VIRGINIA
Brian Block, RE/MAX Allegiance 703-626-0715
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Brian - Great idea to implement the Google map showing foreclosures in your area!
Great points. I think that many foreclosures are great deals, but I have seen a lot of them lately that are missing appliances - and I have found that some lenders are having a problem with that. On every deal I have done, it has always been a workable situation, but it is something to look out for.
Brian, What a fantastic way to show the where the available properties are.....your map is incredible.
Jo
BILL: Thanks for your comment. Now that I've discovered how to use the interactive Google maps, I expect that I'll be utilizing them more in the future.
KEVIN: Thanks for your comments. I've seen some foreclosures in pretty bad shape and others that look just like the average listed home. However, as in all purchases, buyers should be cautious.
JO: Thanks for your comments. The Google Maps take a bit of time, but they are worth it for the functionality that they provide.
Brian, this is good advice for the bargain hunters out there. I think it's also important to get a home inspection, even if it's before you make the offer. It's important to establish just what "as is" is. A lot of home inspectors are willing to do partial inspections of the structure and major systems for less than their normal fees.
PATRICIA: Thanks for your comment and for adding on the advice about home inspections.
Some Foreclosures are in pretty decent shape. Others - are TERRIBLE! I sold one where the seller took off the kitchen cabinet knobs; ripped the door off of the washing machine and ran over/knocked-down the storage shed in the backyard with his riding lawn-mover (says the neighbor).
But - the buyer was willing to paint, re-carpet, fix the machine and I even helped him to fix the shed. After several weekends of HARD work - he probably got a home for 20k less than the neighbors.
Oh yeah... and... LOVE the MAP !!! I need to figure how to do that! (Or perhaps I will offer you a free lunch for tips?!) Cheers!
JAMES: There certainly can be a big variance in the condition of foreclosures. It's a shame that some owners who know they are going into foreclosure take out their anger on the house itself. I've heard horror stories.
JAMES: I'll be happy to show you how to create the Google Map.
I am glad to see that Alexandria does not have a huge number of foreclosures. If you are willing to do work (and have a strong stomach!), foreclosures can be a good opportunity to earn equity quickly. With that said, it is important to be cautious and work with a professional who can advise you properly.
Now that's a great use for the Google map...unfortunately some areas would be a sea of blue!
GINGER: I'm also happy that we don't have too many foreclosures in Alexandria. When you start moving further out from D.C., the numbers increase dramatically.
JOAN: Thanks for your comment. There seem to lots of great uses for Google maps.
Brian - I use Internet Explorer as a web browser and your map does not show but it does show in my Hubby/webguy's Firefox browser
KATHY: Thanks for pointing this out. I was not aware of the distinction. I use Mozilla Firefox and had not tried to view this map on IE.
Brian - ok - so now it works could you let me know what if anything you did to fix it or was it on my end???
KATHY: I didn't change anything...
Brian - Kathy asked me about this and I suspect its a pop up blocker. It does not appear on my IE but it does on my firefox and on Kathy's IE. The issue is likely here with us not with your post.
Barrie
BARRIE: Thanks for following up.