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Washington, DC, area named to Top 10 Places to Buy Foreclosures

DC Named One of Top Places to Buy ForeclosuresForeclosures were down last month in DC and VA in February, but that doesn't mean more aren't coming. As the Washington Post "Ring of Fire" article pointed out, there are concentrated pockets of severe problems.
These pockets do create a certain level of opportunity though; Forbes named the metropolitan DC area #10 on its list of "Best Places to Buy Foreclosed Homes" thanks to the area's economic environment, quality of life, and hints of stabilization. The Top 5 cities were Charlotte, Raleigh, Nashville, Oklahoma City, and San Antonio.
Apparently Fairfax County agrees that this is a unique opportunity: the County is exploring whether to buy foreclosures and convert them to affordable housing units. And others are bargain-hunting too; Long & Foster recently organized a bus tour of available properties.
Buying a foreclosure isn't without its risks, as I've described in my ongoing blog post series about Foreclosure Risks. Read the first installments on Bank Addenda, Unpredictable Transaction Timing, Property Condition & Inspections, and Financing Complications. Confused about the difference between a short sale vs foreclosure? Read this summary.
If you know of anyone who's been watching and waiting to buy a foreclosure, please have them contact me to discuss the other risks they may be facing.
Long & Foster just launched a special portal to search foreclosures here.

Contact Katie Wethman, CPA, MBA, REALTOR® at (703) 847-3336 or via email to list your property for sale or to purchase a property in the Washington, DC, Arlington, Alexandria, Fairfax County, Fairfax City, or Falls Church City.

Copyright © 2008 by Katie Wethman, All Rights Reserved.

Visit my website to find out more about my services or search the MLS for Arlington and Washington, DC, properties and read more on my blog.


Posted Tuesday Apr 01