“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Video: Arlington REO, Realtor Buys her Ban...

Video: Arlington REO, Realtor Buys her Bank Owned Home

Buy like a Realtor!
This post is a link to a 6 minute video showing the process involved in buying a Bank Owned Property in Arlington Virginia, by a Realtor. Megan Buckley, a Realtor with FranklyRealty.com, recently bought her REO home in South Arlington. It was bank owned. Foreclosures aren't as frequent as people think in Arlington, and I still suggest looking at everything, but it is possible to get one for a deeply reduced price versus the previous owner's purchase price.
Virginia foreclosures
Highlights from the video:
  • Don't ignore homes with 1 or no photo. Poorly marketed homes get seen less, and therefore sell for less. (see my Buyers! Photoless Listings= $15,000 "Sale")
  • 13 page Bank Addendums, how one sided they are.
  • How much the property was previously purchased for, what it listed for, the price drop etc.
  • The condition of this already foreclosed home. Several families lived in this one home.
  • How she negotiated and beat out 3 other offers (after a drastic price drop).
For more on definitions about different types of Foreclosed homes.
I encourage you to leave a comment here, and on the YouTube video page.
Thanks
Written by Frank Borges LL0SA- Broker FranklyRealty.com
Posted Tuesday Nov 20