Foreclosures and Real Estate Owned (REO) properties are homes that are bank-owned. Many foreclosures and REO properties are still available in today’s real estate market. If you are looking to purchase a foreclosure or REO, there are still many great deals from which to choose. As a local expert, I have assisted many home buyers with the purchase of foreclosures and welcome the opportunity to assist you too. I understand the advantages and disadvantages of purchasing a foreclosure and will gladly use my expertise to ensure that you choose a property that is safe and profitable for you.
Did you know that all foreclosures are not necessarily a good deal? While the price of a foreclosure or REO may be slightly below market value, the condition of the property is often substandard at best. When considering purchasing a foreclosure, you must consider the price of the property, the condition of the property, and the costs (time, materials, resources) associated with making improvements to the property. In addition, if the property will be used as an investment property, you must also consider the current rental rate and the anticipated increase in market value over time. Other things to consider are property taxes, insurance, and additional operating costs. With all of these things to consider, you need a REALTOR® with the skills and expertise necessary to ensure that purchasing a foreclosure or REO will yield the financial results anticipated with minimal aversions.
If you have been thinking of buying a foreclosure in Alexandria, Lorton, Woodbridge or any of the surrounding areas, contact me today. I will diligently work to ensure that your home purchase is worth the investment.