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If you are looking for the lowest priced listings within a particular type of home in Bristow, VA, you are likely searching for the Short Sale or Foreclosure bargain that you have heard tales about. You know, the banks are just slashing prices to get rid of homes, right? You may not like, or even believe what I am about to tell you, but if you don't want to end up buyer's remorse on your Bristow, VA bargain listing, you should pay close attention.
Bristow, VA properties are not priced based on WHO is selling the home. For instance, bank listings are not priced lower than a regular seller's home would be, despite what you hear to the contrary. Banks, when looking for market comparable sales, do not ask the appraisers to leave out regular sales. What they do is collect all the data for sales of similar homes that have sold recently. What ends up happening when you see a too-good-to-be-true list price in Bristow, VA is that the condition of the home is in need of attention (a.k.a. buyer paying for repairs.)
Such was the case with a Yardley in Braemar I showed a few weeks ago. It seemed too good to be true. The home was newer, but had been repossessed by the bank. It had a deck, nice lot, and fairly standard amenities, but that didn't seem to match the list price we were seeing which was at least $35K below market value. The longer my buyer stood in the home, the more excited he got. This was it! The bargain he'd heard so much about and all my talk about price equaling the condition seemed to be proven false. Then we saw the issue.
The previous owners in their devious attempt to get back at the bank without losing their cash for keys, had done a really crappy thing. They had removed all the locking mechanisms from the windows and the sliding glass doors. Window repairs? Cha-ching! There's your discrepancy in list price.
There were actual switches from wall placards that had been removed, wires left dangling in the wall. And as we keyed in to the virtually unnoticeable issues left behind, we both wondered what else lurked behind the walls of this home. Was there cement in the plumbing? Some other horrific thing that might go unnoticed by a home inspector and only haunt you when you move in and start using the systems on a regular basis? Come on. These folks were sneaky in their vandalism.
So yeah, those lowest priced listings in Bristow, VA are rarely the deals they appear to be. My advice when you find a home like this is to have a general contractor on hand that you can bring back for a look BEFORE you make an offer. Know the cost of the repairs before you buy a home that will end up costing you the same or more as the higher priced listings that are similar.
Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com. Or you can visit her website: www.nvarealestate.net.
Header photos taken by Chris Ann Cleland.
The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.