This mint condition 3 bedroom 3 full bath single family home in Culpeper County just went to settlement with Jan and Steve Bachman RE/MAX Gateway representing the interests of the buyers.
A foreclosured property this good was a real find and our clients worked diligently in slogging through what was sometimes a tough process.
With so many short sales in Fauquier and Culpeper, it was a happy day when our clients were able to ratify a contract on this beauty.
Foreclosures or REOs as they are often known are generally better to pursue than the more common short sale.
With a short sale you can wait months just to find out whether the bank will really accept your offer...only to be rejected.
It is a stupid, broken, poorly run system nationwide....the short sale program.
On a foreclosure, you can usually get a bank response in 3-7 days. AND you can close in 30-45 most of the time. Infinitely better no?
If you are new to the purchase of country property, having lived where there is city water and sewer...things are different.
You need to be prepared to spend money up front to evaluate the properties well and septic fields, and get a land survey of your acreage.
When purchasing an established home on city water and sewer, you need to do a home inspection...you can often skip a survey, especially on townhouses and small lots.
On a country property in this area, be prepared to spend:
Home inspection: $300
Well inspection: $345
Water quality test: $50
Septic system inspection: $580
Land survey: $600+ depending on acreage
You may spend all of this money...THEN decide that you do not wish to purchase based on something that you discover during this process.
It is not for the faint of heart, or folks who are cash strapped.
NOW...depending on what you and the seller agree too...he may foot some of these costs or have a recent survey in hand. BUT...many buyers want their own work done buy inspectors who owe no loyalty to the seller eh?
If you want to pursue country property choose an agent who knows the ropes....buying homes on acreage is not the same game as subdivision or condo purchases.