Foreclosures can be very rough on an owner of a home. There's lots of blame to spread around. Some of the blame falls on unscrupulous and/or greedy lenders, some on unwise borrowers, some on the frenzy of the recent real estate boom, and yes, even some of it on the bad advice of REALTORS. Despite this, a large number of foreclosures occur because of some change in the owner's financial situation, whether it be job loss, a divorce, or a serious and expensive medical problem. Nobody wants to see someone lose their home, whatever the circumstances.
Nevertheless, the rise in foreclosures do present a buying opportunity for people looking to purchase a home at under market value. This can be first-time buyers willing to put in some sweat equity to improve the property, or investors hoping to add to and profit from their real estate portfolio.
One must be cautious when purchasing a foreclosed and bank-owned property. These homes will almost be always be sold in "AS IS" condition with no repairs being made and no home inspection contingencies allowed. Many times there will be substantial issues with the condition of the home. Remember that banks do not foreclose on their loans until the owner has missed 3, 4 or more monthly payments. A homeowner who is not paying their mortgage is likely not spending the necessary money to maintain the home, its appliances, and systems in good order either. When purchasing a foreclosure, you need to be ready to spend some money, time and effort on repairs immediately after settlement. This is built into the price of the foreclosure.
The number of foreclosures and bank-owned properties in Northern Virginia varies greatly depending upon which area you are searching. For more information, read Northern Virginia Real Estate -- Where are the Foreclosures and Short Sales?
Alexandria has very few foreclosures compared with some other areas of Northern Virginia, but there are a few. Here are several Alexandria foreclosures for sale, pinpointed on the interactive map below:
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ALEXANDRIA 2 BEDROOM CONDO $189,900
ALEXANDRIA 1 BEDROOM CONDO $235,900
ALEXANDRIA 2 BEDROOM CONDO $299,900
ALEXANDRIA 2 BEDROOM CONDO $339,500
DEL RAY TOWNHOUSE $416,000
ALEXANDRIA SINGLE FAMILY HOME $439,900
CONTACT ME TO FIND OUT ABOUT FORECLOSURES IN ALEXANDRIA OR ELSEWHERE IN NORTHERN VIRGINIA
Brian Block, RE/MAX Allegiance 703-626-0715
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