ForeclosureForeclosures 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:


View Larger Map



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

 

22 Comments on Foreclosures and Bank-Owned Properties in Alexandria Virginia

JAN
25
2008
364,558 Points 46 Featured Posts Outside Blog
Brian - Great idea to implement the Google map showing foreclosures in your area!
2:32pm • #1
2 Featured Posts
Great points. I think that many foreclosures are great deals, but I have seen a lot of them lately that  are missing appliances - and I have found that some lenders are having a problem with that. On every deal I have done, it has always been a workable situation, but it is something to look out for.
4:18pm • #2
190,721 Points 16 Featured Posts Outside Blog

Brian, What a fantastic way to show the where the available properties are.....your map is incredible.

Jo 

6:09pm • #3
JAN
26
2008
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
BILL:  Thanks for your comment.  Now that I've discovered how to use the interactive Google maps, I expect that I'll be utilizing them more in the future.
6:40am • #4
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
KEVIN:  Thanks for your comments.  I've seen some foreclosures in pretty bad shape and others that look just like the average listed home.  However, as in all purchases, buyers should be cautious.
6:41am • #5
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
JO:  Thanks for your comments.  The Google Maps take a bit of time, but they are worth it for the functionality that they provide.
6:42am • #6
566,277 Points 69 Featured Posts Localism Sponsor Outside Blog
Brian, this is good advice for the bargain hunters out there.  I think it's also important to get a home inspection, even if it's before you make the offer.  It's important to establish just what "as is" is.  A lot of home inspectors are willing to do partial inspections of the structure and major systems for less than their normal fees.  
7:48am • #7
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
PATRICIA:  Thanks for your comment and for adding on the advice about home inspections.
8:29am • #8
192,814 Points 12 Featured Posts Outside Blog

Some Foreclosures are in pretty decent shape.  Others - are TERRIBLE!   I sold one where the seller took off the kitchen cabinet knobs; ripped the door off of the washing machine and ran over/knocked-down the storage shed in the backyard with his riding lawn-mover (says the neighbor).

But - the buyer was willing to paint, re-carpet, fix the machine and I even helped him to fix the shed.  After several weekends of HARD work - he probably got a home for 20k less than the neighbors.

 

9:01am • #9
192,814 Points 12 Featured Posts Outside Blog
Oh yeah... and... LOVE the MAP !!!   I need to figure how to do that!   (Or perhaps I will offer you a free lunch for tips?!)  Cheers!
9:03am • #10
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
JAMES:  There certainly can be a big variance in the condition of foreclosures.  It's a shame that some owners who know they are going into foreclosure take out their anger on the house itself.  I've heard horror stories.
3:38pm • #11
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
JAMES:  I'll be happy to show you how to create the Google Map.
3:43pm • #12
JAN
27
2008
7 Featured Posts Localism Sponsor
I am glad to see that Alexandria does not have a huge number of foreclosures.  If you are willing to do work (and have a strong stomach!), foreclosures can be a good opportunity to earn equity quickly.  With that said, it is important to be cautious and work with a professional who can advise you properly.
8:54am • #13
173,187 Points 9 Featured Posts Outside Blog
Now that's a great use for the Google map...unfortunately some areas would be a sea of blue!
10:01pm • #14
JAN
28
2008
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
GINGER:  I'm also happy that we don't have too many foreclosures in Alexandria.  When you start moving further out from D.C., the numbers increase dramatically.
6:52am • #15
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
JOAN:  Thanks for your comment.  There seem to lots of great uses for Google maps.
6:53am • #16
FEB
01
2008
140,160 Points 1 Featured Post Outside Blog
Brian - I use Internet Explorer as a web browser and your map does not show but it does show in my Hubby/webguy's Firefox browser
9:54pm • #17
FEB
04
2008
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
KATHY:  Thanks for pointing this out.  I was not aware of the distinction.  I use Mozilla Firefox and had not tried to view this map on IE.
10:18am • #18
FEB
05
2008
140,160 Points 1 Featured Post Outside Blog
Brian - ok - so now it works could you let me know what if anything you did to fix it or was it on my end???
9:05am • #19
327,000 Points 57 Featured Posts Localism Sponsor Outside Blog Hit Router
KATHY:  I didn't change anything...
9:10am • #20
140,160 Points 1 Featured Post Outside Blog

Brian - Kathy asked me about this and I suspect its a pop up blocker. It does not appear on my IE but it does on my firefox and on Kathy's IE. The issue is likely here with us not with your post.

Barrie

1:37pm • #21
FEB
06
2008

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Brian Block -- Northern Virginia & D.C. Real Estate

McLean, VA

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RE/MAX Allegiance

Address: 6226 Old Dominion Drive, McLean, VA, 22101

Office Phone: (703) 626-0715

Cell Phone: (703) 626-0715

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