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Short Sales and Foreclosures

By
Real Estate Agent with Long and Foster Real Estate

In the Prince William County area the number of available listings have gone down.  Inventory has gone from being at a 12 month range to about a month or so. Home prices are going up some.  Multiple contracts on properties and people jumping at the chance to buy a home as-is?  I know that is the market we are in but how many stories have we heard, although some are turning out OK.  I have seen both sides of the fence, the side where the sellers agree to fix the problems is the better side for the clients and us. Had a home inspection on Friday and the home inspector found insulation piled 3 feet high in attic under bad wood that was actively leaking.  All new paint and carpet but a bad roof in garage and upstairs attic, with active leaks, cracked disposer that had leaked forever and rotted the cabinet and sub floor under the cabinet just to mention a couple of the 4 hour inspection notes.  Seller would not agree to fix anything and we walked away and someone was right there to take it totally as is.  I guess it really doesn't surprise me, but with the mold, roof and dry rot, not to mention active termites inside the garage, it really does blow my mind.  Where will the madness really end when we know there are more loans maturing soon?