We are seeing many of these same issues when we are working with home buyers that are looking for foreclosure properties in the Northern Virginia real estate marketplace.
These include:
Lender-owned houses are often priced attractively, but sometimes have hidden problems, can require costly repairs and take weeks longer to acquire.
More traditional seller-to-buyer transaction is usually faster and allows for negotiation between the parties. Sometimes prices start higher, but motivated sellers will often lower them, make repairs or return money to the buyer.
When buying a foreclosure, be prepared for a long process. The addition of an extra party — the lender — can complicate things.
Lenders aren’t paying for repairs. Banks will often pay for title insurance and a home warranty, but the houses are sold “as-is,” and buyers must take that into consideration when making offers.
Lenders this time aren’t paying for repairs. Banks will often pay for title insurance and a home warranty, but the houses are sold “as-is,” and buyers must take that into consideration when making offers. (This is why some of the properties listed do not have any interior photos taken)
Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.
