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More Foreclosures Coming!

More Foreclosures ComingI hate to say this to those of you that are upside down on your loans or wanting to sell your house in the near future, but there is another wave of foreclosures coming in Northern Virginia. This is not necessarily a bad thing for everyone. Yes, I do feel for those who were duped into buying a home they could not afford. I also can sympathize with those of you that want to sell your home. However, you always have to look on the bright side if you’re going to make it through the tough times. You’re probably wondering what the good part of this is, right?

Well I’m going to tell you. Those of you that in home searching right now are going to benefit the most. Homes are going to be listed up to 20% less than what they should be valued at. Possibly even more than that. You prospective buyers out there could get away with a steal as I have seen in the past six months with several of my clients. More recently, buyers have caught on and the good properties are snatched up within days of being listed. Those of you looking to invest in properties will also benefit from this wave as flipping houses has become more prevalent.

I want to warn the buyers out there though. Make sure you find a real estate agent that is knowledgeable with foreclosure/bank owned homes. There is a big difference in buying a foreclosure vs. resale property. You’re going to have to be more patient and forgiving than you normally would.  These homes have to be purchased in “as-is” condition and there is virtually no negotiation on the price of the home. Lastly, the biggest difference when searching for a foreclosed home is, action.  Be ready to pull the trigger!  If you find a home very attractive, most likely 20 other buyers have as well. Hesitation can bite you in the butt and I can say this from experience with my clients.

Good luck and happy house hunting!

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