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Tips for Getting Those Foreclosure Deals in Northern Virginia

When you’re not careful, buying a REO or Short Sale can drain your bank account.  REO or bank owned properties can have major complications without inspections and short sales can take forever to close, wasting your time.  Be smart if you’re looking to buy a foreclosure in Northern Virginia.Great Deals on Foreclosures

Here are some tips to get the best deal:

  • When you’re searching for homes and come across a short sale, make your real estate agent do their homework.  Try and only go for those short sales where the bank has approved the sales price.  It may still take long to close, but not nearly as long without any approval from the bank.
  • If you’re going after a short sale, be prepared for multiple offers.  Chances are if you like the property, there are a handful of others that are interested too.  Even if the bank accepts your offer, they will want to continue to market the property for a better offer.  Sometimes the bank will sell the property without giving the original buyers a chance to negotiate.  SHORT SALES ARE NOT FOR THE FAINT HEART!
  • Ask the listing agent of the REO property if it was a Cash for Keys program.  This prevents the previous owner/tenant from destroying the property when they vacate.
  • Get an inspection.  Have the property inspected no matter what.  The bank will allow you to get an inspection for informational purposes only.  This does nothing but protect you.  If there is something catastrophic wrong with the property, then you can back out with no penalty.
  • Don’t just look at the price of the home.  Do your research and check out the surrounding neighborhoods and schools.  Some have serious maintenance issues that need to be considered and floor plans that just undesirable that will nullify the price.

Hire a Realtor®( that is in the REO/foreclosure circle.  You will have a significant advantage and not have to worry about anything being overlooked.