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Portfolio Realty is a premier real estate firm serving Virginia, Maryland and Washington DC. The DC metro area real estate market demands high levels of skill, proficiency and knowledge. Whether you are eager to buy your first home, sell your nest egg, invest or relocate to the area, it is important to protect your investment by working with a local market expert.
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I’m in a Bidding War for Every Contract

All of you out there that are searching for a home right now know that the good deals are getting swiped off the market before you can even look at the property.  Those of you that get the opportunity to look at the property and submit a contract discover you’re not the only one.  I’m talking about all the foreclosures in Northern Virginia out there.  Investors are bidding up the prices thousands of dollars above the asking price because they know the return they can get is worth it.

This is causing the traditional buyers out there huge headaches.  That’s why it is very important that your real estate agent explains everything involved in purchasing a foreclosure property.  There are many different speed bumps that could arise during the process.  As long as the buyer is prepared for any hiccups, the stress levels won’t spike too much.  The reason the investors are causing the headaches is that they are mostly paying cash, which allows them to bid up a property without having to worry about the appraisal preventing them from getting a loan.

The market is very abnormal at the moment.  The foreclosure inventory, low interest rates, and record low prices are giving everyone a reason to buy right now.  If you’re in the market to purchase a home right now, be prepared to pull the trigger when you find something you like.  Chances are, 20 other people like the same property.  It’s not rocket science out there, don’t be afraid to take the plunge.  This market happens once in a generation and you don’t want to be the one that kicks themself in the butt later on.

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