Northern Virginia Foreclosures and Short Sales Washington DC REO
Specific Cities for Foreclosures REO Listings in Northern Virginia Washington DC
If your in the market for a bargain foreclosure …. you may not ﬁnd it. Bank foreclosures are down and the inventory of bank owned resales are at extreme low levels. (Which is a good thing!) There is some speculation that the banks are holding a “shadow” inventory, that may be true in judicial foreclosure states, but Virginia is a non-judicial state. So the likely hood of that “shadow” inventory hitting the market right now is slim to none. Currently there are only >>> 105 <<<< foreclosures available in all of the 6 northern Virginia jurisdictions, including Loudoun, Fairfax, Arlington, Prince William Counties and the Cities of Falls Church and Alexandria. That’s it … 105 with one third of those in Prince William County.
Looking at the ﬁrst quarter sales in 2013 there were just 487 foreclosure resales.
Compared to ﬁrst quarter of :
(2010) 1,105 sales
(2011) 930 sales
( 2012) 798 sales
You can see the downward trend. Contact us at JustNewListings.com Realty to get instant notiﬁcation of any new listing that hits the market.
I’ll try to have the rest of these city st virginia foreclosures up and running soon! If you have a particular city you’d like to request let me know…..
Pretty soon I’ll have a big update on this niche of Northern Virginia real estate. Are the numbers of foreclosures holding steady or going up or down? What is the average sales price of them and are they really a good deal or not when buying a home in any of the main cities in the area such as but not limited to the following:
As a general rule they sell for 5% lower than market value so they represent a deal. However it is not wise to limit your search to them or your missing out on 95% of the market. Odds are much higher you’re going to find a regular resale that fits you well with all the features that are important to you. But occassionally a foreclosure ends up having what you’re looking for–but that is the exception. Just keep an open mind and play to win. Hire an agent that is a master negotiator and can help you beat out competing offers.