Foreclosure Bargains On The Internet

Posted in Foreclosure, March 25th, 2008 |

For those interested in picking up a bargain from foreclosure auctions a visit to a website launched by Long & Foster will be informative. It gives details of all the foreclosed houses ready to be sold in central and northern Virginia. Generally information about foreclosure is difficult to get. To find out if the property is foreclosed or not one has to click on ‘additional home attributes’. The best ones are the REO’s or those reclaimed by the bank. They have clear titles and one can inspect them in and out before bidding.

Some of the units are in a sorry condition. Most carry vibrations of people who could not light their home fires in these houses because of financial trouble. Many houses had been bought by investors who gambled on rising real estate to make quick phenomenal profits.

In all there are 2,610 foreclosed properties comprising of single family houses, town houses as well as condos. Most of these are located in northern Virginia. The compilation of the data is being done by Central Virginia Regional Multiple Listing Service. It provides regional information for the metropolitan area of northern Virginia. Richmond bagged the top position with 53 foreclosures. Chesterfield came second with 33 and Hanover county ranked third with 24 foreclosures. In central Virginia there were 146 foreclosures covering 19 localities. Most of the houses were owned by the banks, commented a spokesperson of Long & Foster. He is also the president of the Richmond Association of Realtors.

Realtors hunting around for a smart bargain may sometimes be lucky. Banks are more than eager to dispose of these estates weighing them down and offer discounts and incentives.
Long & Foster has adopted the strategy of organizing bus tours to attract potential buyers in northern Virginia. One of the costliest units is a house priced at $699,900, standing on Ridgeway Road next to the Country Club of Virginia in Richmond. There will be multiple offers and the buyers will have to compete for the best.
It is the law Nature that what is meat for one may be poison for another. Foreclosures are causing loss of homes while for many others it is a good time to move into a new nest with hopes and dreams. The best thing about bank repossessed properties is that the tears and sighs no longer cling to the walls and are things of the past.