Searching for amazing real estate deals in the Northern Virginia real estate market? This is the second article in a 2-part blog series on this topic. You can read Part 1 here.

Search the MLS – Find Amazing Real Estate Deals in Northern Virginia

- …Look for bank owned properties. These are homes that have been foreclosed on due to lack of payment of the homeowner’s mortgage. The bank now owns the property and wants to sell it, often pretty quickly. Banks are in the business of making money, not selling real estate, so they’re often motivated to just make a deal and move on. 

However, keep in mind that banks and their asset managers who oversee these types of sales are not as desperate to sell these types of properties as they were when the market was flooded with foreclosures immediately after the financial crises of 2008. Since the Northern Virginia real estate market has been doing so well over the past few years, asset managers of banks know that they don’t always have to give buyers absolutely amazing real estate deals. They’ll often order a couple independent appraisals of their properties in order to get a good idea of market value and to formulate a strategy with regard to the lowest price they’ll take.

Nevertheless, you can still often get a good deal on a bank owned property. It’s just important to find balance of price compared to work that’s required to update the property or, in some cases, make it livable.

- Look for short sales. These are situations in which the owner owes too much on the property to sell it and pay their bank off, so the seller’s bank has to agree to allow the property to be sold for a loss. Again, you can often get a short sale for a good price, but banks don’t often feel as though they have to just give buyers absolutely amazing real estate deals and just give these properties away, so don’t expect that you’ll always find huge profit margins here. Short sales that are amazing real estate deals tend to be properties that also need a lot of work.

If you’re looking for amazing real estate deals, you need a hard working real estate agent who can help you in your search. Are you interested in bank owned properties and short sales? I have a lot of experience with both of these types of properties. Give me a call at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com so we can discuss your real estate goals!

I hope you’ve enjoyed our blog series on finding amazing real estate deals in Northern Virginia! Feel free to call or email me with your questions.