Buying bank owned homes in Northern Virginia is a great way to get a good deal on a property. A bank owned home is different from a true foreclosure in that it isn’t marketed through auctions where people have to pay all cash, forgo a home inspection, and often buy a home site unseen. However, out of convenience, bank owned properties are often just called foreclosures by home buyers and by the real estate industry.
Buying Bank Owned Homes – What Types of Properties Are Available?
In a bank owned sale, the property has already gone through foreclosure, and the bank has taken ownership and is selling the property. Bank owned properties generally sell for under market value for a variety of reasons. The condition of these types of properties varies a lot, with some that are major fixer-uppers, many that are minor fixer-uppers that need some updating, paint, new carpeting, etc., and others that are more “show ready” properties that are in good condition.
After the crash of 2008, there were more foreclosures in Northern Virginia, and lots of investors were buying bank owned homes. However, as the market has continued to get better and better since then, the inventory of bank owned properties has definitely gone down. That said, there are still some good options to choose from – you just have to know what you’re looking for and how to find them.
Are you interested in buying bank owned homes in Northern Virginia, but aren’t sure where to start? I have a lot of experience helping clients buy these types of homes, so I know the advantages and disadvantages of different types of properties. Call me at 703-462-0700 or email me at DarrenRobertsonHomes@gmail.com and tell me which Northern Virginia communities you’re mainly interested in, so I can do some research and find the best deals for you!
If you’re interested in buying bank owned homes and searching listings online right now, my website gives you instant access to all of these types of properties.