Shop Foreclosures in Northern VA: Find Your (Affordable) Dream Home [2019]
It’s no secret that Northern Virginia is one of the most desirable places to live on the East Coast - and even in the country. With its proximity to Washington, DC, balance between metropolitan life and small town charm, as well as access to extensive green space and recreation, NoVA residents truly have it all.
With all that Northern Virginia has to offer, it’s no surprise that many of the most popular areas to live have a high price tag. Real estate agents and strategic buyers agree that one of the most cost-effective ways of buying a home in the DC suburbs is checking out foreclosed homes in Northern VA.
How do you go about finding your dream home when you’re shopping for foreclosures? Key tools include a knowledgeable agent, patience, and an open mind. The larger area you are willing to search in, the more unique homes and impressive deals you will find.
Thinking of buying or selling a foreclosed home in Northern, Virginia? Contact me.
Shopping Foreclosures In Northern VA
Even in conducting a quick online search, you’ll notice that there is not shortage of foreclosures in Northern VA. From apartments, to single family homes, to multi-million dollar mansions - there is a deal waiting for every style and budget.
If you’re looking for something super-affordable, check out foreclosed condos in Northern VA. You can find 2-bedroom foreclosures for as low as $160,000 in trendy areas like Arlington and Del Ray, Alexandria.
Tips To Buying A Foreclosed Home In NoVA
While it’s easy to search for foreclosed homes in Northern VA on Darren Robertson Homes and Zillow, it’s highly recommended to use an agent when purchasing a foreclosure. Because the process of buying these homes can be different than traditional home buying, it’s important to have an agent who is familiar with the paperwork and has trusted mortgage broker contacts that they work with.
Your agent can help you get pre-approved for your mortgage and will likely have access to foreclosed homes that haven’t hit the market yet. Click on the button below to contact an expert agent to start and guide you through the buying process.
It’s also recommended to not only hire professional inspectors, but assess the home for cosmetic and structural damages. Because foreclosures are owned by the bank, the lender often doesn’t have a real idea of the physical state of the property. See for yourself and even have estimates done for repairs to ensure that you have a realistic budget in mind.
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Benefits To Buying Foreclosures
You might wonder - why do people buy foreclosures? Paying for foreclosures with cash (for example, paying the outstanding balance on the home) can reduce competition for the property and allow you to negotiate the price. But, buyers can also use traditional mortgage methods to buy foreclosures in Northern VA.
Depending on the state of repair the home is in, foreclosures often provide great deals in high-demand areas. For example, you can find foreclosed homes just outside of Old Town Alexandria in the $600,000 range, while most regularly listed homes of the same caliber are upwards of $700,000.
Best Areas For Foreclosures
There are many diverse areas to find foreclosures in Northern VA. Check out some of our top picks!
- Arlington - The best part about Arlington are the communities within the community. Each neighborhood in Arlington has its own personality and charm. Check out the diverse selection of foreclosed homes in Crystal City, Farlington, and Virginia Square.
- Falls Church - Live among American Revolutionary history when you explore foreclosed homes in Falls Church. This family- and professional-friendly community ranks among the wealthiest in the USA, housing multiple Fortune 500 headquarters.
- Alexandria - With foreclosures in both Old Town and Alexandria County, this area provides a vibrant art scene, boutique shopping, great restaurants, and beautiful views of the Potomac River.
No matter your budget or style, the process of buying foreclosed homes in Northern VA is simple - and could save you money and time buying your dream home.