Everyone is looking for a bargain or a "deal", especially in these times. We have been hearing "the sky is falling" in real estate for some time now. What is the truth? What do the above categories mean? Bank owned and foreclosure simply means legal action has occured and ownership is now in the hands of the bank or mortgage company that loaned the money to the purchaser. Short sales occur when the bank agrees to accept less than what is owed to pay off the mortgage, rather than begin foreclosure proceedings.
Today, I want to look at Loudoun County, Virginia. As one of the fastest growing counties in the United States, it has some growing pains, among them a large number of defaulted mortgages. Today, October 9, 2007, there are 3,483 homes for sale in Loudoun County and 326 of them are in the above category.
The prices asked range from $154,900 for a 2 bedroom 1 bath condo in Sterling to a 4 bedroom 3 bath home in Chantilly with a price of $775,900. For a list of homes in your price range, email me at margery@margerystern.com and I will be happy to send it to you, no obligation. Also, I have a list of do's and don't's if you are seriously considering buying a foreclosure, ask for that also.