After a distressed Fairfax VA home has gone through short sales or foreclosure auction but still remains unsold, the bank will take it back themselves and foreclose it. It will then become an REO sale; REO meaning Real Estate Owned, or in other words, bank-owned properties.
The bank assigns real estate agents when they put Fairfax foreclosures back in the market. They’ll usually list it below market price and sometimes even fix it up a bit in order to get it sold quickly.
Because the property has already gone through foreclosure, including the auction process, the REO sale can arguably be considered the safest time to buy Fairfax foreclosures. The bank would have settled all junior liens and other remaining issues of the property, and will now be able to give a clear property title to the buyer.
Buyers can relax since there will no longer be problems with the title, and they will be able to procure title insurance for protection. They can also get a professional home inspector to go through such Fairfax VA homes for sale and find out if there are any major defects before they purchase.
The REO sale is a highly recommended strategy in buying Fairfax foreclosures, since all property problems are now cleared and the bank is the one to take the loss on the sale, thus saving a lot of money for the buyer in the process. Moreover, a complete home inspection can properly inform the buyer if the home is indeed worth buying.
For those looking for someone to guide them in this process, as well as learn more “insider” tips that can save tens of thousands of dollars in the homebuying process, sign up for a free, live Online Webinar Inside Fairfax real estate. Those interested in Northern Virginia foreclosures will not be disappointed!
Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, “Inside Real Estate”
Thierry & his team Guarantee a $25,000 minimum savings for Northern VA Homebuyers by applying his unique insider techniques & strategies that he discovered throughout 8 years of exclusive Radio Interviews & Insider Access to wealthy Real Estate Insiders, Investors & Top Industry experts.
Phone: (703) 222-6714.
Copyright 2010 Inside Real Estate, LLC. All Rights Reserved.