Since June 1, almost 50% of the homes that have been sold and closed in Loudoun County have been REO properties owned by banks or short sales. Of the 1595 transactions completed, 786 have been distressed properties of one type or another. Earlier this year foreclosures, short sales and other distressed properties represented around 40% of the total sales.
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This one car garage townhouse in the Broadlands is a Countrywide owned foreclosure. It is priced at $299,900. It has 3 bedrooms and 2.5 baths with Maple Cabinets and Granite countertops in the kitchen. This price is new as of yesterday and will not last long. This is a great deal for a townhouse in the Broadlands.
Several forces have been in place the during the month of December that will more than likely contribute to a considerable increase in the number of foreclosure/REO listings in Loudoun County in January.
Banks have been working very hard on getting contracts ratified and closed before the end of the year. All their manpower was spent working during the first two weeks on ratifying contracts and the last two weeks on closing the deals so they can book them in the 4th quarter. Because of this, they have almost completely neglected new listings and assets. Come January, they will switch back to getting houses onto the market.
Many asset managers have taken off one, if not two weeks at the end of the year. Trying to get them to return a call or an email has been almost impossible. During this past week, they won't even give counter offers on houses that aren't settling this year. Look for management to light a fire under them to get the files that have been sitting on their desks for months off the books.
Foreclosure listings have steadily increased every month up until December. All indications are that this upward trend will start again in January and continue for the forseeable future. Foreclosures and new filings continue to increase at a torrid pace. The slowdown in December is very temporary.
Loss mitigation cases continue to increase. This is the first sign of problems with loans. In the past 2 weeks, I have received 15 new cases that are in various stages of deliquency. This is twice the number as the previous 3 months. And the homeowners are no more willing to work with the lenders now than before. They have pretty much given in to the market conditions and are willing to walk away from their homes.
These four factors will more than likely lead to an increase in inventory, continued suppression of prices and a prolonged decrease in buyer sentiment during the first half of next year.
This property is the lowest priced REO/bank owned town home in Sterling, Virginia. It's currently listed for $149K. It's tax assessed value is $256,000.
The kitchen was updated in 2005 including appliances. The bathroom was also recently updated.
This property is a great rental-income investment opportunity due to it's recent updates and location.
For pictures or more information about this or any other property, just let us know.
Listed by RE/MAX Preferred Properties, Inc. - 380 Maple Ave, W #100 Vienna, VA 22180
This is a great property in the Parkside at Dulles subdivision of Sterling right on the border of Sterling and Herndon. It has 3 Bedrooms and 3 Full Baths. It is only 3 years old and is in extremely good shape. The assessed value of this property is $394,500. There are several other units in the condominium subdivision but this unit is priced at least $6,000 below all the others. This unit will be sold very quickly because of the condition and the price.
This end-unit townhouse in Rockhill subdivision of Sterling was just priced by Countrywide for $322,900. It is priced $12,000 less than the next closest home. It is in very good condition and very clean. There are two master suites upstairs and 1 bedroom in the lower level. The house has a little over 2000 finished square feet. There is also a nice deck in the fenced back yard. The assessed value for 2007 was $441,000. The Rockhill subdivision is right on the border of Fairfax County. Contact us to get the full listing information or more photos of the interior of the house.
