Loudoun County Real Estate Statistics and News

Best Deal in Potomac Lakes, Cascades

Just came across this awesome deal in the Potomac Lakes/Cascades area of Sterling.  It is a 4 bedroom, 3.5 bath single family home on .22 acres.  It has over 3500 finished square feet on 3 levels.  It was built in 1994.  The assessed value is $569,400.  The last comparable sale in the neighborhood was a slighly smaller house on a slightly smaller lot and the list price was $535,000.   The price for this house is $475,000.  This will be sold in the next week. 

Lowest Priced 2-Car Townhouse in Broadlands, Brambleton

This is a very good deal for a 2100 square foot townhouse in the Southern Walk section of Broadlands.  It was purchased brand new from the builder for $430,000 and delivered in January of 2005.  The current assessed value is $490,000.  A home on the same street with only a 1-car garage is currently listed at $409,900.

                                                                                           Listed by Keller Williams, 2670 Crain Hwy Ste 300, WALDORF, MD  20601 

5 Misconceptions About Foreclosures/REO

More and more home buyers these days are interested in buying foreclosure/REO properties . But many home buyers don't know or aren't correctly informed about what goes along with buying a foreclosure/REO property. Below are some of the most common misconceptions about foreclosures/REO. Let's see why they're false and what the truth really is:

1. "Not everyone can look at foreclosures." - False. Any qualified prospective buyer or investor can preview a foreclosure the same way they can preview any other home with a lockbox on it. Simply contact your Buyer's Agent or the Listing Agent listing the property to arrange a time to preview the property.
2. "Foreclosures are all great deals." - False. Not all foreclosures are great deals. In fact, most foreclosures on the market right now are not great deals. You have to crunch the numbers on each and every foreclosure on a case-by-case basis though the general rule of thumb is that you'll need to spend between 10 and 20 percent of the purchase price on renovations just to get the property into move-in condition. Though this is the general rule of thumb, it could be much less or, even worse, much more. (If you have a Buyer's Agent, they should be running the comps and helping you crunch the numbers as part of their duties to you)
3. "I can get the property inspected prior to settlement." - False. Foreclosures are sold "as is" meaning that no Home Inspection or inspection of any kind is honored. You basically go in blind. Even if you were to find something wrong with the property, the bank will not fix anything. What you see is what you get.
4. "I can get a response back from the bank in the same time it takes any other seller to respond." - False. Banks can take up to 60 days to get a response back once they've received an offer. Yes, you read that correctly. If you are in a hurry to move, a foreclosure is probably not the best way to go.
5. "It says that I have to be approved through their specific lender so I have to use their lender for my loan." - False. The bank who owns the foreclosure wants to make sure that you're approved to purchase the property and wants a chance to get your business so they require you to get approved through them. But you are not obligated to go through them for the loan. You can use whichever lender you wish.

Here's the bottom line - make sure you know what you're getting yourself into and that you analyze each property carefully. Remember, only a small percentage of foreclosures are truly a good deal. That's what Loudoun Foreclosures is here to help you with - sifting through the "noise" to find the best deals available.

Should you have questions about any of the 5 items above or anything else, feel free to contact us for further explanantion or guidance. We'd be glad to help.

Crash Course In Foreclosures/REO and Short-sales

As foreclosures, short sales and REO (Real Estate Owned/Bank Owned) properties increase, so do the number of investors.  Loudoun County has seen a sharp increase in "distressed" properties and more and more investors are popping up, as well as buyers trying to get a "great deal" on their new home by "buying a foreclosure". Before all you investors and buyers get too excited, make sure you understand exactly what's involved and whether it's really worth it.

Pros

• You can get a 5 to 15 percent discount, possibly more on the property
• Your choices and opportunities increase daily as the number of distressed properties increases every day
• If you are a handyman or contractor or have a connection to one, you can do all the needed work at much less than the market value of your improvements and potentially sell the property for a profit or have equity built in

Cons

• You must know how to search for them
• You have to be very patient - banks can take up to 2 months to give you a response back to your offer (yes, you read that correctly and yes, it really happened)
• You need to fully understand what it means to buy a property "as is". Those two little words have a huge impact on you
• You have to be a bit of a gambler. No matter how good you are with numbers, budgeting or forecasting, you never know what may happen with the market and whether you'll be able to clear a profit or end up losing money in the end, even with getting a 5 to 15 percent discount

Did we mention that you also have to learn a new language? Yup, you sure do. And new words and acronyms are added daily so you really have to stay on top of it. No, there's no official dictionary and yes, it's a pain. (Some, including myself, think that it's done to further confuse, not only real estate professionals new to the biz, but consumers in order to not let anyone new into "the circle")

If you still wish to explore the world of foreclosures, short-sales, REO, etc., feel free to contact Tony or myself for more information. We'd be glad to help out whichever way we can.

Lowest Priced Townhouse by $20,000!!!!

We just listed this townhouse in Sugarland Run for Countrywide for $167,900.  The next closest priced home in the subdivision is listed for $187,000.  It has a 3 bedroom 1 full and 1 half bath.  It is in fair condition and will be professionally cleaned.  The assessed value is $269,700 which makes the current list price a 38% discount.  A similar unit on the same street that needed to be completely renovated recently sold for $175,000.  Although not perfect, this home requires little investment to make it rentable.  3 bedroom townhouses in Sugarland Run are getting $1300-$1400 per month in rent.  We will also be listing an end unit on the same street very shortly.  Let us know if you have any interest.

Clipreal Listing of this Property

Single Family Home in Ashburn for $275,000

Yes, you read that correctly.  There is a single family home on .22 acres in the Belmont Ridge section of Ashburn for sale at $275,000.  It was reduced from $375,000 and will be sold in the next couple of days.  There are currently 2 bedroom/2 bath condos for sale at a higher price.  This house is a split foyer with 3 bedrooms and 2 full baths.  It has a 2 car garage.

Assessed Value = $463,000

Last Sale in Neighborhood = $419,900 (List Price)

                                                                                                         Long and Foster - 500 Montgomery Ave, ALEXANDRIA, VA  22314

A Million Dollar Home Sells every 3 days in Loudoun County

As of today, October 19th, exactly 100 homes have sold or gone under contract that were listed at or above $1,000,000 in Loudoun County since January 1st.  That is one home every 2.92 days.  Since the mortgage crisis occurred in mid-July, there have been 29 Million Dollar homes go under contract.  This is the same rate as prior to the meltdown. 

The subdivision leading the way in $1,000,000 sales is River Creek Country Club with 10, followed by Lansdowne with 8 and Beacon Hill with 6.

The highest priced home to sell this year was a 463 acre estate in Middleburg that was listed for $14,500,000 and sold for $12,500,000 in 42 days.

Looking For Loudoun County Foreclosures, REO, Short-Sales, Other Deals?

If you're looking for foreclosures, REO, short-sales, distressed properties and other great real estate deals in Loudoun County, Virginia you'll want to check out Loudoun Foreclosures. This new blog brings your attention to the best real estate deals in Loudoun County, Virginia regardless of who the agent, broker or home builder is. You can find basic information about the featured properties along with the reasons why they're such a great deal.

Related Articles:

Crash Course In Loudoun County Foreclosures, Short-sales and REO

Foreclosure - $100,000 Less than what the Bank Paid

This single family house on a cul-de-sac in Sterling Park was foreclosed on by the bank in January for $336,000.  It is currently listed for $235,000.  The 2007 assessment was $335,000.  It has a 1/4 acre lot with a fenced yard, 3 bedrooms and 1 full bath.  There is almost 1000 square feet of living space.  It is in better shape than any other REO in this price range. 

                                                                                      Listing Agent: REO Real Estate 108 Powers Ct Ste 105, STERLING, VA  20166

Foreclosure - $334,400 Below Assessed Value!!!!

An unbelievable deal in River Creek Country Club is this interior unit townhouse.  It is banked owned (REO) and has been on the market for awhile but it is still the best deal for a mid-priced townhouse in all of Loudoun County.  It was assessed in 2007 at $859,300.  It is currently listed for sale at $524,900.  It will probably go under contract within a week.

It has hardwood floors, granite countertops in a gourmet kitchen, patio, deck, fenced yard and 3 fireplaces.  There are 5 bedrooms, 4 full baths and 1 half bath.  Total finished square feet on 3 levels is 3779.

                                                                                               Listed by REO Real Estate, 108 Powers Ct Ste 105, STERLING, VA  20166