It doesn’t matter what price range you are searching if you are looking for a foreclosure in Fairfax County you can find it. There are properties on the high end of the market and there are properties on the low end of the market.
If you are looking for a high end home and money is no object then perhaps one of the million plus properties might be your ticket.
Better yet if you are an investor looking for a property to use as rental property then perhaps you want to look on the lower end of the dollar scale.
However no matter what price range you are looking for the requirements for purchasing a foreclosure property are going to be the same. The third party mortgage holders expect a buyer to submit a letter from a reputable lender stating they are qualified to buy the home. Some properties, for example those listed by Countrywide Mortgage, require that you are qualified according to their specific guidelines and by one of there mortgage consultants.
This is a critical step in submitting an offer for a property in foreclosure and one that you should undertake before you even begin to look at properties. Just as with buying any property knowing how much you can afford not only to buy but how that purchase may impact your lifestyle are important. When you are looking at foreclosure properties you also need to consider your finances for repairs. You may find a new property in pristine condition or you may find a property that will require considerable “sweat equity” to bring it up to livable condition.
So as you weigh your options and research whether a foreclosure property may be right for you, make sure you have talked to a lender so you understand and are comfortable with your financial situation. If you need assistance in connecting with a lender let me know and I will be glad to pass on some names for you to contact.
For more information on Northern Virginia Foreclosures