No one in the Northern Virginia area is going to deny that of all of the localities Prince William County has been hit the hardest by the sub-prime mortgage industry. The cost of homes throughout the county were lower than closer in Fairfax, Arlington and Alexandria Counties and with significant new construction the area became ripe for “flippers” and for buyers who relied on more volatile loan programs in order to afford a home.
Over the last few months the indicators show that buyers have begun to see the value in the foreclosures and properties are starting to put them on their buying list. Do the sales over the last few months indicate that inventory is starting to move? Perhaps but let’s be realistic and admit that there is a lot of inventory in Prince William County to move. New construction is still being completed, owners are on the move and there will be more properties currently listed in other categories that may move to the foreclosure column over the next 30-60 days.
As an agent who is working with buyers who are a looking for a “good deal” foreclosure properties are starting to come into the picture. Six months ago the jury was still out on the question “can you find me a good foreclosure property” today the tide seems to be turning to answering that question with a qualified “yes.” Qualified being that not all foreclosure properties would fall into that category and buyers must always understand the issues that are involved with buying a home as is.
This past week one of my buyers ratified a contract on a foreclosure property and at a nice discount over the list price. We will keep our fingers crossed that the process continues forward without any surprises. I have two more that we are working diligently with the banks to get to the ratification stage and we have encountered properties with multiple offers on them! Each of these sales ARE more time consuming than the average sale but for buyers who are savvy enough to see the value and are patient enough to work through the process they may find themselves with a great new home.
If you are a buyer who is interested in foreclosure properties give me a call. I’m willingly to go the extra steps it takes and work through the process of getting you into a foreclosure property if that is the best deal for you.