Foreclosures Don’t Show Up On The Market Overnight

You’ve been driving around your favorite neighborhood in Springfield VA and see a piece of paper in the window that indicates the house in bank owned.   Unfortunately not every house you see with a sign in the window is available to view and in some cases it could be a long time before it is.

For example, I put a house on the market in Manassas in April 2011.  While I was researching comps in the Herons Bend neighborhood there was an sign in the window of one houses, indicating the lender had recently foreclosed on the house.  Fast forward…actually not so fast…the home from April 2011  just came on the market in the last few weeks.  That’s over 9 months from when it was taken over by the bank.

Another property in the Belmont Bay neighborhood in Woodbridge has been empty since October 2010.  According to my research it is scheduled for auction in a few weeks.  Well over a year from the time the first sticker went up in the window.

The best way to know if a foreclosure is really available to view and buy is by looking in the MLS.  At that point the home has been completely through the foreclosure process, the bank has full title to the property and it is ready for a new owner.  You can attend a foreclosure auction on the courthouse steps and see if you can pick up a home there but in many cases you will never get the chance to see inside the house before you buy.  A true buyer beware situation.

Below is a list of current Springfield VA foreclosures for sale.

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