Welcome to our Foreclosure Property web page...Just below the last report that follows, you will find 2 articles we wrote about the local foreclosure process and the definition of a short sale..

If you want more detailed information we are happy to provide it...no hassle, no pressure, just service. Drop us an email.

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We will be posting the Bank Owned homes ( property that has already been foreclosed on and now offered to the public through agents) for Sale in Fairfax, Loudoun and Prince William frequently. These reports generally expire within 30 days so keep checking back.

Please drop us an email if you have any questions.

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Loudoun, Fairfax, Prince William County Foreclosures. August 22, 2013

 

Loudoun County realtorsIf you are interested in purchasing foreclosed homes, there are very few left in the area. Just a few years ago the main Northern VA counties had hundreds each. No longer.

Loudoun county has only 25 total as of this writing. The strong price rise of the last couple of years has saved many home owners from distressed sales, by enabling them to sell normally and cover their debt.

Here are the Bank Owned homes  (property that has already been foreclosed on and now offered to the public through real estate agents) for Sale in Fairfax, Loudoun and Prince William Counties as of August 20,2013.

When folks talk about buying foreclosures, bank owned homes (REO's) are generally what they are talking about.

 

 

These reports below expire within 30 days soLoudoun, Fairfax and Prince William County realtors keep checking back. Please drop us an email if you have any questions.

We have helped many buyers acquire these homes over the years and we also work with investors.

****If you are interested in the process of the foreclosure auction itself, you can read a bit here: On the Courthouse steps****

 

 

 

 

Loudoun, Fairfax and Prince William County realtors

 

 

These reports expire in 30 days so please check back regularly for updates

Prince William County: 50 Bank Owned homes are on the market as of August 20, 2013. Here is a link to this report: Prince William Foreclosures

 

Loudoun County 25 Bank Owned homes are on the market in Fairfax County as of August 20, 2013Loudoun Foreclosures

 

Fairfax County: 50 Bank Owned homes are on the market in Fairfax County as of August 20, 2013.
Fairfax Foreclosures

 

***For more information about the foreclosure process please visit our website at  Distressed Properties

 

 

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fairfax and loudoun county realtors

Moving to Northern Virginia? We can help. 

With the some of the nation's highest median family income counties, outstanding schools and a hot job market driving it all, you should move to Fairfax, Loudoun or Prince William counties.

Here is a photo tour of home styles and countryside that you can expect to find in Northern Virginia:

http://video214.com/play/ngb0RJKin5pR3jr2CUotnw/s/dark

 

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REOs, Bank Owned Foreclosures in Fairfax, Prince William, & Loudoun Counties April 5, 2012

 

Virginia Landscape Photographer and Realtor Steve Bachman

 

Thanks for stopping by.

Every couple weeks, we will be posting the Bank Owned homes  (property that has already been foreclosed on and now offered to the public through real estate agents) for Sale in Fairfax, Loudoun and Prince William Counties on this site.

When folks talk about buying forclosures, bank owned homes (REO's) are generally what they are talking about.

 

 

 

Virginia Landscape Photographer and Realtor Steve Bachman

The number of foreclosure properties available each month has been relatively stable throughout 2011 and into the new year.

If there is a huge glut coming....we have yet to see any preceding ground swell.

These reports below expire within 30 days so keep checking back. Please drop us an email if you have any questions.

We have helped many buyers acquire these homes over the years and we also work with investors.

 

 

 

 

****If you are interested in the process of the foreclosure auction itself, you can read a bit here: On the Courthouse steps****

 

 

Virginia Landscape Photographer, Digital Artist and Realtor Steve Bachman

These reports expire in 30 days so please check back regularly for updates

Prince William County: 79 Bank Owned homes are on the market as of April 5, 2012, down 19 from January. Here is a link to this report: Prince William Foreclosures

 

Loudoun County 42 Bank Owned homes are on the market in Loudoun County, down 19 from January.  Loudoun Foreclosures


 

 

Virginia Landscape Photographer, Digital Artist and Realtor Steve BachmanFairfax County: 75 Bank Owned homes are on the market in Fairfax County.Half of what there were in January 2012
Fairfax Foreclosures

 

***For more information about the foreclosure process please visit our website at  Distressed Properties

 

 

 
 

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REOs, Bank Owned Foreclosures in Fairfax, Prince William, & Loudoun Counties February 16, 2012 

 

 

We will be posting the Bank Owned homes  (property that has already been foreclosed on and now offered to the public through real estate agents) for Sale in Fairfax, Loudoun and Prince William Counties weekly.

When folks talk about buying forclosures, bank owned homes (REO's) are generally what they are talking about.

 

 

 

 

 

These reports below expire within 30 days so keep checking back. Please drop us an email if you have any questions.

We have helped many buyers acquire these homes over the years and we also work with investors.

 

 

 

 

****If you are interested in the process of the foreclosure auction itself, you can read a bit here: On the Courthouse steps****

 

 

These reports expire in 30 days so please check back regularly for updates

Prince William County: 88 Bank Owned homes are on the market today, down from 112 as of September 29, 2011. Here is a link to this report: Prince William Foreclosures

 

Loudoun County 41 Bank Owned homes are on the market in Loudoun County today, down from 54 as of September 29, 2011.  Loudoun Foreclosures


 

 

 

Fairfax County: 109 Bank Owned homes are on the market in Fairfax County as of February 15, 2012, down from 169 in September 2011.
Fairfax Foreclosures

 

***For more information about the foreclosure process please visit our website at  Distressed Properties

 

 

 

 

 

Follow Jan and Steve at the places below

Jan and Steve Bachman are full time Realtors® with RE/MAX, specializing in Homes for Sale in Fairfax, Loudoun, Prince William and Arlington Counties.

 

Check us out on Google: Jan and Steve Bachman

 

              

 

Search for Northern Virginia Homes Like an Agent  Just play around. No hassle, no spam, we won’t bug you. Fresh listings emailed to you. Want more info. Drop us a line. You’re in control. For a regular home search click here:HomeByBachman.com           Peace.

Jan and Steve Bachman

www.HomesByBachman.com

Northern Virginia Realtors

www.AroundtheHowse.com

Discovering Reston blog

http://northern-va-homesforsale.com/

 

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Thinking About Real Estate: Foreclosed Properties

 

If you are curious about what is happening in the real estate market in Northern Virginia....here is an attempted... very long explanation... of a portion of that market…the foreclosure or distressed property arena. 

 
 
  Nearly everyday, folks are asking us about bank owned foreclosure
properties….. asking what they are… why they are seeing so many… and asking if we think they are a good investment. The number of bank or lender owned properties has been growing daily in our area for a number of reasons:……mortgage requirements have gotten more strict, making it more difficult for some prospective buyers to obtain financing, ……..builders in some areas have continued to build even though they are having difficulty selling what they’vealready built,…. and qualified buyers have been waiting to see if they can geta better deal by waiting. ……..Basically what we have, is fewer buyers chasing a growing inventory of homes…… All of this has caused it to be much more difficult for a seller to sell his home fast, for a good price should he need to avoid losing it to the foreclosure process…...

  Slow sales and falling prices in some areas have contributed to the number of homes that lenders have had to take back from sellers who cannot make their payments or sell their home.

The pre-foreclosure process begins when the homeowner fails to make a payment on the mortgage when it is due….. There can be any number of reasons: Loss of job, or transfer…divorce,  medical problems, or an adjustable rate mortgage with a short fuse……… Both the borrower and lender now face a difficult situation, where both seek to achieve a compromise that permits each to improve on a potentially negative outcome…..one where the borrower can keep his home and the lender can keep receiving mortgage payments…….. If the problem cannot be resolved, the lender may permit the owner to try to sell the property for less than he owes in a process called a SHORT SALE…… In years past, you
would seldom see short sales in Northern Virginia, since the home could usually be sold for more than the mortgage amount or refinanced, to buy some time and wiggle room.

    In the last couple of years, due to the large number of unsold homes on the market, it has been difficult for the seller to get his property sold  in a timely fashion and cover his costs, especially if he happened to buy in 2004 or later…..Re-financing  as an option, has been tough since values have fallen since 2005 and  homes are appraising for less than the purchase price.

    In a short sale situation,  the lender agrees to accept less than what the borrower owes in an attempt to avoid the judicial foreclosure process,….. where the lender may  lose even more money. If a short sale takes place, the lender will usually attempt to have the borrower sign an unsecured note for the amount not paid back or the amount the borrower is “short”, hence the name .  At the very least the amount the borrower is forgiven, is reported to the IRS as income.

   If the short sale route doesn’t work or isn’t attempted and the home owner cannot make his payments,  ……the lender will enforce payment of the debt , by taking and selling the property through legal proceedings.

Foreclosure proceedings typically start with a formal demand for payment in a letter issued by the lender……. This is referred to as a Notice of Default……Depending on the state, the lender will issue this notice when the homeowner has been 3 months delinquent on the mortgage payments. If agreement cannot be reached and payments made, the property will be taken, the owners rights in that property will be terminated and the owners evicted from the premises if necessary….It’s not a pretty picture.

  In Northern Virginia, the lender will then attempt to sell the property at auction on the steps of the county courthouse………. You can find the auction notices in local papers and go watch them  take place if you  like cheap entertainment. If there is no successful sale at the auction, the bank will retain ownership and usually try to market the property…., listing it with a real estate company for sale. Currently….there are more than 400 of these bank owned homes for sale in Northern Virginia ….

   How should a potential buyer view bank owned property as an investment or as a potential residence?….It is important to remember that just because the property has been through the foreclosure process, does not mean that it is a great buy……. In many cases the bank lent much more than the home is now worth back when the market was hot ……and they now are attempting to sell it in a weak market and get their money back…… Many times, a comparable home can be bought for less money from a regular motivated  human seller, than you can achieve from pursuing an over priced bank property…..

    The other major consideration in pursuing bank owned property is that it is sold in  “as is” condition meaning that the bank is not going to fix anything that is wrong with the property……it’s all you…

 The buyer must take this into account when pricing out his offer on bank owned homes,…. otherwise he could end up with a money pit…. ……and pay above market price for the property once all the necessary repairs have been made…..

   The best way to avoid buying a property with too many unknown
potential problems, is to get a home inspection done….. so problem areas are uncovered and accounted for.  Have your realtor write the offer with the sale being contingent on your approval of the inspection findings. This will enable you to get out of the contract should the inspection uncover more problems than you are willing to bear financially…..

     If you and your agent do your homework you can minimize the risks and possibly uncover some great opportunities. If you are patient and careful, you should definitely not be afraid of pursuing bank
owned property. The negotiation and sale process differs from bank to bank but a knowledgeable realtor can help with the differing paperwork and hopefully help you get some outstanding  property at a great price.


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What is a short sale?
       

Sam: What does it mean when I see "short sale" or "3rd party approval required" in the remarks section of a listing or in news and media reports.

Steve: Sam, a short sale is the attempt by the home owner to sell the home for less than he owes on his mortgage. This has become a common occurrence in the last 2 years as prices have fallen from their peak in 2005. For example in many areas a home that sold for $500k in 2005 will now bring only $425k at current market prices…if the seller had 100% financing or close to it…he will not be able to pay the full amount he owes the mortgage company should he sell at $425k.

If the seller netted $390k after his sales expenses he would be “short” $110k on what he owes on the home if his mortgage is $500k; hence the name “short sale”. “3rd party approval required” is wording which also signals a short sale.

It means that in order for the sale to take place, a 3rd party (the lender) must approve the terms of the loan….the seller has no authority to sell his home for less than he owes since he does not hold clear title to his home until any mortgages or liens on the property are paid off.


Unless the sale has been approved by the bank at the price advertised in the listing, the odds of that home selling at that price are close to zero.
In a short sale situation the listing agent for the seller is attempting to get the bank to let the seller off the hook (not foreclose) by accepting an amount that is short of full repayment. If you put in an offer to purchase a short sale, there is no guarantee that you will even get a response from the bank since in most cases they are not even aware of the seller’s attempt to do this.

In many cases, the listing agent takes the listing in order to collect some offers to forward to the bank in the hopes that the bank will agree to accept one of them. If a buyer is in no hurry...making an offer on a short sale is OK. We recommend that clients who need a home in a particular time frame avoid them. For example: We recently had an offer in on a short sale for more than 60 days with no response from the bank.

All of this because the bank had never authorized the sale in the first place. Our client understood the situation, but wanted to make an offer anyway to see what might happen. Nothing happened. If one of our clients is interested in pursuing a particular short sale, my first question to the listing agent is "has the bank approved this price?"

My second question is "how many payments behind are the owners?" If the agent doesn't know the answers or if the seller is only a couple of payments behind, there is almost no chance that a short sale will ever work out to the benefit of one of our clients.
Unless the owners can bring their mortgages current or sell at a price acceptable to the bank, they will go to foreclosure sale on the court house steps. Since most of these homes have no equity in them, the only bidder will be the bank holding the mortgage. Their bid will be the amount that is owed on the home.

These homes then fall into the category of “bank owned” properties also known as REO properties, which stands for Real Estate Owned in industry language. .
Attempting to buy a Bank owned property is much more straight forward...the foreclosure has already taken place, the original owner is out of the picture and the bank lists the home with a realtor at a price that they WILL accept.


A huge number of the homes currently for sale in Prince William and Loudoun counties right now are distress sales of one kind or another. They can also be found in smaller numbers in Fairfax and the inner suburbs.
In conclusion, unless a particular home is our client’s dream of a life time and they are in no particular hurry, we encourage them to pursue bank-owned homes or normal human-owned homes and leave the short sale situations and the frequent futility of their pursuit, to the enjoyment of other attempted buyers.