Affordable single family homes in or around Fairfax? (Reston, Manassas: bank owned, for sale)

[mom2justynsarah]

When I say affordable, I mean $350K or less. My brother and his wife are very financially sound. They just purchased a MAGNIFICENT 1.5 million dollar 8500 sq ft home in Fairfax. If you didn't know it's a house, you would think it's a luxury hotel. It's great to visit there. But alas, my husband & can fit our entire house in their living room and kitchen. lol.

We currently live in S. Florida. But we would love to be closer to my brother and his wife & kids. We absolutely LOVE the area. I am self employed as a physician recruiter. My husband is also self employed as an insurance agent. So as far as commuting goes, we are flexible.

The main thing we are looking for are good schools for our kids (9 & 3), decent neighborhood, family friendly, parks, etc. BUT we are not wealthy. We are comfortable. Where in the world should we look? Am I only dreaming to be in, around or close to Fairfax?

THANKS!!
Julie

[LLD]

You can get a townhouse for $350K but not a single family house. You'd have to go farther out to get that. I know someone who purchased a great house, but older, in Warrenton for a little less than $300K.

If commutes aren't an issue, then I suggest you look farther out if you really want a single family home.

Single family houses in the DC metro area, even in this slump, are still really really expensive compared to many other parts of the country.

[Margery]

There are single family homes available in Fairfax County for $350k or less. They are in Herndon, Reston and Springfield. Many of them are short sales, which means the bank is selling them for less than the mortgage owed rather than foreclose on them. You would have to have excellent credit, but there are many good deals to be had. Some will need work, as many people who cannot make their mortgage payment often cannot pay for maintenance work either. Of course, as you know, Fairfax county schools are excellent. Contact me off list if you want more information.

[LLD]

a SFH for $350K or less in Fairfax? That's news to me. I've been looking at the MLS for a few months now and I haven't see anything like that. I saw a few listed in Herndon but they needed so much work and were in a few questionable areas I didn't go look.

I can tell you first hand though that many people would not want the $350K less houses in Reston. I looked at them. Those neighborhoods were awful.

[memiller]

Short sales are not bank owned properties. Short sales are people who want to get out of their home without having to pay the bank everything they owe. True short sales are few and far between. If you make an offer on a property listed as a short sale, chances are the owner wants to be a short sale. The bank may never see your offer if they have no intention of allowing the borrower to sell short. Usually, the prospective buyer has spent weeks or months waiting for an answer just to find out the bank foreclosed the property and listed it with a realty company for sale. At which time, you're back to square one. If you want quality, you're not getting a SFH in Fairfax or closer in Loudoun. Western Loudoun, Prince William, maybe, not Fairfax. Stay away from "short sales." It's the "in phrase" today even though most people don't understand them and most agents try to sell them because they have nothing else going on and have time to wait around to not get paid.

[lchoro]

Short sales are quite common in the neighborhoods where they're currently experiencing a lot of foreclosures, such as Manassas, Sterling, and Woodbridge. They seem to be mostly townhomes and condos at the present time.

[claremarie]

You will not be able to get a nice single family home in Fairfax for $350,000. "Some will need work?" ALL will need work, to the tune of at least $100K to make them livable, and you will still be living next door to homes occupied by groups of unrelated immigrant males.

[5stones]

look out in loudoun county. Leesburg right now has quite a few a bit above 350k but they are nice and in good neighborhoods with good schools. around 400k can actually get you a new sfh in leesburg. It's a bit futher away than fairfax but if your is flexable, it's a place you might consider. (and it's closer than Warrenton)

[Fairfax Mom]

You need at least 400k to get into a decent neighborhood in Fairfax - and this will be small, older home.
If you go South to say - Woodbridge - things get much cheaper.

[Freelance]

Julie,

I am sorry to say a SFH in Fairfax is not within your budget right now. A townhouse might be, but nice ones are well above $400K. For your money you could afford to buy in Lake Ridge (which is in Prince William County but borders Fairfax county, being 30-45 minutes to Fairfax central area) or farther south in Stafford you could get a large SFH but you would be over an hour drive away. Schools are excellent in Lake Ridge. How close do you want to be to Fairfax?