Foreclosure wanted to buy.... (Manassas, Gainesville: countertops, house, neighborhood)

[DFinnerty]

Originally Posted by lindsayd

Not all Realtors are THAT bad...I sell mostly in the city and the market here is doing quite well And I don't wear perfume and have managed to keep my nice figure thank you very much!

You don't wear perfume,,I would kill for the opportunity to work with you someday, I will even do it for free as long as you stick to the no perfume deal. Oh and no big gold buttons on pants suits jk...

Mr Hussein,

Keep in mind that the market is being set here by short sales a fc. Many of the regular housing prices are in the same range and in less of a miserable state.

[not2creative]

I just bought a foreclosure that was held by US Bank (five day response). Other than dealing with the listing agent the deal went very smoothly.

To buy a foreclosure directly from a bank you need to attend an auction. The terms are very strict and are specified in advance. The bank typically will not sell at that time unless the lien is satisfied by the bid amount. If the property does not sell it reverts to what is known as REO (Real Estate Owned) nice term for Bank Owned property. The bank will then solicit Agents to determine a price and then typically will list the property with a different agent. These listing agents are VERY bad at returning phone calls (yes I am generalizing but it has been my experience 97% of the time) and they typically only work M-F 9-5 as those are the hours of their employers (the bank). Often the listings are missing critical information and they already have an offer (or two) and do not tell you. The banks counter-offer typically states that the property remain active and that they can entertain other offers until the contract is fully ratified.

That being said foreclosures are not fun. Also keep in mind that for every foreclosure sold in a neighborhood the prices drop approx 1%. You probably do not want to buy in a neighborhood with a lot of foreclosures. There are plenty of bargains out there without resorting to a foreclosure. They are usually ready to move into.

[DvlsAdvc8]

Originally Posted by barryhussein

I'm going to be returning to the USA in October. I plan on buying a foreclosure from some fine lending institution. What I would like is for someone to give me advice on which institutions (banks) will waste my time and not give me a straight, timely response. Countrywide has more than 400 properties in VA, but they are sloppy. Some are listed as SFR, when in fact, they are TH. Many are listed for amounts higher than comps on realtor.com.
I've also looked at Wells Fargo, and IndyCrack err I mean Indymac. I think Citi has a nice chunk of properties in NoVa, also.

Thanks in advance for your responses.

Buy the house I'm renting that's going into foreclosure! It'll go somewhere in the mid-fours, sold new in 2005 for $550k. Auction is Aug 29th.

Then, let me stay and maintain the place for you until you get here in Oct. Win win!

[barryhussein]

550K in 2005 is 275K (or less, today) Dream on. But you can go ahead and tell us what zip code it is in.

[seandankers]

Foreclosures and short sales have been > 40% of the sales in some areas. These are a lot of deals out there and the public is still a little slow in recognizing this. Although there are more buyers out there, the amount of deals outweighs the buyers.

I am a REO Realtor and have sold 15 homes this year with another 10 under contract. Each sale has its own issues and some transactions can drag for an extra month or two. I think the potential investment outcome outweighs the minor issues that occur during the buying process.

[DvlsAdvc8]

Originally Posted by barryhussein

550K in 2005 is 275K (or less, today) Dream on. But you can go ahead and tell us what zip code it is in.

Dream on? I don't know what you're smoking. I have nothing at stake here, I'm relating information. I'm only renting. Zip is 20155.

FACT of the matter is no house in my neighborhood that has sold recently has sold for less than $400k. Most are going around $430k.

LOL, 275k? - man, you're hilarious. The early 90s houses a couple miles away aren't even selling that low.


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I swear you try to pass on information to some people in a friendly way and they mock you for it.

[greeniebean]

Originally Posted by DvlsAdvc8

Buy the house I'm renting that's going into foreclosure! It'll go somewhere in the mid-fours, sold new in 2005 for $550k. Auction is Aug 29th.

Then, let me stay and maintain the place for you until you get here in Oct. Win win!

So are you going to go to the auction and let us know the outcome?

[DvlsAdvc8]

Originally Posted by greeniebean

So are you going to go to the auction and let us know the outcome?

House went to the bank.

Opened at $350k - no takers.

[barryhussein]

Originally Posted by barryhussein

550K in 2005 is 275K (or less, today) Dream on. But you can go ahead and tell us what zip code it is in.

My original, blind appraisal would most definately apply to North Manassas, er, I mean Gainesville, which is quintesential, exhurbia, cookie cutter, hell. Could someone actually burglarize this house, by cutting through an exterior wall with an exacto knife?

[Margery]

Gainesville is actually west of Manassas, north of Manassas would be Manassas Park and then Fairfax County. Bristow, Nokesville, and Lake Jackson are south of Manassas.