Woodbridge VA Foreclosures-Newer Properties Are Foreclosures Too!
A number of the properties listed as foreclosures in Prince William County are homes that have been built in last few years. In fact in Woodbridge you can find 30 homes built since 2005 currently listed for sale. These homes range from condos and golf villas in Belmont Bay to luxury detached homes in River Falls. Since these homes are newer many of them are still covered by the builders warranty and have some of the upgrades today’s buyers are looking for. In fact some of these homes have never been lived in having been purchased by speculators who hoped to buy and flip.
Deciding whether to buy a foreclosure property in Prince William County is not as easy as walking in to the house and saying “I’ll take it.” Purchasing foreclosure properties requires more time and negotiation with a third party than buying a resale home. Third party mortgage holders, banks and mortgage companies, are willing to negotiate but they are not taking pennies on the dollar. Submitting an offer for half of the value of the home is not going to be taken seriously and could reduce your chances to buy the property you really want.
The third party mortgage holders expect a buyer to submit a letter from a reputable lender stating they are qualified to buy the home. Some properties, for example those listed by Countrywide Mortgage or Wells Fargo require that you are qualified according to their specific guidelines and by one of there mortgage consultants.
So as you weigh your options and research whether a foreclosure property may be right for you, make sure you have talked to a lender so you understand and are comfortable with your financial situation. If you need assistance in connecting with a lender let me know and I will be glad to pass on some names for you to contact.
Before you make the decision to buy a Prince William County foreclosure property make sure you work with an agent who has experience in handling foreclosures evaluations for third parties and understands the process of making an offer and negotiating with a third party.
If you are interested in receiving information on any of these Prince William County foreclosure properties or in other areas give me a call. I’ve successfully negotiated with third parties to help my clients buy a foreclosure and REO properties.
Related Articles on Foreclosure property:
The Tale of Three HousesVirginia Foreclosure Process
1 comment:
Goodness, look what I found in my google alerts today... a relocation post by Cindy! Super, as are the other ones you've done on ActiveRain and your RET blog.
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