Buy like a Realtor!
This post is a link to a 6 minute video showing the process involved in buying a Bank Owned Property in Arlington Virginia, by a Realtor. Megan Buckley, a Realtor with FranklyRealty.com, recently bought her REO home in South Arlington. It was bank owned.
Foreclosures aren’t as frequent as people think in Arlington, and I still suggest looking at everything, but it is possible to get one for a deeply reduced price versus the previous owner’s purchase price.
- Don’t ignore homes with 1 or no photo. Poorly marketed homes get seen less, and therefore sell for less.
- 13 page Bank Addendums, how one sided they are.
- How much the property was previously purchased for, what it listed for, the price drop etc.
- The condition of this already foreclosed home. Several families lived in this one home.
- How she negotiated and beat out 3 other offers (after a drastic price drop).
For more on definitions about different types of Foreclosed homes or SOL homes.
– Written by Frank Borges LL0SA– Broker/Owner FranklyRealty.com
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