Arlington Foreclosure (REO), Realtor Buys Her Bank Owned Home

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, 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.


Virginia foreclosures

Highlights from the video:
  • 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
703-827-4OO6 Please report all typos, I don’t like looking stupid. If you like this post, sign up for new posts, use the form on the right of the page.

  • 21
  • November
  • 2007

17 Responses to “Arlington Foreclosure (REO), Realtor Buys Her Bank Owned Home”

  1. Fran Gaspari says:


    Great video…nice presentation…Happy Thanksgiving, Fran

  2. Bob & Carolin Benjamin - E Phoenix Valley Real Estate says:

    Thanks for sharing.

  3. Natalie Langford, QSC, Frederick County Realtor says:

    Frank – I wasn’t aware of the 1 photo statistic, so that was eye opening. This was a great video and very well done!

  4. Vicky Poe, Realtor/Apprentice Auctioneer says:

    Very good demonstration. Enjoy your new home.

  5. Megan says:

    Thanks, Vicky. We love our new home (now that the work is done and are settled in).

  6. Rebecca Savitski NC Real Estate Listings: says:

    Frank I am a fan of your videos – what a great idea.

  7. D'Ann says:

    i know you hate typos…the first paragraph says it was “banked owned” rather than “bank owned.”

    Happy Thanksgiving and tell her congrats on the new home!


  8. Mohamed Mekhimar - Richmond Virginia Real Estate says:

    Great presentation. this for Megan, enjoy your home, you did very good. what a great deal? Thanks for sharing

  9. Rebecca Savitski NC Real Estate Listings says:

    Frank I am a fan of your videos – what a great idea.

  10. Gil Kerbashian Real Estate Loans says:

    Smart and cutting edge. Hope we can see more of this type of stuff.

  11. Kevin McGrath - Kevin McGrath - says:

    Great video – and some real truisms. I wonder which bank/Reo Company is was; they sound like a pretty good one to deal with.

  12. Mike Mitchell - REALTOR St. Clair Shores, MI says:

    Frank, what a great presentation & video, excellent idea! Consumers could really benefit from watching this.

  13. Chelle Gassan-NOVA Realtor and Stager says:

    Very honest and great for the consumer. Thanks for sharing.

  14. Christina Bennani says:

    I was surprised that she wasn’t told in the beginning no changes to the addendums, that is standard REO practice.

  15. Omaha, NE Real Estate -- Steve Lauver says:

    Great video and information.

  16. Kim Peasley-Parker says:

    Thanks for sharing. Great video and information.

  17. […] in fact it might just be a sucky listing agent or a foreclosure with an underpaid agent. (see the Arlington foreclosure Megan bought, it had no extra photos and she almost skipped […]

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