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 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
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
Frank,
Great video…nice presentation…Happy Thanksgiving, Fran
Thanks for sharing.
Frank – I wasn’t aware of the 1 photo statistic, so that was eye opening. This was a great video and very well done!
Very good demonstration. Enjoy your new home.
Thanks, Vicky. We love our new home (now that the work is done and are settled in).
Frank I am a fan of your videos – what a great idea.
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!
D’Ann
Great presentation. this for Megan, enjoy your home, you did very good. what a great deal? Thanks for sharing
Frank I am a fan of your videos – what a great idea.
Smart and cutting edge. Hope we can see more of this type of stuff.
Great video – and some real truisms. I wonder which bank/Reo Company is was; they sound like a pretty good one to deal with.
Frank, what a great presentation & video, excellent idea! Consumers could really benefit from watching this.
Very honest and great for the consumer. Thanks for sharing.
I was surprised that she wasn’t told in the beginning no changes to the addendums, that is standard REO practice.
Great video and information.
Thanks for sharing. Great video and information.
[…] 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 […]