Hello all,

I live in the north virginia/DC metro area where the market is just nuts. Bidding wars of 50K over the offer price are pretty standard.

I would like to buy a house, and am looking into foreclosures as an option, but I was wondering:

Does it even make sense to look for foreclosures in a market such as this?

Thanks in advance for your input!
Marc

Well, once a property is listed it tends to be more difficult to buy them at a discounted rate. Even Bank Sales, Bankruptcy, and foreclosures are going at market prices. As many may agree, the best way to purchase a home at a discount would be dealing directly with a seller.

However, now is also a good time to purchase a home because the inventory is at its highest here in Northern Virginia. So, I've told some of my client to wait and see if the property makes it through the weekend and then let's go in with a buyer friendly offer (perhaps under the offer price or with cash back). Compared to a month ago when the supply was very low and the demand was high with it and we saw the 25K escalation clauses you mentioned.


Northern Virginia Real Estate

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Michael C. Glass
REMAX Select Properties
Licensed to Practice Real Estate in Virginia
20 Pidgeon Hill Drive, Suite 201
Sterling, VA 20165
703-444-5900 (O)
703-723-2379 (D)
703-444-5921 (F)
http://www.moveupwithmike.com

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