Email: IngridMyers@aol.com                     www.IngridMyers.com                                          Phone: 703-680-4420


Northern Virginia Foreclosures

Definition

"Foreclosure" is the process where, after a buyer has failed to make the lender payments as agreed, and has been served with a notice of default, the property is sold by auction. The borrower still owns the property until the auctioneer actually says "sold", and may stop the sale at any time up until this point by paying what is owed plus applicable costs and/or interest. After the auction, if no one bids successfully on the property, the foreclosing lender (usually a bank), becomes the new owner. Property owned by the lender/bank after a foreclosure is called "Real Estate Owned".

Value

Typically, foreclosures can be very reasonable values, with pricing at or below market value. Banks or other lenders are usually motivated to unload the property as quickly as possible, to avoid carrying costs (i.e. mortgage payments on an unoccupied dwelling). Banks will work hard with auctioneers, buyers and their representatives, including Real Estate Agents, to reach a quick and satisfactory deal.

The current difficulties in the housing market have led to a rapid increase in foreclosed properties in the Northern Virginia, DC and Maryland real estate inventories. Check my updated Northern Virginia foreclosure listings, and Greater Washington DC foreclosure properties to the right.

 

Current Foreclosure Listings

MLS PW6655198 Location Details
1809 ROCHELLE CT
WOODBRIDGE VA
Subdivision: CAROLYN FOREST
Beds: 2
Baths: 3
Sq Ft: 0
List Price: $195,000
MLS # PW6655198
View Details»
 
MLS PW6651222 Location Details
13621 JACKS DR
WOODBRIDGE VA
Subdivision: ROLLINGWOOD VILLAGE
Beds: 3
Baths: 2
Sq Ft: 0
List Price: $229,900
MLS # PW6651222
View Details»
 
MLS PW6673278 Location Details
12163 OLD SALEM CT
WOODBRIDGE VA
Subdivision: LAKE RIDGE
Beds: 3
Baths: 3
Sq Ft: 0
List Price: $244,500
MLS # PW6673278
View Details»
 
MLS MN6620031 Location Details
10145 FOREST HILL CIR
MANASSAS VA
Subdivision: BALDWIN OAKS
Beds: 3
Baths: 3
Sq Ft: 0
List Price: $249,900
MLS # MN6620031
View Details»
 
MLS PW6726069 Location Details
2476 SYLVAN MOOR LN
WOODBRIDGE VA
Subdivision: RIVER OAKS
Beds: 3
Baths: 4
Sq Ft: 0
List Price: $255,000
MLS # PW6726069
View Details»
 
MLS PW6622947 Location Details
2383 BROOKMOOR LN #516A
WOODBRIDGE VA
Subdivision: POTOMAC CLUB CONDOMINIUM
Beds: 3
Baths: 4
Sq Ft: 2,105
List Price: $315,000
MLS # PW6622947
View Details»
 
MLS PW6659217 Location Details
12312 WHITE EAGLE DR
MANASSAS VA
Subdivision: ALGONQUIN HIL
Beds: 4
Baths: 3
Sq Ft: 0
List Price: $349,900
MLS # PW6659217
View Details»
 
MLS PW6674938 Location Details
19223 BUNA ST
TRIANGLE VA
Subdivision: THE VILLAGES AT POTOMAC
Beds: 5
Baths: 5
Sq Ft: 0
List Price: $375,000
MLS # PW6674938
View Details»
 
MLS PW6694935 Location Details
3077 AZALEA SANDS LN
DUMFRIES VA
Subdivision: WAYSIDE VILLAGE
Beds: 5
Baths: 4
Sq Ft: 0
List Price: $450,000
MLS # PW6694935
View Details»