There is a rise in the number of foreclosed homes in VA over the last few years, especially bank owned homes in Virginia. While there are certain benefits and drawbacks to buying foreclosed properties, this gives way to interested home and investment property buyers looking to get properties below the market value. If you are interested, take the time to learn about the process and what you can expect to make the sale as smooth as possible.

Benefits of Buying Foreclosed Homes in VA

With so many options for housing developments and residential buildings in Virginia, why would you want to consider buying foreclosed properties? Below are some of the benefits to ponder on:

A home appraisal in Virginia is an important step when applying for a mortgage loan. This process is conducted by an expert and qualified appraiser who will evaluate numerous factors to determine the fair market value of a home. This step is usually done during the final steps of the home buying process but before the final loan approval. 

The appraiser will evaluate the home value based on current market trends, as well as the actual condition of the property upon inspection. They will also evaluate other factors such as the area and type of neighborhood. Their goal is to determine an unbiased price of the property that would be fair to both seller and buyer.

This week Omar Howard discusses a topic that we have a had a lot of questions on. How Coronavirus and taking unemployment benefits now can impact the Housing Market and your future mortgage approval! Once you are employed again what will lenders require for approval? Check it out!

This week Yony Kifle discusses the number ONE FACTOR that determines if its a BUYERS or a SELLERS Market. It’s important to know what kind of market you are in as it will affect your negotiation strategies! Check it out!

This week Alem discusses another frequent question that we have been getting for the last few months, simply put “Should you Buy a Home in 2020". While every area is different, Alem discusses 2 REASONS why it’s made it an IDEAL time to buy in the D.M.V areas! Check it out!

This week Jose Paz breaks down the 3 reasons WHY having a Home Warranty Worth Buying and how they can benefit you! Imagine you own your home and the FURNACE dies and the contractor says a new one will cost $3,000 🤦🏽‍♂️🤦🏽‍♂️ Yea that’s a lot of money but luckily something like a Home Warranty exists!

This week Yony Kifle discusses 3 of the main PITFALLS to definitely know if you are going to use any First-Time Home Buyer Grant or Assistance Programs! We have some GREAT programs in our area and knowing these pitfalls will help you better understand and position yourself to SUCCEED! Check it out!

Ed Donoforio of Donoforio Inspections explains why a Home Inspection is so important and highlights some of the items that is important to check during a home inspection! A Home Inspection is one of the most important Contingencies during the home buying process so its VITAL to understand what to look for and how to handle it. Check out this quick video!

Let’s talk quickly about the common options people utilize to get the down payment money for the purchase of their home 🏡👍🏽

Alem Mengesha quickly discusses the factors that are most important to a majority of potential homebuyers when choosing an area to purchase in! 🏡👍🏽