With the inventory of homes low in much of Northern Virginia purchasers are looking wherever they can for homes that are not listed in the Multiple Listing services (MRIS.)
The first place they look is typically for foreclosures. The “foreclosures” in the MRIS are not typically true foreclosures though – they are homes that have already been foreclosed upon and are now owned by banks. They are what should be correctly called REO or “bank owned properties.” REO properties are sold by real estate agents on behalf of the bank. These days they are often fixed up and often sell close the market price.
True foreclosures take place all the time – they typically take place weekly on courthouse steps throughout Northern Virginia. They are not typically listed in the MRIS – but may be listed on sites like Trulia, Zillow or RealtyTrac. Most of the homes sold at the courthouse steps are sold back to the bank that initiated the foreclosure proceedings. The few remaining homes may or may not be great deals – and those that are great deals have multiple people usually bidding it up to near its adjusted value. The adjusted value would be market value minus a discount to account for the risk and condition.
So, where else may homes be listed? Apart from homes listed by owners directly, and pocket listings, various government agencies do list homes and those may or may not be listed in the MRIS.
One such example is a HUD home. You can get the list of Virginia properties for sale at https://www.hudhomestore.com/Listing/PropertySearchResult.aspx?sState=VA&sLanguage=ENGLISH Generally, the homes are a bit outside the most populated areas of Northern Virginia (but you can sometimes find great homes also there.) At Soldsense Realty we are HUD Registered Brokers and will be able to help you identify and make offers on HUD homes.
Some other sources of homes for sale:
|From the Department of Veterans Affairs|
|From Federal Deposit Insurance Corporation|
|From Internal Revenue Service|
|From US Army Corps of Engineers|
|From the U.S. Marshals Service|
|From the Department of Agriculture Rural Development|