On the market for a home, or investment properties? Try to go deep on pre-foreclosures and bank owned properties or REO, as they call it. These include HUD and Fannie Mae owned properties. These kinds of properties are not for the fainted heart and buyers with limited cash flow. Because you're buying a sold 'as-is' property.
However, if you are into it -- this is the arena where you can find really 'good bargains.' You might need some cash to fix-it-up. Not all homes are junkies, there are some of new homes and good ones, too.
Based on MRIS data, Prince William county is the one county that get hit hardest. The number of homes in PW counties for sale, either pre-foreclosures or bank owned is over 100.
Here are the rest of the data:
- Arlington >> 7 homes from the lo-$189,900 to hi-$659,900
- Alexandria City >> 1 home for $265,900
- Fairfax >> 85 homes from lo-$210,00 to hi-$1,15M
- Falls Church City >> None
- Loudoun >> 59 homes from lo-$231,900 to hi-$1.195M
- Manassas City >> 14 homes from lo-$175,655 to hi-$429,900
- Prince William >> 166 homes from lo-$195,000 to hi-$960,900
- Washington DC >> 9 homes from lo-$179,900 to hi-$799,900.
Oh by the way, I found out that not all of the homes are bargains! You really have to check the tax record to see how much they paid for... to see whether it's really a bargain.
