The other day, I drove by this listing over at the McLean Hamlet, off Lewinsville Road, saw the sign "BANK-OWNED." However, when I tried to pull the listing from MRIS database for more info, agent does not tag this foreclosure. Wonder why? You have to dig deeper for the 'code.' Wachovia owned this property. County tax assessment in 2008 is $811,720. And now Wachovia is trying to sell this for $775,000? Hmm..
In McLean you don't really see this kind of BANK OWNED sign often. Over here, putting this kind of sign it's like "in-your-face," you know. It's hush hush.
It doesn't mean that this hood is immune to foreclosure, it's just doesn't ring right. For now.
There are more distressed listings I found. Six other distressed property listings for McLean. These are the homes that got the attention because they're back on the market for a significant discount.
8445 Clover Leaf Drive, McLean VA 22102
Bought 2006 $2.250M
Bank foreclosed in 2008 $2.125M
List price $1.15M
6240 Linway Terr., McLean, VA 22101
Bought 2004 $1.69M
Bank foreclosed in 2008 $1.55M
List price $1.35M
Mortgages over and above $417k for a long time were conventional loans. Now the limit is up to $625k in high-priced area like Washington DC. So, these guys got foreclosed or try to do short-sale not because of subprime. They're prime borrowers. They don't get help from Obama's mortgage modification plan. So it's got to be because of something else..
Wonder how many more undetected (need further info digging) distressed luxury properties out there?