Loudoun Foreclosures

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Announcement From Loudoun Foreclosures
2008-05-31 00:41:00
It's been a great journey the past two years as we have grown as writers and as real estate agents. However, recent developments have made realize that we need to each take one blog and develop our own voice independant of the other. As of today Tony will be taken over the controls at loudounstats.com while Danilo will be handling the reins at LoudounForeclosures .com. Important: As of today, LoudounForeclosures.com has moved to a new host. If you are one of...
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Loudoun County Considering Foreclosure Program For County Employees
2008-05-24 20:38:00
Just ran across this post over at the LoCo Real Estate Musings blog which talks about how the Loudoun County Board of Supervisors will be considering a program to help county employees purchase foreclosed properties. This is similar to what Fairfax County recently proposed with their "Silver Lining Program ". Here's an excerpt: "Apparently Chairman Scott York is planning to propose a program to our Board at the June 3rd meeting that would help county employees get low interest loans to...
More About: News , Employees , Foreclosure

Washington Post Runs Article On "Luxury Foreclosures" - Features Arko and B
2008-05-16 18:33:00
The Washington Post ran a story on "luxury foreclosures" yesterday. It featured several local real estate agents, including Tony Arko and Danilo Bogdanovic. Check out the Post article here or the Loudoun Extra version here.
More About: News , Foreclosures , Luxury , Washington Post

Percentage of Foreclosures and Short-Sales Holds Steady
2008-05-09 21:51:00
The percentage of total properties for sale in Loudoun County that are foreclosures/bank-owned or short-sales is holding steady around 25 percent. We've been seeing the percentage stay around 25 for most of this year. Though we'd all like to see that percentage go down, it's definitely good news that it's not increasing. The fact that it's not increasing is another sign that the worse is behind us. -Danilo
More About: Foreclosures , Sales , Statistics , Short , Holds

Best Deal in Sterling Park
2008-05-06 19:51:00
This will be gone in a matter of days and there will probably be multiple offers so you need to act quickly if you want to get a great deal. There are no photos online but I have been through the house and taken some for you. List price is $151,900. 3 bedrooms, 2 full baths. Nice yard. It is in decent shape, better than most foreclosures. The price is great. Call me or drop me a line if you...
More About: Foreclosure , Park , Deal

Great Single Family Foreclosure/REO Deal In Broadlands!
2008-05-01 05:50:00
This bank-owned single family home in Broadlands is a great deal at $693,900. It's only 4 years old, has over 6000 finished square feet on three levels and sits on .27 acres. It has a 3-car side-load garage, upgrades throughout and is in good condition. It's on a cul-de-sac in the newer part of Broadlands (Broadlands South). If you'd like more information, feel free to email or call me - 703.582.6900. Listed by Carter Braxton Real Estate Company - 11...
More About: Family , Great , Foreclosure , Deal , Single

Can You Protect Yourself From Short-Sales That Don't Disclose?
2008-04-23 16:55:00
Have you ever thought a property was a "regular resale" only to find out it was a "short-sale" at the last minute? If you have, you were probably disappointed and possibly upset. You may have even thought that the seller and listing agent/broker were lying to you and the general public by not disclosing it was a short-sale. Before you go off calling the seller and listing agent/broker "interesting names", let's look at a few things first that will help...
More About: Sales , Disclose , Short

Rate Of New Bank-Owned and Short-Sale Listings Steady
2008-04-22 17:14:00
The rate at which new foreclosure/bank-owned and short-sale listings are entering the market in Loudoun County remains steady. Here are the numbers: January 2008 saw 310 new foreclosure/bank-owned and short-sale listings come on the market. That's 10 new ones per day. February 2008 had 289 come on the market. That's 10 per day. March 2008 had 301 come on the market. That's 9.8 per day. So far this month (thru 4/22), there have been 253 new foreclosure/bank-owned and short-sale listings...
More About: Listings , Sale , Statistics , Owned , Bank

Single Family in Sterling Park for $184,900
2008-04-22 16:17:00
I just received a listing from a bank yesterday and I think it is a very good deal for the money. It is a 3 bedroom 2 bath single family home on Nettle Tree Road in Sterling Park . It does need some work and it is missing a couple of appliances (refrigerator, washer, dryer) but for the money it is a very good deal. Give me a call at 571-238-6882 or send me an email if you are interested in...
More About: Family , Foreclosure , Single

Short On Time And Patience? Short-Sales May Not Be For You
2008-04-18 22:58:00
"Short -sale" seems to be a buzz word these days with many buyers going after short-sales because they think they can get a great deal. Yes, there is a chance you can get a great deal on a short-sale. But you must have a lot of patience and not be in a hurry to move. Let me repeat... You must have a lot of patience and not be in a hurry to move if you're trying to buy a short-sale. Why must you have patience and a lot of time? Because the bank makes the final decision on whether your offer is approved and that process takes an average of 60 to 90 days. In some cases, it may take up to 6 months. Why does it take so long? Because the first thing banks did when profits plummeted is cut staff. When you mix a huge increase in case files and a staffing cut of 50 percent or more, you get overworked and underpaid employees that care more about finding a new job than your offer. I have to move into something in the next 30 to 45 days...should I consider short-sales? I wouldn...
More About: Sales , Time , Patience

Real Estate Search Site for Mobile Phones
2008-04-16 23:03:00
If you ever want to search the MLS from a mobile phone, the best site to use is FranklyMLS.com. You don't have to be an agent to use it and it is faster than the one the MRIS built for agents.  Plus you can search using keywords like foreclosure, reo, bank, short sale, as-is, etc. Here is a quick YouTube video on how to use it.
More About: Mobile , Estate , Real Estate , Mobile Phones , Phones

Foreclosure Auctions - Where Is Everyone?
2008-04-16 06:01:00
If you've been to a real estate auction at the local courthouse steps recently, you may have found yourself to be the only one there aside from the auctioneer. Many people are wondering where all the bidders are especially since auctions used to be a good way to get a deal on a foreclosure property. ABC 7 News (WJLA) was curious about this as well and ran a story on it earlier this month. Here's the video (couldn't get around...
More About: Foreclosure , Auctions

Fed Creates Maps To Show Subprime Conditions
2008-04-15 00:24:00
The Federal Reserve announced earlier this month that they will posting interactive maps to illustrate subprime loan conditions across the U.S. The maps will display regional variation in the condition of securitized, owner-occupied subprime and alt-A mortgage loans. You can search the map first by state and then narrow it down further by most counties and zip codes. The information on the maps includes: loans per 1,000 housing units loans in foreclosure per 1,000 housing units loans real estate owned...
More About: Show , Statistics , Maps , Subprime , Conditions

Reuters Story on Million Dollar Foreclosures Features Arko and Bogdanovic
2008-04-07 14:28:00
Andy Sullivan of Reuters interviewed us back in January for a story about homes priced over $1Million going into foreclosure. What he wrote about is still applicable today and maybe even more so.
More About: Story , Foreclosures , Features , Dollar

Don't Fall Prey To "Quick-Fix" Foreclosure Scams
2008-03-26 12:42:00
As a home owner facing foreclosure, you may be desparate to find a way out - a way to turn things around and get back on your feet. But don't let that desparation cloud your judgement or stop you from doing your homework when approached by someone promising to "fix everything" and "keep you out of foreclosure." Here is the latest case involving scam artists preying on home owners facing foreclosure (via InmanNews ): "Federal officials announced the indictments of 20...
More About: Foreclosure , Scams , Quick , Fall

Loudoun County Foreclosure Filings Up Despite Virginia & US Down
2008-03-25 14:19:00
Here's the latest data regarding foreclosure filings in Loudoun County as well as the rest of the state and nationally (via VAR's Commonwealth Online): Home foreclosures dropped in the majority of the Washington, D.C. area and across the country, from January to February. The one-month decrease comes at the start of the spring season, when real estate activity tends to pick up. The number of properties with foreclosure filings fell 32.5 percent in the District of Columbia in February, with 340 foreclosure filings on properties, down from 504 the month before, according to Irvine, Calif.-based RealtyTrac, a Web-based foreclosure listing company, which releases monthly foreclosure data. In Northern Virginia , filings slid 18.7 percent, with only one county, Loudoun, seeing a slight increase of 1.3 percent, from 388 properties with foreclosure filings to 393 properties. Prince William County, which has been hit hard by the mortgage crisis, saw a decrease in filings of 23.7 percent...
More About: Foreclosure , Loudoun County

Rate of New Foreclosures/REOs and Short-Sales For Sale Steady
2008-03-16 19:08:00
The rate at which new foreclosure/REO and short-sale properties are coming on the market in Loudoun County remains steady. January saw 308 new foreclosure/REO and short-sale properties come on the market. That's 9.9 new properties for sale per day. February saw 258 new foreclosure/REO and short-sale properties come on the market. That's 8.9 new properties for sale per day. So far this month (3/1-3/16), 153 new foreclosure/REO and short-sale properties have come on the market. That's 9.5 new properties per...
More About: For Sale , Foreclosures , Sales , Sale , Statistics

Our Broker, Simon Warner, Named "Realtor Of The Year"
2008-03-16 16:01:00
We're proud to announce that our broker, Simon Warner (Market Advantage Real Estate in Sterling, Virginia), was named "2007 Realtor ® Of The Year" by the Dulles Area Association of Realtors®. This honor is given to the one Realtor® that has demonstrated active involvement in the community; active participation in local, state and national Realtor® association events and functions; education; teaching; etc. Continue reading the post on Loudoun Stats
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A Loan Program Perfect for Foreclosures
2008-03-12 16:00:00
Mike Pfeffer of Fidelty and Trust Mortgage recently gave me some insight into a loan program that could be a perfect fit for some of the homebuyers here in Loudoun County. The program comes from section 203(k) of the FHA Insurance Program and is a Renovation Loan . Here is Mike's explanation of the program and his contact information in case you have any other questions. The section 203(k) program is a little known piece of the FHA insurance program that...
More About: Foreclosures , Mortgages , Perfect

An Example Of Real Estate Investing Gone Bad
2008-03-07 14:07:00
During the boom market, many people and investors jumped at the opportunity to buy new construction in Loudoun County with the hopes of flipping the property(ies) in the future for a profit. After all, many thought that the boom would never end. Well, many got burned. One such example is the owner of three of the homes in the Villages of Waxpool subdivision in Ashburn. They bought three properties from the builder for a total amount of $3,403,708 in 2005....
More About: Estate , Real Estate , Real Estate Investing , Investing , Real

U.S. Foreclosures Hit Record High; Virginia Below National Level
2008-03-06 23:35:00
Just in case you haven't read or seen any news within the past 24 hours... Foreclosures in America have hit an all-time high. Here are links to some of the stories: From The Washington Post: Home Foreclosures Hit Record High "The spike was driven by declining home prices..." From CNNMoney: Foreclosures hit all-time high "Declining home prices are clearly the driving factor behind foreclosures, but the reasons and magnitude of the declines differ from state to state," said Doug Duncan,...
More About: News , National , Virginia , Statistics

Great Foreclosure/Bank-Owned Condo Deal In Ashburn
2008-03-05 19:39:00
There's a great foreclosure/bank-owned condo deal in Ashburn. It's a 1 bedroom, 1 bath condo with new paint and new carpet. It's located within walking distance to a shopping plaza, clubhouse and other ammenities. It's currently listed for $164,900, well below assessed value. If you'd like more information, let us know.
More About: Great , Foreclosure , Condo , Deal , Owned

Loudoun County Foreclosure/REO Market Makes International Headlines
2008-03-04 20:26:00
The situation regarding foreclosures in Loudoun County made international headlines by being featured in a story in The Economist entitled "Foreclosure s In America; Searching For Plan B" (this week's issue).
More About: News , International , Market

Loudoun County Foreclosure/REO and Short-Sale Figures - February 2008
2008-03-02 23:36:00
Last month (February 2008), Loudoun County had a total of 890 new listings come on the market (including "relists"). Out of those 890 total new listings, 287 were foreclosure/REO or short-sale properties (32 percent). This is a decrease from January 2008 in which 309 out of the 1328 total new listings were foreclosures/REOs or short-sales (47 percent). The decrease from January is good news for the overall housing market and we hope to see this trend continue into the future.
More About: Sale , Foreclosure , Statistics , Figures

Are Some Borrowers Just "Walking Away" From Their Mortgage?
2008-03-02 17:45:00
There is a great article over at Calculated Risk that deals with the notion that some borrowers are just "walking away" and letting their property go into foreclosure rather than trying to sort things out and work with the bank. It's a long article, but definitely a good read.
More About: News , Mortgage , Walking

Lowest Priced Foreclosed/REO Single Family Home In Ashburn
2008-03-01 19:51:00
At $395,000, this is the least expensive foreclosed/REO single family home in Ashburn. It has 3 bedrooms, 2.5 baths with a finished basement. Though it only has about 2150 sq ft, it's still a single family home with a yard. If you'd like more info, let us know.
More About: Family , Home , Foreclosure , Single , Foreclosed

Least Expensive Foreclosed/REO Town Home In Ashburn
2008-03-01 17:23:00
At $219, 920, this is the least expensive foreclosed/REO town home in Ashburn . It has 3 bedrooms, 3.5 baths, approx. 1850 sq ft, a fenced yard and a deck. It backs to common area and a tot lot. If you'd like more information, let us know.
More About: Home , Foreclosure , Town , Foreclosed

Great Foreclosure/REO Town Home Deal in Ashburn
2008-02-29 19:38:00
This 3 bedroom, 2.5 bath, 2250 sq ft, 1 car garage end unit town home in Ashburn is a foreclosure/REO. It has a fenced yard, deck and a 3 level bump-out. It needs the usual work (carpet, paint, etc), but it's a great deal at $282,500. If you'd like more info, let us know.
More About: Home , Great , Foreclosure , Deal , Town

US Median REO Prices vs Median List Prices
2008-02-29 00:13:00
Here is a map showing median prices of REOs (foreclosed/bank owned properties) versus median list prices throughout the US (click to enlarge). Though it's not completely indicative of the ratio in Loudoun County, it will give you a general idea of the variance in the Mid-Atlantic region and throughout the country. (Please note that these are the median list prices not the median sales prices) As a region, the Mid-Atlantic area has one of the closest ratios of median REO...
More About: Statistics , List , Median , Prices

Loudoun County Board Of Supervisors Report On Impact Of Subprime Lending an
2008-02-21 23:13:00
The Loudoun County Board of Supervisors prepared a report entitled "Subprime Lending - Loudoun County Impacts Report " for their meeting on February 20, 2008. The report is on the impact of subprime lending and foreclosures on Loudoun County and covers such items as: reduced housing demand increased housing supply reduced prices slower homebuilding the impact on specific neighborhoods in Loudoun County the areas with the greatest incidence of subprime borrowing (Sterling, Countryside, Sugarland and NE Town of Leesburg) The report...
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