With the end of 2012 in sight and the media giving all kinds of ideas on current market conditions I get asked where did all the foreclosures go to….What is going to happen next year and can I still get a “great deal” if I buy a bank owned home?
Well…foreclosures are still here…just look at these numbers from Fredericksburg and the surrounding counties….some of the list prices may surprise you!
Stafford 26 homes FROM: $60,000 TO: $429900
Spotsylvania 38 homes FROM :$49899 TO: $374000
Orange 12 homes FROM: $65000 TO: $241000
Culpeper 12 homes FROM :$89900 TO: $629900
King George 4 homes FROM: $132900 TO: $650000
City of Fredericksburg 1 home $64,900
Looking ahead…Homes that are currently listed as short sales in the same area. Short sales show the potential for the foreclosures next year. However, there are home owners still trying to do loan modifications or have just given up and are simply not paying their mortgage.
Stafford 50 homes FROM: $89000 TO: $569900
Spotsylvania 50 homes FROM: $115500 TO: $669900
Orange 60 homes FROM: $ 60000 TO: $249900
Culpeper 19 homes FROM: $ 72000 TO: $445000
King George 10 homes FROM: $149000 TO: $359000
City Of Fred 9 homes FROM: $ 95000 TO: $595000
All of the counties have more short sales than foreclosures….From this 1 fact alone Fredericksburg and surrounding areas are not out of the woods yet but the trees are beginning to thin out so to speak compared to 2006-2011 when foreclosures were in the triple digit numbers per county.
Did You Know…the term foreclosure really applies to the process prior to and up to the sale of a home at the courthouse steps…After the bank places the home back in their inventory it is really “REO or Real Estate Owned”
Tomorrow we will take a look at the types of financing that you can use to purchase REO and Short Sale properties…short sales..how your Realtor not knowing financing options can cost you a sale and plunge you into foreclosure…and where to look for great deals in purchasing REO properties
You can visit my website to look for homes in the Fredericksburg area or contact me if you are facing foreclosure…its FREE and with no obligation EVER
Hilary Johnson, Realtor
A-REO, ABR, CPM
302 Westwood Office Park
Fredericksburg VA 22401
Licensed in the state of Virginia