Foreclosures or REO properties are homes owned by a mortgage lender or bank. The bank takes possession using the lien placed on the home when the original mortgage was issued. These are distressed properties and often may sit vacant for extended periods of time before the home is placed on the market. Some mortgage companies life Fannie Mae and Freddie MAC may spend money fixing up the property before the sale.The paper work for a buyer of a foreclosure usually includes extra addendums and as-is clauses. These should be explained to you by your real estate agent.Copy and paste the link below to read the standard form buyers must sign when purchasing an REO:http://forms.xflatfeemls.net/xflatfeemlsnet/forms/VA/NVAR/Information%20for%20Purchasers%20Concerning%20REO%20Properties.pdf
Work with a realtor familiar with the local area. Make sure the home you buy has good layout and location. Those are things that are not easy to change. When you chose renovations to do keep them simple and in line with the neighborhood. Don't overdo the house. When you go to sell it work with the realtor to set a realistic price. In my area the average successful flip earns $30K. Ask your reator what you can expect to sell the house for after rennovation and stay within budget.
You can ask the renter to let you out of the lease. Explain what happened and provide a full refund. If that doesn't work then you need a lawyer.
You are not obligated to sell even if someone offers you full price.Most realtors will let you out of the listing agreement if you have changed your mind. Why would they want your listing if they know you will say no to all offers?
Also shop for RE commision rate. Some in my area offer close to full service for 4% instead of 6%.
Another good idea is to look at your credit rating and savings before you go see a lender. You will need 3.5% down for an FHA loan, more for a conventional loan. Also you need money for closing costs which can be 3% of the purchase price or more. Many sellers today offer closing cost assistance but some do not. Best of luck to you with your first home purchase!
Two things are likely to happen in the next two years. Prices in Ashburn should rise and interest rates can only go up since they are at historic lows. Ashburn is a desirable and growing area. Right now is a great time to buy for first time home buyers. Your mi payment will go away when you get equity in the home. Instead of saving you could pay additional amounts on your mortgage each month. That goes directly to paying down the principal loan amount. Rents are going up faster than homes prices so why wait?
Did you use a settlement attorney for the closing? They should be able to help you try to get the money from the builder. If not, you can always go to small claims court and sue the builder or hire an attorney. On your assessment you should be able to contact the local taxing authority and argue for a reassessment based on the price you paid.
Click on the property to go to the property page on Zillow. Then look under the image and click EDIT then select report a problem with this listing.
Definitions according to websters:Town House a usually single-family house of two or sometimes three stories that is usually connected to a similar house by a common sidewallCondoindividual ownership of a unit in a multiunit structure (as an apartment building) or on land owned in common (as a town house complex); So, technically all town houses are condos. Townhouses often have yards and owner are often responsible for exterior maintenance of their unit. In the case of Condos it is more like you own an apartment and usually the HOA fee covers all exterior maintenance.