One in every 711 homes in Virginia received a foreclosure notice in November 2010. With such a high rate of foreclosure, there are many cheap homes for sale at Alexandria Virginia foreclosure auctions. The average sales price for a foreclosure in Virginia is $177,460. There are a large number of foreclosure properties available in zip code 22315 for Alexandria, VA. You can check online to find out when the next foreclosure auction is going to be held. Some auctions are held online as well. Government foreclosed homes can be found on the HUD website. Private foreclosure auction sales can also be found by checking at the local county courthouse for an updated list of upcoming auctions.
Why Invest in Alexandria?
Alexandria is located just across the Potomac River from our nation’s capital which makes it one of the most desirable places to invest in real estate in the area. It has an excellent public school system and good job opportunities. The Old Town District is designated a historic site. You will find some of its 18th Century charm even today. Trendy and fashionable stores and restaurants on cobblestone streets and waterfront views are just a few more reasons why Alexandria is so popular. There are several government offices located here such as the U.S. Patent and Trademark Office. There is a high demand for rental properties as well.
What You Should Know
If you are looking for cheap homes for sale at an Alexandria foreclosure auction, you may have some competition. Before you bid, check out the neighborhoods and recently sold prices so you know how much to bid. A local Realtor can give you a comparable market analysis at no charge to help you figure out if a home you are interested in is truly a good bargain. Many foreclosure auction properties are in poor condition and need repairs. Some need major home systems such as new roofs, new hearing and air conditioning and new plumbing or electrical. So before you get carried away and overbid at a foreclosure auction, just be sure you have identified how you are going to use the property, how much you want to spend and how much you can afford to spend on repairs so you don’t make a mistake and purchase a property that may not be right for your needs. The good thing about purchasing a foreclosure auction property is you get to purchase a property at a substantial discount with built in equity. Auction properties are sold without title insurance so you must take the property subject to any liens, and you are responsible for paying them off. You also have to evict any former owners or tenants still residing at the property. You may not be able to conduct a physical inspection to find out the repairs that need to be made, if any. All foreclosure auction properties are sold in an “as is” condition. There are no statutory disclosures that need to be made about the condition of the property. What you see is what you are buying. The home is sold to the highest bidder for cash. So make sure you have the funds available.
Foreclosure auction properties are good cheap investments that allow you to purchase a property in an Alexandria neighborhood that you may not otherwise be able to afford. Be sure to do your due diligence before you make a bid to be sure you know what you are getting into.