Buy Foreclosures

Expert Pilot in Dangerous Foreclosure Waters

Was Your Realtor an Expert Pilot in Dangerous Foreclosure Waters?
By Jim Whitehead July 15, 2008

In every foreclosure, some financial or personal tragedy happened, and the owners lost the property. We have found that behind every foreclosure, there is some tragedy in a person's life that could have been avoided, if only seen with enough warning in time, and expertly guided away, before the storm finished off the boat and drove it onto the rocks.
So, too, do buyers every day go out into the storms of foreclosure auctions and take great risks of salvaging these wrecked boats for the great rewards that some boats contain. Every day, we see a few good deals and very many bad deals. The bad deals hurt buyers financially and often drive them to foreclosure themselves, if they suffer losses on the renovation.
There are very few expert pilots who can navigate you safely at night in a storm. Similarly, there are very few real estate Brokers with over 30 years of experience that can navigate you past the many hazards of foreclosures and bring you to the safe harbor. How many Realtors do you know who have renovated numerous foreclosures themselves and made a profit on every one? How many Realtors do you know who have guided multi-million dollar commercial projects from start to finish, making millions for their investors?

We pioneered the representation of Buyers of Northern Virginia Real Estate since 1978. We help you obtain the best value for your hard earned money. Buying Foreclosures is best done with an expert like ourselves to minimize risk. Call us today to make an appointment at 703-281-RICK (7425). We utilize tools like The Washington Post, The WashingtonTimes, HUD, Veterans Administration, Fannie Mae and Freedic Mac, The Washington Metropolitan Regional Information System known as The MRIS, all which publishVirginia Foreclosures regularly. This information is simply the beginning and gives you the potential client knowledge of when and where a given foreclosure is scheduled. Obviously you would be wise to obtain more knowledge than this. Call us and we will happily discuss how we can best serve your Northern Virginia Real Estate needs.

Click the search engine Foreclosure Buttons to the left to access the foreclosures you are interested in exploring.

Welcome to The # 1 Northern Virginia Foreclosure Website. Call Us at 703-385-RICK (7425) and we will show you how to profit from this powerful Search Engine.

We help our clients acquire wealth through Real Estate. Whatever type of property you want to own we can help you own. We'll show you a new world of purchasing opportunities that most REALTORS cannot, or have not, or will not help you enjoy. Call us today and let us help you accomplish your Real Estate goals and dreams.

Our 30 years of experience will help you every step of the way. Whether you want to Buy, a RESALE, a New Home, a Pre-Foreclosure, a Short Sale, a Trustee Sale, or an REO, we are the company for you. We have experience not only as REALTORS, but as investors in foreclosures ourselves. Please see future articles on this website for how we did it, and how we can help you.

Is buying a Foreclosure right for you?

In the Real Estate industry we have observed REALTORS, Buyers, and Investors, use the phrase "Buying a Foreclosure", to mean different things. The dictionary’s definition of the word foreclosure leads you to numerous lines of thought. To be helpful and practical I would like to begin by more clearly defining our use of this often misunderstood phrase “Buying a Foreclosure”.

Property owners stop making mortgage payments for a variety of reasons. When this happens, the lender begins taking the necessary legal steps to protect the lender’s interest in the property in question. This is often called, in our industry, the “Pre-Foreclosure” phase.

Properties are frequently placed on the market “For Sale” before and during this time of Pre-Foreclosure. Quite often, during this Pre-Foreclosure period, the lender is willing to negotiate with a prospective Buyer. This is referred to as a “Short Sale.”

A “Short Sale” is when a lender must agree to accept less than the amount that is owed on the property. Failure to satisfy the lender's demands results in the property, in the state of Virginia, being foreclosed on by the lender. The foreclosure process is accomplished through a “Trustee Sale.”

A “Trustee Sale” typically occurs as a public auction of the property in front of the county court house where the property is located. Prior to the public auction of a property the borrower has a "right of redemption" which cancels the “Trustee Sale”. Lenders end up owning the property when nobody at the public auction bids enough to cover the amount owed against the property. The bank owns the property, and it is called an “REO.”

Real Estate Owned “REO” homes are often considered the best way to buy a distressed property because the former owner is already out of the picture. It's just you, the buyer, Lord and Saunders Real Estate, Inc. as your buyer's agent, the lender and the lender’s agent who are negotiating the transaction. Some REO’s can be purchased directly from the lender.

Northern Virginia Real Estate Sales Experts Since 1978

Providing Comprehensive Residential and Commercial Real Estate Services for Northern Virginia

Rick Saunders, CRS

Lord & Saunders Real Estate, Inc.

Expert Pilot in Dangerous Foreclosure Waters

Making Clients For Life