I currently live in the NoVA market (well, it's considered that anyhow). We're looking in Stafford County, where we have a 1+ year supply of homes, REOs growing by the day, and it's all leaving me a bit lost as far as "home values" are concerned. I mean, why would I buy a "fixer upper" at $339, when I can go 2 miles down the street and buy a brand new home (similar size, with granite, upgraded cabinets and a finished basement) for the same price (same square footage of main house)?
We are primarily looking at REOs, with the thought that in this market, the banks will be a lot less "offended" by a low-ball offer, and more likely to take it. We are headed to an auction in one week (the opening bid is $50k), the house is a REO that has been on the market for over a year (last listing was $339). It needs a *LOT* of work (roof showing wear, all new floors, paint, appliances and bathrooms (UGH!). We don't plan to bid more than $200k for the property, but I don't want to make a huge mistake either.
If you were my realtor -- what would you suggest I do?
I'd appreciate your advice. I'm not in a rush to purchase and can wait -- but after living in a basement with 2 kids for 4 years, I'd really like to have my own home again!
(please report typos)
keywords: Stafford homes foreclosures, loudoun, forclosures, foreclosed, foreclosure, Bank Owned, liquidation county fairfax, staging, renovations .