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Market value numbers below are estimates only and are based on our research. Please do your own due diligence before purchasing any of these properties and ensure that you work with a reputable Realtor. It is possible today's property may no longer be available as well-priced bank owned real estate (REO) is often snatched up quickly by investors.

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North Dinwiddie Population:  16,000   |  Cost of Living: Meets U.S. Average    |   Crime Rate:  Meets U.S. Average

 

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Today's Bargain: Single Family Home (Bank Owned)

4404 Woodstream Dr., North Dinwiddie, VA 23803

3 bedrooms, 2 baths, 1,406 sq. ft., built in 1997

Current Price: $139,900    Web Site

Current Market Value Estimate: $161,735

Taxes: $1,131 (2017)   | HOA:  No

Last sold for $145,000 in 2013

Cute home with front porch, tile floors, sunroom, fireplace

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Virginia Stats:

Population, year 2016 estimate - 8,441,808

Persons 65 years old and over, year 2016 - 14%

High school graduates, percent of persons age 25+, year 2016 - 88%

Bachelor's degree or higher, pct of persons age 25+, year 2016 - 36%

Persons of Hispanic or Latino origin, percent, year 2016 - 9%

White persons, not Hispanic, percent, year 2016 - 70%

Median household income, year 2016 - $65,015

Social Security taxed? No

Source: U.S. Census Bureau

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Why Should You Buy an REO?

Real Estate Owned properties (REOs) are a bit different than foreclosure properties. For REOs, banks buy the property at auction and sell the property via a Realtor on the MLS. REOs can be a great deal for quite a few reasons.

If you are looking to buy an REO, there are some distinct advantages such as: being able to buy on your schedule, inspecting the property before final purchase, and taking your time to obtain lender financing as with a "normal real estate transaction". In addition, the bank is not in the market to own property and would like to offload the property as soon as possible.

Most times the bank or lender will list the property for sale at a much lower price to drive multiple bidders to the table and then reply to all bidders for the "highest and best" offer to drive up pricing. Being able to price the home correctly on the first bid is crucial to avoiding the bidding wars and obtaining a good price. The bank is losing money each month due to the mortgage, HOA fees, property taxes and the degradation of the landscaping of the home.

The best thing about REOs is that you're buying a home that can be seen, that you can walk through and inspect. You can make an offer which includes the cost of fixing up the property.

There are REO homes that should not be purchased. Is the property too badly damaged? How much will it cost to fix it up and sell it? Is the property in a desirable part of town? Is the location good? How many other foreclosure lots are in that neighborhood? You need to evaluate these questions and determine what is the true value of the REO home you are interested in.

Generally, REOs can be a great investment as long as the buyer knows what he is getting into.

~Susan Suarez is the creator of websites geared towards informing consumers of Real Estate Foreclosures. Source: Ezines.

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