Northern Virginia Realtors: Virginia: Fairfax Station: South Run

Fairfax County Foreclosure sales. Not easy money

No.....sorry......there is no easy money to be made around here at trustee sales.

It was sleeting sideways yesterday morning on the Fairfax County
Hopefully these guys are gone for the yearcourthouse steps....tough to keep your papers or laptop dry. Yes, there are 4 laptops cradled against the elements....A crowd of about 20 regulars huddled for warmth with a few wide eyed soon to be disappointed new comers.


If you have heard that gazillions of dollars can be made by purchasing properties on the courthouse steps for pennies on the dollar....well....right now it is very tough to do in Northern Virginia.

No easy money at trustee salesIf you are unfamiliar with the process you can check my other two posts on this topic at: Trustee sales 1
or: Trustee sales 2

On Wednesday more than 20 properties were listed for the 10 am auction....so you do your homework, visit the properties (try to get inside...which almost never happens) analize the market value and condition etc. By Thursday morning only 10 of those properties now show as going on the block...when you get down to the auction itself only 7 of the original 20 plus actually or offered. The mortgage holder starts the bidding so high that no one bids on any of the properties and the bank takes them all back....later to be offered as REOs.

All that time and effort for nothing but the education. That is the way it
No one dresses this well at the courthouse auctionsgoes. In the afternoon session, only one of the properties gets bid on by the public...we bid and stop at what we consider a prudent point and the property goes for 90% of market value.....so much for getting property for pennies on the dollar that you might have heard. The good news is that this high bidding (90% of market value...and this not the only time we've seen it) indicates that at least around here, real estate pros think the bottom has been hit. Time will tell.

If you want some cheap educational entertainment, head over to the courthouse....you can see the countries current real estate drama played out on stage. Dress warm....they're outside....you have to suffer for the opportunity. At least the auctioning lawyer is suffering too.

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We also create a custom photo tour that is sent to other agents and prospective buyers.

 

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Comment balloon 9 commentsSteve and Jan Bachman • March 04 2010 05:23PM
Fairfax County Foreclosure sales. Not easy money
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No… sorry… there is no easy money to be made around here at trustee sales. It was sleeting sideways yesterday morning on the Fairfax County courthouse steps… tough to keep your papers or laptop dry. Yes, there are 4 laptops cradled against… more