As the upside-down mortgage crisis continues to plague the region, there are almost as many Leesburg foreclosures for sale as there are regular homes on the market. With the average price for Leesburg foreclosures ranging in the low-$300's, people who are interested in purchasing a house can find some great deals. Regular Leesburg homes are priced in the high-$400s, so buyers looking for the best bargain should consider putting offers on REOs.
Search Leesburg VA foreclosure listings below, or read more about buying Leesburg bank owned homes.
Leesburg Foreclosures for Sale
Leesburg VA Foreclosures - Current Listings
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Leesburg VA REOs & Bank Owned Homes
As the market picks up, buyers are clueing in to the benefits of bidding on foreclosures in Leesburg, Virginia. Therefore, the competition has become fierce. If you are in a position to buy a home, and would like to take advantage of a bank-owned property (also known as an REO), there are a few steps you should consider before you begin.
Enlist the services of a REALTOR® who specializes in selling Leesburg VA REOs. She will be able to provide such information as the original purchase price of the home, which can be compared to what the bank is asking for in the foreclosure sale.
Know what type of house you are looking for, and be prepared to make an offer with a pre-approved loan. In this heated market for REOs, there may be several buyers vying for the same home. Your agent should be able to find out how many bids are in play for the house you want, so you can adjust your offer if required. If there are no offers, or very few, you may be able to offer less than the listing price. A good way to ensure your bid is accepted is to offer cash, if possible. Your bid will go to the top of the list.
Unlike an auction sale where you have to take the property in an "as is" condition, putting an offer on a bank owned home allows you to have an inspection done before the deal closes. With numerous units available in the Leesburg foreclosure market, you may want to take your time and choose the best home for your needs, at a price that fits your budget.
For more information about buying Leesburg VA bank owned homes, contact Leesburg REALTOR®, Carolyn Capalbo.
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Listing information last updated on July 11th, 2020 at 4:06am EDT.