Sterling VA Foreclosures
In these days of economic challenges, Sterling VA foreclosures offer buyers many viable opportunities for real estate deals. There are a number of well-priced bank owned homes in Sterling that are perfect for buyers looking for their first home, or for investors looking for a house that can provide strong financial returns.
Sterling VA Foreclosures - Current Listings
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Sterling REOs & Bank Owned Homes
If you are ready to purchase a distressed home in Sterling, Virginia, prices have never been better. There are a wide selection of Sterling foreclosures for sale—from condos and starter homes under $100,000 to million-dollar mansions on acreage.
For investors who are interested in adding to their real estate portfolio, this is a great place to start searching, as Sterling bank owned homes are averaging in the mid-$200s. There are also a few short sales to choose from in the Sterling area.
Short sales are so named because there's a shortfall between the proceeds of a sale vs. the balance owed. Short sales create an opportunity for the buyer to negotiate a price with the bank in order to mitigate the lender's loss. To learn more about these types of properties, see our guide to Northern Virginia Short Sales.
While short sales occur prior to foreclosure, buyers can also find a great deal on a house at the actual foreclosure auction. In order to purchase a home at a foreclosure auction, you must come ready with a cashier's check for the full amount of your bid. If you don't come prepared, the property will go to another bidder, or back to the lender.
The downside to buying at an auction is the fact that there will not be an opportunity to have the house inspected. This means that it will be an "as is" deal. Having an experienced REALTOR® in your corner for this process will greatly increase your chances of getting a house that won't require a lot of work.
Sterling REOs are another option for buyers looking for distressed homes. REOs (also known as bank owned homes) occur after the auction, when the home has returned to the lender. In this case, buyers strictly negotiate with the bank. The advantage to buying an REO property is that any liens, taxes and other outstanding monies will be taken care of before negotiations are complete. This means that Sterling REOs present less risk than buying at a foreclosure auction.
Contact Northern Virginia REALTOR®, Carolyn Capalbo, for more information about Sterling VA bank owned homes.
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Listing information last updated on July 12th, 2020 at 12:36pm EDT.