Secret Ways to Find Affordable Homes in Northern Virginia

Aug 01, 2022

For a home buyer in Virginia and DC, you get paid when you either sell the property for a profit or start collecting rent, but the real gain is actually made when you buy undervalued properties. Having a good agent to help you (like myself) can be key to helping you find the dream deal.

If you are looking for good real estate deals to build your portfolio, try these proven methods to locate the diamonds in the rough that every investor is looking for.

Foreclosures and Auctions

Homes going through foreclosure can be superb purchases for investors. It’s not uncommon for these houses to need a bit of rehab that a buyer who is planning to move in would not want to take care of, and home buyers can often get an undervalued property.

Good places to find foreclosures are on the HUD website (https://www.hudhomestore.gov/Home/Index.aspx) and most county courthouses have auction listings as well. Check the county or Clerk of Court website for real estate auctions, and most of them will have a database of upcoming distressed properties that have been foreclosed on.

We also like the website Hubzu, an online resource that lists home auctions around the country. Hubzu only allows institutional sellers to list properties, so the majority of them are foreclosures and short sales, listed by banks, other lenders or occasionally hedge funds. Investors with the resources to close quickly have found many great deals on Hubzu.

Driving for Dollars

“Driving for Dollars” in real estate vernacular literally means driving around residential neighborhoods and looking for distressed properties that may be owned by someone looking to make a quick sale. Signs that may indicate a distressed property are things like unmowed lawn and boarded up windows.

When you find a property you think may be a good candidate, you can either knock on the door, try to find the owner and phone number on a public online database or send a letter through the mail to let the owner know you are interested in the property.

There are several apps on the market that do the legwork for you, but regardless of exactly how you do it, this method takes a bit of work, the ability to handle rejection, and can be extremely lucrative for the motivated buyer.

Your Trusted Realtor

We know real estate agents are the best source for officially listed properties, but agents are also spectacular resources when it comes to off market properties as well. We are in the business every day and are constantly building professional relationships with wholesalers, contractors, lenders and many others who have knowledge of properties that may be good candidates for investors to purchase.

If you are looking for off market properties to build your real estate portfolio, shoot me, Chris Colgan, or my team a call or email at (Phone or email) and I would be happy to discuss how I may be a resource for you.

Interested 🏘 in buying, selling or investing in Virginia? Hit us up!

🔥 AGENTS! 🔥 Interested in learning how to partner with me? Schedule a call/zoom and let's discuss!

available listings in Northern Virginia and DC area click here! 👉

https://www.colganrealestate.com/

Chris Colgan EXP Realty LLC

Licensed In Virginia

VA DPOR # 0225 075803

703-485-1435

Northern Virginia and DC Real Estate Expert - Chris Colgan

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