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Touring foreclosures to find a deal
Twenty-five-year-old Ashburn resident Jarrod Mohammed knew that now is the time for him to buy his first home, so he signed up for a Sunday afternoon bus tour that would take him to see foreclosed homes on the market.
“It has been in the back of my mind for a while now, and with all the foreclosures on the market, I knew that this was my chance to buy my first home,” Mohammed said.
The Sprint-Nextel employee heard about the June 1 Ashburn Foreclosure Education Bus Tour and signed up. The tour was hosted by Severn Mortgage advisers Greg Davidson and John Casamiquela, and Exit Realty Talbot and Co. real estate agents Bevin Boisvert and Theresa Afzall.
Throughout the four-hour bus tour through neighborhoods in Ashburn Village, Ashburn Farm, Brambleton and Broadlands, participants were shown 10 residences that are going through the foreclosure process. The homes ranged from single family to townhouses, priced from $259,000 to $619,000.
Mohammed came with a price range in mind of what he could afford -- $350,000 – and he found options in the townhouse arena.
Other participants, Andy and Maja Orcino, brother and sister, were also on the tour looking to get a good deal on a first-time investment property.
At each location, participants got off the bus to walk through the property. Real estate representatives were on hand to answer questions and give information about the property.
At one of the homes she represents, Exit Realty agent Leslie Woods-Hulse said the foreclosure market is something real estate agents used to stay away from.
“There used to be a huge stigma,” she said. “People were afraid of foreclosed homes because they thought there was some huge dark secret, but now they are seeing that there are great deals involved.”
As participants walked through each house, their faces showed that the term “foreclosure property” does not carry the same stigma it did in years past.
The homes on the tour were not fixer-uppers. They had open floor plans with decorative designs painted on the walls, crown and chair rail moldings, hardwood floors and some upgraded kitchens.
The tour's crown jewel was the 6,000-plus-square-foot, four-bedroom, four-bath single-family home in Brambleton. With columned doorways leading from one entertaining room to the next, an open gourmet kitchen with granite countertops, and a massive master suite complete with separate sitting area, the home was a steal at $619,000 -- $179,000 below assessed value.
Of the 15-plus participants on the tour, three Realtors, two lenders, a home inspector and bank representative, all agreed the day was educational and they all learned more about deals that can be had with foreclosure properties.
Boisvert said the tour was to show people what options are out there, not necessarily to make a sale the first day.
“It is about the investment and building a relationship with the people,” she said. “And in this market, Realtors definitely have to think outside of the box.”
The Orcinos walked away with the notion to purchase one of the properties for investment purposes.
Mohammed, who went to learn, also left with the thought of purchasing one of the properties. He pointed out, however, that on the way back from the tour he had noticed a sign on Belmont Ridge Road for new townhouses starting in the $300s; he said he will also look into the possibility of buying a new construction home.
More tours will go on throughout the summer, but dates have yet to be determined.
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