Foreclosures have not hit the Reston market as hard as they have in some of our neighboring communities.
963 properties were sold in Reston; of those 87 were sold as foreclosures. Of those 87 transactions more than half were condominiums. This is makes sense given that so much of Reston’s condominium development took place during the real estate boom years.
Foreclosures represent an excellent opportunity for home buyers to get a home at somewhere between 5% and 30% below market, but they do carry some risk. It is important to get a through home inspection to minimize your exposure to latent defects.
I have represented many buyers in the purchase of foreclosure property and am confident that I’ll be able to help you navigate these somewhat tricky waters.