This is one of the pages that was the most fun to write.
Since I got my license in 1993, one of my favorite things to do was see if I could figure out how to make the MLS show me the best deals available without scrolling through every listing in the system.
This was harder back when the MLS had lesser ability to execute text string searches and there were fewer fields to query. As time has gone on and the MLS has increased its capabilities, it has gotten a bit easier – provided you know how to look.
“Richmond Area Foreclosures / REO”
Here are some of the obvious ones that indicate some type of opportunity. I have several more that I can program into a specialty search if you would like. If you’d like me to create a custom search for you, just use our special request page or call me at 804.201.9683.
Here are some of my favorite ‘Good Deal’ searches I typically mine with my clients:
- Motivated Sellers — This search seeks homes for which the realtor is using key words that say ‘bring us a lowball offer’
- As-is Property — Here I target target properties with known flaws (and thus potential opportunities for ‘sweat equity’) or disconnected sellers
- Short Sales — Sometimes great deals can be found in short sales. They’re always a pain, but I’m game if you are!
- Foreclosures — While the foreclosure market is not what it used to be, there are still foreclosures out there.
- Additional Parcel — Want to build your new home but want to build it in an older neighborhood? Here may be your chance.
- Less than $50 per foot — Sometimes ‘fixer uppers’ and other good deals can be found by screening for homes listed at lower price-per-foot ratios
- $50-$70 per foot — Up a notch, but still very inexpensive
- $70-$90 per foot — Here’s a list of slightly-more-expensive-but-still-low price points
- $90-$100 per foot — Still below the median per foot cost of a home in Richmond