Washington Dc Foreclosures

Written by Rachel Arieff
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Washington DC foreclosures are your best bet for finding a decently priced home in Washington D.C. Washington is a city of two disparate worlds: the residential world, and the world that conducts the business of government. The wealthy Congressmen and women who make up our legislature generally live on sprawling estates in Virginia or Maryland. Other well-to-do citizens follow suit and generally purchase homes outside the city.

However, many of the "regular" people live right where they work, in Washington, D.C. Washington has seen a great many changes in its fortunes--some good, some bad. One thing is for certain: due to these changes, a variety of properties, both residential and commercial, are available in Washington D.C. at deeply discounted prices. These are Washington DC foreclosures.

The Opportunity of Washington DC Foreclosures

Washington DC foreclosures are homes or commercial properties for which the owner has failed to make scheduled payments, and as a result, have been returned (or are about to be returned) to the lending institution. These properties are generally put back on the market with a good 10 to 50 percent knocked off their selling prices.

Savvy buyers are able to find these properties, buy them (sometimes directly from the owner; other times under competitive auction conditions), and finance the purchase accordingly. These people are not necessarily real estate agents. They're often ordinary people who have read up on the subject, taken a course, or have learned through trial and error and personal experience. However, the wisest buyers educate themselves about the process as best they can to avoid making costly mistakes.

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