The Other Good Deal

While bargain hunters have been avidly focused on foreclosures and, to a lesser extent, short sales; another segment of the market also offers some spectacular bargains.

Builders who have inventory already built want to get rid of that inventory quickly. In this area, builders haven't been building spec homes for some time now. These homes are generally homes where a contract fell through. Occasionally, you'll see a model home for sale where the builder has finished building in that subdivision.

These homes can be tremendous deals. Builders don't want and usually, can't afford to sit on inventory. It ties up cash they need to pay off loans and move forward with other projects. And, so they're typically priced attractively to start and an even better deal can be negotiated.

Unlike typical new construction, these homes may have the basement already finished. And you're likely to see a fair number of upgrades already included. And, if you don't like exactly what you see, don't be afraid to ask for what you want. While they're not going to gut the house and redo it to suit your taste, there is probably room for some changes.

True, there aren't as many of these bargains as there are foreclosures. But you also don't have as many of the problems as arise with a typical foreclosure. The odds of you settling on time and being in your new home when you expect to are exponentially higher with new construction. You're likely to receive an answer to your offer much more quickly. And there's much less likelihood of last minute deed problems.

There are still builders with inventory in most local counties, including Fauquier, Culpeper, Prince William and Loudon.

If I was a buyer in the market to buy, I'd be looking for some of these gems.