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Northern Virginia Foreclosures

Foreclosures are everywhere these days, and can provide a buyer with an exceptional investment opportunity if they shop carefully. The Virginia foreclosure market has a great selection of single-family homes and condominiums available—many at fantastic prices. Keep in mind however, that not every foreclosure property is a good buy. It's vital to be as informed as possible before starting your search for Virginia foreclosures, REOs, and short sales.

Read more about Northern Virginia foreclosures, or see all foreclosure listings below.

Search Virginia Foreclosure Listings

All Listings Under $100,000 $100,000 - $200,000
$200,000 - $300,000 $300,000 - $400,000 $400,000 - $500,000
$500,000 - $600,000 $600,000 - $700,000 $700,000 - $800,000
$800,000 - $900,000 $900,000 - $1,000,000 Over $1,000,000
390 Properties Found. Showing Page 1 of 49
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Architectural Masterpiece Boasting Grand Foyer,...

$2,850,000
City: Vienna, VA
Beds: 6
Baths:
Type: Residential
MLS® #: FX8304246
Price:
$2,850,000
City:
Vienna
Beds:
6
Baths:
Type:
Residential
MLS® #:
FX8304246

Architectural Masterpiece Boasting Grand Foyer, Curved Staircase To Library Rotunda, Gourmet Kit ...

Photo of Listing #FX8304246

Beautiful Estate In Great Falls, 3 Fully Finish...

$1,799,000
City: Great Falls, VA
Beds: 5
Baths: 8
Type: Residential
MLS® #: FX8461069
Price:
$1,799,000
City:
Great Falls
Beds:
5
Baths:
8
Type:
Residential
MLS® #:
FX8461069

Beautiful Estate In Great Falls, 3 Fully Finished Level And Over 10000 Sf Of Living Spaces, Forma...

Photo of Listing #FX8461069

Reduced!! Third Party And Lien Approval Require...

$1,750,000
City: Great Falls, VA
Beds: 5
Baths:
Type: Residential
MLS® #: FX8300352
Price:
$1,750,000
City:
Great Falls
Beds:
5
Baths:
Type:
Residential
MLS® #:
FX8300352

Reduced!! Third Party And Lien Approval Required! Call For Showings Location! Location! Mins To...

Photo of Listing #FX8300352

Fabulous Opportunity To Buy This 3,344 Sq Ft Lu...

$1,736,800
City: Arlington, VA
Beds: 3
Baths:
Type: Residential
MLS® #: AR8451842
Price:
$1,736,800
City:
Arlington
Beds:
3
Baths:
Type:
Residential
MLS® #:
AR8451842

Fabulous Opportunity To Buy This 3,344 Sq Ft Luxury Townhome! The Interior Offers 3 Bedrooms, 3 ...

Photo of Listing #AR8451842

Country Manor Home On 42 Private And Lush Acres...

$1,699,000
City: Waterford, VA
Beds: 5
Baths: 4
Type: Residential
MLS® #: LO7960264
Price:
$1,699,000
City:
Waterford
Beds:
5
Baths:
4
Type:
Residential
MLS® #:
LO7960264

Country Manor Home On 42 Private And Lush Acres Bordered By Catoctin Creek. Overlooks Stunning Po...

Photo of Listing #LO7960264

Custom All Brick Ranch With Amazing Views. Spac...

$1,500,000
City: Bluemont, VA
Beds: 4
Baths:
Type: Residential
MLS® #: LO8092159
Price:
$1,500,000
City:
Bluemont
Beds:
4
Baths:
Type:
Residential
MLS® #:
LO8092159

Custom All Brick Ranch With Amazing Views. Spacious Open Floor Plan With Over 6,000 Sq/ft Of Fini...

Photo of Listing #LO8092159

Accessed From Seneca Rd In Great Falls. Rare 4t...

$1,220,500
City: Sterling, VA
Beds: 5
Baths:
Type: Residential
MLS® #: LO8416023
Price:
$1,220,500
City:
Sterling
Beds:
5
Baths:
Type:
Residential
MLS® #:
LO8416023

Accessed From Seneca Rd In Great Falls. Rare 4th Level Au Pair/in-law Suite W/ Br, Full Bath & De...

Photo of Listing #LO8416023

Spacious Brick Front Colonial Nestled In Mclean...

$1,199,900
City: Mclean, VA
Beds: 5
Baths:
Type: Residential
MLS® #: FX8457902
Price:
$1,199,900
City:
Mclean
Beds:
5
Baths:
Type:
Residential
MLS® #:
FX8457902

Spacious Brick Front Colonial Nestled In Mclean Needs You! Beautiful Trees In Rear Offer Plenty O...

Photo of Listing #FX8457902

 

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Northern Virginia Bank Owned, REO, Short Sale & Foreclosure Properties

In order to determine what kind of foreclosure property is your best bet, it's important to know the lingo. Below is a brief run-down of the types of foreclosure properties available in Northern Virginia.

Foreclosures

A foreclosure occurs when a homeowner is unable to make his or her mortgage payments. Typically the process begins within a few months' of the owner defaulting on his loan. If the owner is unable to pay the monies owed, the house will be entered into a foreclosure auction, where buyers can bid on the home.

Be aware that some foreclosures have liens on the property and there may be tenants still living in the home. Also, houses sold at auction are typically done so in "as-is" condition. This means that you won't be able to inspect the property before you buy, and any repairs that need to be done will done at your own expense. Buyers must arrive at the auction with a cashier's check in hand, covering your entire bid.

Bank Owned Homes & REO Properties

If a property fails to win a buyer at auction, then ownership will revert to the lender. The house is now considered a bank owned property, or REO (which stands for "real estate owned") home. From a buyer's stand point, purchasing an REO home may be the safer bet. This is because with REOs, the mortgage is dissolved, liens are removed, any remaining tenants are evicted, and critical repairs are completed by the bank.

One caveat of a bank owned home is that there may be smaller repairs that need to be done before the home is move-in ready. The extent of the repairs will largely depend on how severe the former owners' financial troubles were. If they struggled to make their mortgage payments each month, there's a good chance that they didn't have the funds to keep the home in good condition. In other cases, owners may be angry at the bank for foreclosing and let their rage out on the house by breaking whatever's close by. If you're considering buying a foreclosure or bank owned home in Virginia, be prepared for the possibility that you'll have a lot of work to do.

Short Sales

You may have heard the term "short sale" being tossed around, and wonder what kind of property it is. Unlike the other types mentioned, short sales occur prior to foreclosure. These types of sales can be time-consuming, but if you find a good property at the right price, it may be worth the wait. For more information on these transactions, see our Northern Virginia short sales page.

Your Northern Virginia Foreclosure Expert: Carolyn Capalbo

Buying a foreclosure property at any stage of the game can be tricky. The process can be complicated, and you could get stuck paying off liens and making substantial repairs. This is why it's crucial to have a real estate agent as your ally. A REALTOR® who is experienced in Virginia's foreclosure market will be able to guide you through the process and advise you which properties are good buys, and which ones are not.

Whether you're in the market for a short sale home in Fairfax, a foreclosure in Prince William County, or an REO in Alexandria, I can help. I have extensive experience with foreclosure sales of all types, and am happy to get you on the road to home ownership.

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Contact Northern Virginia REALTOR®, Carolyn Capalbo for expert advice on buying Northern Virginia bank owned homes.

The listing content relating to real estate for sale on this web site is courtesy of MRIS. Listing information comes from various brokers who participate in the MRIS IDX.Properties listed with brokerage firms other than Keller Williams® Realty are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers.The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified.All listing information copyright MRIS 2014.

Listing information last updated on September 20th, 2014 at 3:37pm EDT.

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