Fredericksburg VA Foreclosures
As the old saying goes, "When one door closes, another one opens." This is the case for real estate buyers in Fredericksburg, VA, where foreclosures are as prevalent as any other city in America. With a wide selection of single-family homes, townhouses and condos now under the care of banks or auction houses, there are opportunities to purchase a home here at a greatly reduced price.
See all Fredericksburg VA Foreclosures for sale below, or learn more about buying Fredericksburg REOs.
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Fredericksburg REOs & Foreclosures
From million-dollar estates to one-bedroom condominiums, the Fredericksburg foreclosure market has a variety of bank owned homes to choose from.
When you buy a house that has gone into default, keep in mind that transactions of this sort come in different forms, and each has its own set of special circumstances. There are auction sales and bank owned properties, as well as a pre-foreclosure option, known as a short sale. See below to find out what each of these designations means:
Auction Sale
When a homeowner cannot make their mortgage payments for several months in a row, the loan goes into default. A foreclosure filing is made, and the home is put up for sale at a foreclosure auction.
Buyers who are interested in purchasing a home at an auction sale must be prepared to take ownership of the property without an inspection, and have a cashier's check in-hand to cover the purchase price. While many bargains can be realized through auction sales, there may be liens on the home, and it may be in need of repair—sometimes at a major level. There may also be tenants living in the building to take care of.
REOs & Bank Owned Homes
Fredericksburg REOs (also known as bank owned homes) are houses that failed to sell at the foreclosure auction, and ownership has reverted back to the lender.
An REO is one of the better routes to take when buying a distressed home because the former owner's mortgage is dissolved and liens are removed. If tenants are currently residing in the home, they will be given an eviction notice, and any major repairs will be fixed.
Short Sale
If a lender will agree to entering a short sale arrangement (and this is not always possible), a deal can be made to sell a home for less than the amount owed to the bank. This kind of transaction will not go ahead if there is enough equity in the home to allow the bank and the homeowner to break even.
In a short sale, the buyers must contact the lender themselves to begin negotiations, and may only do so with written approval from the current owner. To learn more about pre-foreclosures, see our Northern Virginia Short Sales Guide.
To find out more about any of the Fredericksburg foreclosure listings displayed on this site, please contact us.
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