Northern Virginia Foreclosures
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More foreclosure information
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.
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.
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.
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.
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 Long and Foster Real Estate, Inc. 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 2019.
Listing information last updated on January 18th, 2019 at 8:31am EST.