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. To widen your search parameters, visit our Fredericksburg real estate page.

Fredericksburg VA Foreclosures - Current Listings

All Listings $300,000 - $400,000
Price, High to Low
1 Properties Found.
Photo of Listing #VASP227762
  • MLS® #: VASP227762
  • 4312 Prestwould Ct
  • $358,000
  • 4 Bed, 2½ Bath, 2379 SqFt
  • Residential
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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.

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To find out more about any of the Fredericksburg foreclosure listings displayed on this site, please contact us.

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© 2020 BRIGHT, All Rights Reserved. Information deemed reliable but not guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Long & Foster Real Estate Inc. participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than Long & Foster Real Estate Inc. are marked with the IDX logo and detailed information about each listing includes the name of the listing broker.The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.

Listing information last updated on January 15th, 2021 at 5:46pm EST.