Making the most of Virginia foreclosure listings allows you to buy a property well below market value. Foreclosure listings are used both by investors wishing to sell the property for a quick profit and business owners who want to use the property for their business.

A property appears on a Virginia foreclosure list because the owner has missed some mortgage payments and is defaulting on the loan. The lender must file for foreclosure in order to collect on the remaining debt. This gives them the legal right to sell the property and it may then appear on a foreclosure listing. There are three points in the foreclosure process at which you may purchase a property:

1. The pre-foreclosure stage; the property will be foreclosed if the mortgage debt is not settled within a given amount of time.
2. The foreclosure auction; most Virginia foreclosure properties are sold at public auction because the lender only needs to recover the remaining debt instead of the property's full value.
3. Real Estate Owned (REO) property; REO property is owned by the lender and may be purchased before or after the auction.
   

Action Steps
The best contacts and resources to help you get it done

Learn about the laws on foreclosed houses in Virginia

Foreclosure laws vary by state and cover issues such as foreclosure notices, sales procedures and deficiency judgments. Most states allow for a judicial foreclosure which involves filing a lawsuit to obtain a court order to foreclose. Generally the property will be auctioned off to the highest bidder after the court declares a foreclosure.

I recommend: Foreclosure.com discusses mortgage liens and other aspects of Virginia foreclosure law. Foreclosuredata.com offers a summary of foreclosure laws in Virginia.

Get more information on a Virginia foreclosure list

Sites that have foreclosure lists often offer current news on foreclosures in Virginia. They may also offer other information such as a description of the foreclosure process or a FAQ on foreclosures.

I recommend: ForeclosureListingsVirginia.com offers news and articles on the foreclosure property business. Virginia Foreclosure Homes has current news articles and other sources of information on foreclosure properties in Virginia.

Locate a VA foreclosure list online

Many websites allow you to search for foreclosure properties by specific location. These sites may also offer additional services to members such as email alerts and photographs of foreclosure properties.

I recommend: Foreclosure Repos offers foreclosure listings in Virginia by county with a clickable map, and features information on top foreclosure home cities and counties. Foreclosureconnections.com allows you to search for foreclosure properties by county and zip code and provides foreclosure home search tips.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Determine the market value of a Virginia foreclosure property. The best way to do this is to have it independently appraised by a professional. You will need to make arrangements with the current owner or trustee of the home for the appraiser to visit the property. You should then compare this appraisal to the value given by the party in charge of the sale.

Buying and turning around foreclosure homes in Virginia is an excellent way to make money. When searching for Virginia foreclosure listings you must:

1. Be on top of Virginia real estate market trends to know the locations of foreclosed homes in Virginia.
2. Know the geographical areas in Virginia.
3. Understand Virginia real estate laws.

Action Steps
The best contacts and resources to help you get it done

Search for Virginia foreclosure homes on real estate listings

Sometimes foreclosures and real estate owned properties are listed with other real estate if they do not sell at the auction. In most cases, they are not listed separately but with all the regular listings.

I recommend: Find a Virginia foreclosure list at RealtyTrac.com or RealtyBargains.com. Samson Realty, a northern VA real estate agency, features foreclosure listings.

Sift through bank and lender sites for Virginia foreclosure listings

Visit lender websites for a Virginia foreclosure list. These are often bank-owned properties that did not sell at the auction. Lenders are usually highly motivated to sell at this point, and much bargaining can be done.

I recommend: Look for Virginia foreclosure listings at CitiFinancial and Wells Fargo.

Become a paid member of a website featuring foreclosure listings

This gives you access to the most comprehensive list of foreclosures, and often these have not been auctioned yet. These membership websites send you email updates of newly foreclosed homes in the Virginia area. There are membership fees, but they are usually minimal.

I recommend: Search ForeclosureListings.com, HomeSteps.com or Registryline.com. Sign up for a free account at NorthernVirginiaForeclosure.com.

Look for pre-foreclosures

There are online databases to find listings of pre-foreclosed homes as well as companies that specialize in them that you can contact. Pre-foreclosures are not yet repossessed, and the owners are trying to avoid that by selling their home under market value for just enough to get their return.

I recommend: Look for potential Virginia foreclosures at PreForeclosure.com or PreForeclosureSearcher.com.

Contact government agencies that may repossess properties

These agencies have listings of mostly farmland and commercial properties. Single and multi family homes foreclosed in Virginia can be found sometimes however. These sites are not very user-friendly and the info is not easily found, but it is there.

I recommend: Search the U.S. Department of Housing and Urban Development and the U.S. Department of Agriculture for foreclosure listings in Virginia.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Build a good relationship with those who repossess properties so they will contact you directly with foreclosure property listings in Virginia.

The primary purpose of Virginia foreclosure listings for beginners is to buy a property below the market value. Foreclosure listings can help a business owner locate an inexpensive property from which to run a business or can aid an investor who wishes to sell a property quickly for a profit.

Foreclosure homes in Virginia appear on a foreclosure list because the owner is defaulting on the loan. The lender must file for foreclosure in order to list the property in a foreclosure listing. Most foreclosure properties are sold at a public auction since the lender only needs to recover the remaining debt on the property instead of its full value. There are three general online sources of basic information on foreclosure listings:

1. Sites with foreclosure property listings in Virginia. These sites usually have the ability to display only those properties that are in Virginia.
2. Sites of Realtors in Virginia. Some real estate agents specialize in foreclosure homes and may provide additional information for first time home buyers.
3. Sites with laws on Virginia foreclosures. These laws provide basic information on the foreclosure process in Virginia, such as deficiency judgments, foreclosure notices and sales procedures.
   

Action Steps
The best contacts and resources to help you get it done

Locate a list of Virginia foreclosure listings

Foreclosure listings are a great way to find out about the houses for sale in Virginia. Foreclosure listings include basic information about the property, such as the address and the broker's contact information. Many websites with foreclosure listings in Virginia also provide a FAQ or other basic information on foreclosures.

I recommend: TopForeclosureListings.com provides a search of Virginia foreclosure properties by county that includes the city, price and other details. Foreclosure-Support.com offers a list of foreclosure homes in Virginia, including the address, number of bedrooms and price.

Learn more about Virginia foreclosure listings from Realtors

Real estate agents frequently have foreclosure lists in Virginia and may provide general information on the foreclosure process. They also may offer news on foreclosures that is of special interest to first-time home buyers in Virginia.

I recommend: Ingrid Meyers, Realtor provides foreclosure listings in Virginia, along with some basic information on foreclosures that is helpful for beginners. The Earl of Real Estate Team provides foreclosure listings and a tour of foreclosure properties in Virginia.

Study the laws on a Virginia foreclosure

Foreclosure laws in Virginia are specific to that state and are subject to frequent change. Foreclosure laws also provide a description of the foreclosure process in Virginia, which is helpful to beginners. Virginia foreclosure laws generally allow the property to be auctioned off once the court declares a foreclosure.

I recommend: Stop Foreclosure Today provides the laws on judicial and non-judicial foreclosures in Virginia. Advantage Mitigation Services offers a summary of the foreclosure process in Virginia.

Before breaking the bank on Virginia commercial and residential property, it’s important to learn all about Virginia foreclosure listings basics. With an increased inventory of foreclosure homes in Virginia, investors have more options than ever for purchasing real estate.

While it may seem like a dream come true to purchase property for less than its worth, real estate investors should proceed with caution before purchasing properties they find on Virginia foreclosure listings. Because Virginia foreclosure properties are often sold “as-is,” the cost of repairs can be the deciding factor between a good deal and a bad one. To find out more about Virginia foreclosure listings basics, you should:

1. Find current Virginia foreclosure listings.

2. Learn how to buy foreclosure homes in Virginia.

3. Know what to look for when buying foreclosed properties in Virginia.

Action Steps
The best contacts and resources to help you get it done

Search current, updated Virginia foreclosure lists

Timing is extremely important when purchasing Virginia foreclosure properties. Investors should use Virginia foreclosure listing services that offer current listings properties for sale. Foreclosed homes can be sold quickly, and looking at outdated lists can waste valuable time in finding a good deal. You can search online for free Virginia foreclosure listings or you can pay for a listing service. You can also work with real estate agents to obtain a Virginia foreclosure list.

I recommend: You may consider searching Foreclosure.com for VA foreclosure listings. You may also find foreclosure listings in Virginia by checking out Foreclosure Listings NationWide.com.

Identify ways to buy Virginia foreclosure properties

Investors have the option of buying from the borrower, during a government auction or from the bank. Foreclosed properties purchased from borrowers and banks are typically listed by real estate agents. When purchasing Virginia foreclosure homes at government auctions, you will need to bid on properties. The winning bidder becomes the new owner of the property and the money for the property must be surrendered immediately. Generally, when homes are purchased at government auctions, investors won't be given the opportunity to inspect the property beforehand.

I recommend: Learn more about buying foreclosure properties from banks by visiting Foreclosure-Support.com. Read more about government auctions for foreclosed homes in Virginia by checking out Gov-Auctions.org Network.

Make smart investments in Virginia foreclosure properties

Before making an offer on a foreclosure home in Virginia, you should consider getting the property inspected. If you decide to have the property inspected, it's important that you confirm that the water and electricity are turned on. It's also important to check with neighbors to learn more about the area and previous owners. Obtaining this information can help you set a realistic price if you decide to re-sell the property.

I recommend: Learn more about making wise investments in homes foreclosed in Virginia by checking out Nancy Chandler Associates. You may also visit Foreclosure Homes for tips on how to buy foreclosure homes in Virginia.