Making the Most of Virginia Foreclosure Listings

Save money on property purchases with foreclosure homes in Virginia
By Emmet McMahan 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.
   

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.
Try:  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.
Try:  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.
Try:  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.

• 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.