Virginia has a foreclosure process to protect lenders from home owners that default on their mortgage loans. Lenders can sell Richmond homes and land lots at public auctions in the Richmond area. These lenders must first place advertisements for the foreclosure auction so the public can show up to bid. Buyers can purchase Richmond foreclosures by placing the highest bid at the Richmond foreclosure sales.
Use newspapers in Richmond, Virginia to find Richmond foreclosure listings. Check every day to make sure you get all listings for Richmond foreclosures. While some Virginia foreclosure notices appear for severaI weeks, others may appear for only three consecutive days. Thus, you should check every day to find the most possible Richmond foreclosed properties. Rather than just looking at paper editions, many Virginia newspapers also publish online editions. Sites like 50States.com and USNPL.com provide lists of online newspapers in or near Richmond that you can search through to find foreclosed homes in Richmond.
Look at each listing to determine the location of the Richmond real estate and the time and place of the public auction.
Visit Richmond foreclosures that you are seeking to buy at auction. You will want to assess the property’s fair market value to the best of your ability. This is not an easy task because you have no legal right to inspect foreclosed properties in Virginia before bidding at the foreclosure sale. What you can do, though, is speak to neighbors and Richmond-area appraisers or real estate agents to get an estimate of what the property would go for on the open market. You then take that info and come up with a maximum bid on each property that will be a bargain if it becomes the winning bid.
Get 10 percent of all of your maximum bids before attending a Richmond foreclosure auction. This is the Virginia law when it comes to foreclosure down payments. However, remember that the full amount may be due quickly and sometimes even on the same day or next day. Do not even bid on a Richmond foreclosed property unless you have all the funds in the bank to pay off your bids.
Attend the foreclosure auction and bid on your chosen homes or other real estate. You then need to pay and get a Virginia property deed to show proof of your ownership rights in the Richmond foreclosed properties that you successfully purchase. Now, you need to go to the real property recorder of deeds and file this deed as soon as possible. This is located at the circuit court in Richmond, Virginia. Filing is what puts the public on notice of your purchase and protects it in case someone else tries to claim the property.
Foreclosure.com’s Virginia Page on Foreclosure Laws