The popular resort city of Virginia Beach, Virginia has regular foreclosure auctions. These sales of Virginia Beach foreclosures occur when a home owner fails to keep up with the related mortgage payments. Lenders must first give notice that a property is up for auction. Buyers interested in buying foreclosed homes in Virginia Beach can then buy foreclosures at Virginia Beach auctions by placing the highest bid on a property.
Look for foreclosed homes in Virginia Beach by using Virginia Beach City County newspapers of general circulation. Ideally, you want to check newspapers around Virginia Beach daily to ensure that you do not miss Virginia Beach foreclosure listings. Some listings appear three days in a row and then disappear. Others are spread out once a week over several weeks. It is advisable to first look online for foreclosure listings. Sites like 50States.com and USNPL.com have lists of Virginia online newspapers that may contain Virginia Beach foreclosures.
Create a list of Virginia Beach foreclosures that you might like to purchase and that fit within your budget limits. You can determine the amount due on each property by looking at the listings. Bear in mind that you will have to pay more than this to buy a foreclosed property because the bank will bid at least this amount to start the bidding. It is also very helpful to determine the fair market value of a foreclosure before trying to buy it. This is the only way you can formulate a good maximum bid that may give you a good deal if you win a Virginia Beach foreclosure auction.
Find out the time, date and place of auctions by using the individual Virginia Beach foreclosure notices. Be ready to show up early, as it may take a few minutes to find the lender’s trustee on the premises.
Have 10 percent of your maximum bids ready to pay. This is the Virginia rule on down payments on foreclosures. However, you should never bid unless you have ready access at all times to pay the full bid on foreclosed homes in Virginia Beach. The full amount is due on some auctions within the next day or week or so.
Show up at the Virginia Beach foreclosure auctions where you seek to buy a foreclosure. Bid and then pay the lender’s trustee when you win an auction. Make sure you are in full agreement with the trustee at all times about the payment requirements. Finish paying off the Virginia Beach foreclosure within all existing deadlines.
Get a property deed and file that deed in the local recording office in Virginia Beach City County. In Virginia and practically all states, a deed is the instrument that provides proof of an ownership interest in real property. You always need to file a deed as soon as possible because someone else could potentially harm your interest by filing before you.
Foreclosure.com’s Virginia Page on Foreclosure Laws