The commonwealth of Virginia allows lenders to foreclose on and sell real estate when the related home owner defaults on the home’s mortgage loan. After giving notice to the home owner, the lender must then post a public foreclosure notice so the public can find out about the foreclosures and show up at the public auction. Buyers must then prepare a cash down payment and bid at the auction to buy Virginia foreclosures.
Look for foreclosed homes in Virginia in county newspapers of general circulation. The number of times a lender must post foreclosure listings depends on several factors. The important thing to remember is that some notices appear only three days in a row, while others appear once a week for several weeks. Thus, if you want to be absolutely sure that you find all Virginia foreclosures for a particular county, you will need to check on a daily basis. USNPL, an online website, can assist you in hunting down Virginia foreclosure listings. Go to Usnpl.com/vanews.php and check out the list of Virginia newspaper links. Use those links to find online newspapers and foreclosure listings in multiple Virginia counties.
Use the listings you find to create a list of foreclosed properties that you might like to purchase. Factors such as the amount due, the location of the property and the condition of the property can affect your decision about whether to bid on a particular foreclosed home in Virginia. Remember that the lender can bid the amount due to avoid further losses. Thus, you will need to pay some amount more than that to buy a foreclosed property in Virginia. Figure out a maximum bid after estimating the fair market value of the property. Agents of appraisers in the local area can assist you in making this estimate.
Use the Virginia foreclosure notices to determine the location of the auction and the manner of payment for winning bids. In Virginia, the general rule is a down payment in cash of up to 10% of the winning bid. Learn about the additional payment scheduling details by looking at each listing.
Prepare the money for a down payment by dividing the maximum bid you will make that day by 10. However, have all money ready to pay according to terms to prevent the lender from voiding the sale later.
Attend the Virginia foreclosure auction and pay the down payment when buying a foreclosed home or land. Continue with the payment schedule to complete the foreclosure sale.
Get a Virginia property deed from the mortgage lender’s trustee after completion of the sale. You must always file a deed in the county recording office of the foreclosed property to protect your ownership interest in the newly purchased property. Do this as soon as possible to be on the safe side.
Foreclosure.com’s Virginia Page on Foreclosure Laws