Identify foreclosure properties: First, check with a realtor who is familiar with such offerings .in the Virginia Beach real estate market. Then ask your bank about any holdings they may have. A third source is the web. Simply enter REO’s and the name of a specific lender, such as Bank of America, Citibank, Chase, etc. Other available sites charge between $20.00 and $50.00 per month to search foreclosures on a continuing basis for potential buyers (see www.BankHomesDirect.com or www.RealtyTrac.com).

Protect yourself:

Get a home inspection. Many foreclosed homes are in poor condition and may be without appliances and utility services. Often these properties have been vacant for long periods of time and have been damaged by poor weather conditions and no upkeep. The lender offering the home hasn’t lived in it and is therefore unable to make a full disclosure about its true condition. For these reasons, a complete inspection by a qualified professional is crucial.

Obtain title insurance. This will protect you from any unforeseen liens against the property or any claims by previous owners.

Hire an attorney. You will benefit from the expertise of a lawyer familiar with foreclosures. Legal services provided may include drawing up a contract with protective escape clauses or representing your interests in case of a dispute. Go to www.BestPropertyLawyer.com to find a Virginia Beach real estate attorney,

Use the services of a realtor experienced in dealing with foreclosures. A knowledgeable realtor will guide you through a sometimes complicated process, prevent you from making mistakes, and save you headaches and frustration.

Follow the requirements of the lender in a timely manner: Expect the lender to ask for a full disclosure of your finances; some may even require you to get mortgage approval from their institution. At the least you will have to supply proof that your financing is guaranteed. It is also recommended that you submit a clean offer, keeping in mind that most foreclosure properties are offered “as is” and at a 20%to 30% discount. Bargaining for a better deal may result in no deal at all.

Learn more about Virginia Beach real estate and foreclosures by visiting ButlerTeamHomes.com.

Are you or someone you know behind on mortgage and facing foreclosure. As a Certified Distressed Property Expert (CDPE), I can help save you, your home and your fmaily. You do have options. Contact me for a private consultation.

The amount of foreclosure properties on the market opens the door to opportunity for buyers. One way for buyers to take advantage of the opportunity to purchase a foreclosed Virginia Beach home is though an auction. It is important for people, especially first timers, to become educated on how to buy a home at a foreclosure auction. The first place to start would be to look up general information about the process on the internet. Then, it might be a good idea to contact a real estate agent or real estate attorney for professional help and advising. Auctions can be organized in public places or held at local courthouses. It is best to avoid auctions held at courthouses because professional investors are common competitors and there is not much, if any, time to research the physical condition and financial background of the property being auctioned. Instead, find foreclosure auction notices in the local newspaper, online, or by contacting a city official for upcoming auction dates. It is important for buyers to research the property before deciding if they will bid on it. Prior to determining your bid gather some important information about to property such as, the estimated market value, outstanding loan balances, property liens, ownership history, title information, and calculate possible monthly expenses as the future homeowner. Once a little research is done on the property, enough knowledge will be available to determine the appropriate bid.  Thoroughly looking farther in to the property can maximize your chances of getting a good bargain. 

There are also other options for foreclosure buyers to consider. Today, most foreclosure properties have large or multiple mortgages. This takes away from the likelihood of getting a bargain at an auction because banks will ask for bids that are more than the actual value of the property. The first alternative is to buy the property before it goes to auction, which is called a pre-foreclosure. To do this check the city records to find foreclosure properties. Then, contact the owners by writing a letter of interest. Follow up with a phone call and hope they are willing to accept an offer. Another route is to wait to see if the property sells at the auction. If the property does not see it will be put on the market by the bank it is owned by. In this case you will be able to buy the house just like it was regular real estate. Another benefit to this option is the ability to conduct a home inspection and get a mortgage. Remember, when considering the purchase of a Virginia Beach home through an auction make sure plenty of research is done to maximize the potential of getting a good deal. Also keep in mind that if the odds are not looking good for the auction there are always other paths to take. 

Learn more about buying foreclosed Virginia Beach homes by ButlerTeamHomes.com or give us a call for more personal service.

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