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Details You Need To Know About Foreclosure Sales

By Kenneth Sullivan


Foreclosure is a legal procedure where the lender tries to recover the loan balance of the borrower that stopped paying it. This is done by selling the asset or property used as collateral when the loan was made. This happens when people purchase homes but becomes unable or unwilling to pay for it because of hardships or the property value decreases.

It is a great opportunity for people who are looking for properties to buy either to live in or sell at a higher price after improving them. There are auctions for foreclosure sales Virginia you can go to and try to buy what you want. Here are some details you need to know about them that can help you in buying successfully in the city of Virginia.

The procedure has three stages and the first is the auction and people bid here against each other in getting the house. It is done in public locations on a scheduled time and anyone could come including representatives from institutions which money is owed by the owner. They are there to make sure the bid starts at an amount enough to recover the loaned money with the highest bidder winning the right to purchase.

Another is real estate owned, also known as REO, which homes not sold during auctions are now bank owned. The last one is preforeclosure where owners received notifications of the house being foreclosed soon by the lender. The time before it becomes legally foreclosed is the chance to negotiate with the owner and buying it in a low price.

Research the house and try to get inside and inspect it by contacting the representative assigned. It is very seldom that this is granted and even though the house looks great on the outside, repairs might be needed inside so prepared for additional expenses. There is more chance of going inside REO homes because banks want to sell them sooner.

Determine what your maximum bidding price will be by researching on how much the properties around it have been sold for. This is to avoid overpaying and defeating your purpose of buying one at a lower price. Your plan for it after will also determine the maximum bid you have for it like selling or living in it after.

Be prepared by registering with the auctioning company before participating in the auction. You also have to prepare the required cash to pay if ever you will be the one who wins it which is usually a percentage of the total amount with the remainder to be paid within a month. There are also those that requires you to pay the full amount on the day itself.

Before attending an auction where the house you want to purchase is, attend a few others and observe other bidders and familiarize the environment. Be in the location early because these procedures usually only last for a few minutes and arriving late might mean missing the entire thing. There are times that it would get canceled or postponed so contact the representative a day before.

Research on hidden costs such as liens and other money owed which you need to pay. These foreclosed houses tends to not have any warranties as well. Be sure to check the title of the property to be informed.




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