Virginia Beach Real Estate News For Buyers And Sellers

Below is a partial list of preforeclosure real estate in Virginia Beach.

Real Estate foreclosures are dynamic and do change. List deemed current at time of this writing

Foreclosure is defined by Wikipedia as:

the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner’s failure to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust“. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that “the lender has foreclosed its mortgage or lien“.

The foreclosure process can end in one of four ways:

1. The Virginia Beach borrower/owner reinstates the loan by
   paying off the default amount during a grace period determined by state
   law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the Virginia Beach property to a third party during the
   pre-foreclosure period. The sale allows the borrower/owner to pay off
   the home loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the Virginia Beach property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to
   re-sell it on the open market. The lender can take ownership either
   through an agreement with the borrower/owner during pre-foreclosure or
   by buying back the property at the public auction. Real estate
   repossessed by the lender are also known as bank-owned or REO (Real Estate Owned by the lender).

Do not assume all pre-foreclosure homes in Virginia Beach are always good deal. Have your REALTOR© prepare comparable reports. Preforeclosure or foreclosure homes may need extensive repair work.

Always get a home inspection.

Know what you want in a Virginia Beach home before searching.

For additional information on any Virginia Beach homes or condos listed below please ensure you include the property ID.

Contact your Virginia Beach REALTOR© for more information on pre-foreclosure, REO’s, For Sale By Owners, or homes and condos listed in the Hampton Roads MLS.

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This entry was posted on Thursday, February 21st, 2008 at 3:45 pm and is filed under Main category. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.