Every buyers whether investors ,first time buyers and/or moving up are looking for "the deal". Some buyers I have represented have called me if I work with foreclosures, and my response of course! They are the cream of the pie!!

So where do you start?

What are foreclosure homes in Virginia?
Foreclosures/bank owned properties are the home banks have repurchased since the owner (mortgage holder) could not make the payment.

Can the original owner come back to claim their home?
In Virginia most of the home are foreclosed under non judicial manner. Under which Virginia law does not have a redemption period. Which means basically owner cannot buy back their home. Speak to an attorney for specific details.

What happens to other liens or second mortgages?
In an non-judicial foreclosure, once the banks buy back the home in Virginia all the secondary liens are wiped out.

Do banks give incentives for the owner occupied residential for purchasing a foreclosure home?
Since we were dealing with multiple contract situations where the investors where offering cash to purchase the home. To encourage primary ownership some banks allow 7-15 days for any buyer to submit an offer to purchase home. After that period they open to all the buyers.

Another example of incentive would be Fannie Mae is currently offering 3% seller subsidy (closing cost assistance) to any home buyer. See my blog for details on Fannie Mae Home buyer incentive.

Each banks varies in their current incentive program. Speak to a local Realtor to help you with any specific lender or a property incentive.


How do I find out the current listings of foreclosure homes in my area?
Most of the banks including HUD, Fannie Mae, Freddie Mac appoints a local Realtor to list the home. Foreclosure listings are all found on the local MLS listings in Virginia. To find out the list of foreclosure homes in Virginia click here.

What are the other resource for the foreclosure home listings?
To find the list click here for the appropriate websites:

Follow the most trend by purchasing or investing in the foreclosure homes in the Virginia area. Please click on the links to find active list of foreclosure home. As a Realtor I do have an expertise in how to handle the deal and the issues I have seen out of this foreclosure/REO deals. Remember if you find out dream home I am just a phone call at 703-625-4949 or email at info@eNOVAHomes.com away. Look forward to working with  you.

Fannie Mae 

Freddie Mac

HUD

FDIC

Countrywide/Bank of America

Ocwen

Indymac/One West Bank

Wachovia

If you want to simply find all the active homes including one from the above websites you can go to :

Active Homes for Sale