Virginia Foreclosures and Foreclosed Homes for Sale

When considering the purchase of real estate as a foreclosure in Virginia, it is essential to consult with an experienced real estate agent, especially for first-time buyers. The process of each foreclosure will vary according to the terms of the current mortgage, and trying to make sense of it all can be frustrating. To eliminate the hassle, use a licensed real estate agent who understands foreclosures in Virginia.

The most common type of Virginia foreclosure occurs out of court, when the lender sends notice of an impending foreclosure to the borrower. In this letter, the borrower is instructed to pay off the balance of the default within 30 days. After the borrower has received this notice, the lender then schedules an auction date.

The amount of time necessary to advertise the sale of the property will vary depending on the specifics of the mortgage. However, all borrowers are required to have written notice at least 14 days before the date of auction, regardless of the length of time required for public announcement. Another uniform requirement is all notices must be approved by a court order prior to publication.

It is important to remain aware of the scheduled auction date in the event you find a property that interests you. Virginia does not allow foreclosure auctions to be postponed, so it is imperative to attend the auction on its scheduled day. The best way to pursue this is through a Realtor who can easily check the scheduled auction dates for properties, as well as keep you up-to-date on the progress of a foreclosure.

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