Foreclosures in Virginia Beach

Foreclosures in Virginia Beach

Foreclosures in Virginia Beach

With all the changes in the housing and lending market over the past few years, there has been a very large rise of the number of foreclosures on the market. Taking it back to the basics, aforeclosure is a property which the owners were unable to make their loan payments over a period of time so the bank is taking the property back. The process of purchasing homes that are being foreclosed on can be longer than a normal real estate transaction. The biggest advantage, however, is that a buyer is able to purchase a home for less than the market value. Often times banks are willing to forgive part of the loan amount due in order to sell the property. Foreclosures can be purchased just like any other home on the market.

The biggest difference is that the buyer will be dealing with not only an owner, but also the bank itself as a seller. This is often referred to as a third party seller. This can be a little bit tedious and it's recommended that a buyer have their own representation through a licensed real estate agent. Sometimes during the real estate transaction the bank will complete the foreclosure process and the property will go from being a foreclosure to being simply bank-owned. At this point the buyer is purchasing the home directly from the bank. Foreclosures take longer to be able to close on because there are more factors and parties involved, but if a buyer is willing to be patient it will pay off in the end. Many times buyers will typically end up with a home with much more square footage, more upgrades, and in a more desirable area than an average home on the market. Buyers always want to get the best deal and the most house for their money.

Purchasing foreclosures in Virginia Beach versus non-foreclosures are one way to try to achieve this goal. In some cases, a foreclosed property will be more run down or in need of some fixing up than comparable homes. When this is the case, the buyer should simply weigh their options and do the numbers to see if the good deal is worth it. A buyer will want to insure that any money and work put into the home will still result in them getting a good deal on the property.

Investors often purchase foreclosures with the intention of fixing them up and reselling them at the market value. Even an average buyer can act as an investor in this vein. The buyer can get a home at below market value, put some money into it while living there increasing its value, then sell it when the market is good. In most cases the buyer ends up walking away with money in their pocket, which is always the goal when buying and selling a home.

If you're searching for a foreclosure or bank owned home in the Virginia Beach, Virginia and surrounding area, sign up for your free foreclosure list at: http://HRForeclosureList.comor log on to http://HRRealtyPros.com for your complete source of homes throughout the Hampton Roads and Virginia Beach area.

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