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• FAQs -Foreclosure homes in Virginia for any Buyers
  
  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:
  
  – Oct 22, 2010 at 8:06 am