Virginia Foreclosure Procedures
Virginia is following the same trend as the rest of the US states, with escalating foreclosure rates. There are plenty of great bargains to be had in this state if you are looking for either an investment property or a home of your own. This article will look at some foreclosure statistics and discuss the procedures involved in a Virginia foreclosure.
According to Realtytrac up to October 2008, there were 6349 Virginia foreclosure sales with the average sales price at around $243,000 giving a savings of 25% on a property. Prince William County had the most foreclosures in the month of October 2008 with 1373 new foreclosures listed, closely followed by Fairfax County with 1264 and then Lourdoun County with 539 new foreclosures.
A Virginia foreclosure can be carried out through a judicial process, but more often they are dealt with through the non-judicial process.
In the case of a judicial foreclosure a court order, which sets the terms of the sale, is issued. A date is set and the property is advertised in newspapers, goes to auction and is sold to the highest bidder. The foreclosure auction sale is conducted in front of the courthouse.
A non-judicial foreclosure is dealt with outside of the court system. When the borrower misses a loan payment, the lender appoints a trustee who contacts the borrower by certified mail to tell them that proceedings for sale by the Trustee will start 14 days from the notice date.
The property is then advertised in the newspaper, with a minimum publication of once a week for two weeks, a copy is also sent to the borrower at least 2 weeks before the sale.
The Virginia foreclosure sale is carried out by auction with the trustee conducting the sale. The property is sold to the highest bidder, who is required to pay 10% of the winning bid at the time of the sale.
If you want to learn the skills you need to become successful at buying a Virginia foreclosure you should take a look at the foreclosures home study course we recommend. It’s an affordable, easy to follow step-by-step program developed for those just starting out.
After going through this program, you’ll know exactly what to do and say when you go to purchase a Virginia foreclosure and be able to avoid the pitfalls newbies tend to make. Go here now to check out the program: www.foreclosuresrealestate.org/go/foreclosures.
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