I always get asked the same question, "How do I buy a foreclosure in Virginia Beach?" Buying a foreclosure in Virginia Beach is much like buying any other property. First, you should determine what areas you would like to live in, when buying a foreclosure. After you've researched the areas and determined which ones appeal to you, you can then focus on the type of home you want.
Once you have the right foreclosure for you in Virginia Beach with your Realtor of choice, you need to do your homework by checking the property thoroughly, because foreclosures are sold "as-is," and the seller will not make any repairs. You will need to have an idea of the amount you can afford for the repairs before making an offer. There are loans available for you to add the repairs into the price of the total purchase, but you will need to know your approved amount so that you are comfortable with the repair costs.
So you've found the home! You're comfortable with the repairs, and you're ready to make an offer with your Realtor. Once you've made an offer, the seller will review it. This may take several days before you hear a response back. The seller has 3 choices: they can accept your offer, they can reject your offer, or they can counter your offer.
If they accept your offer, you will receive bank addendums with all of their disclosure and special policy procedures that you will need to sign to move forward with your contract. At that time, they will let you know when you can do your inspections (home, termite/moisture, and any other inspection you may need). Once the inspections are complete and you have accepted the terms, an appraisal will be ordered by your lender. If the lender requires any repairs, the seller (bank) may not agree to make those repairs. You may have to be prepared to make the necessary repairs on your own before closing if you want the foreclosure in Virginia beach.
The appraisal is done, the required repairs are complete, and now you are ready to on your way to buying a foreclosure in Virginia Beach!
Want to buy a foreclosure in Virginia Beach? Search foreclosures at www.livinghamptonroads.com
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