Posts Tagged ‘virginia foreclosures’

Investing in Virginia foreclosures for sale is not the same as it was several years ago. There is an increased improvement in the economy, and many banks and lenders who have foreclosed property on their inventory are selling this at more realistic prices. However this has not prevented the foreclosure listing industry from coming up with some unbelievable absurd claims in order to entice investors to purchase their foreclosure listing services. We discuss some of these here:

* “Buy premium Virginia foreclosures for sale directly from banks and make tens of thousands of dollars”. – it is unlikely that “premium” foreclosure properties are ever seen by the general consumer. Insiders and industry professional will grab these up before a person who is not versed in the industry even gets a look in. Everyone wants a great property at a low price, however only seasoned investors know how to go about this process correctly.

* “Market value of Virginia foreclosures for sale $125 000, commence bank offer at $39 000”. – Another fallacy, not even professional investors who know the foreclosure market inside out are achieving this kind of discount. Advertisements of this nature are misleading to the extreme. This statement, “commence bank offer at” is a completely invented price, the bank would probably laugh at anyone offering $39 000 on a property valued at $125 000.

* “During your subscription period, if you purchase a Virginia foreclosure for sale from our listing, we will refund the unused subscription portion.” – What kind of a marketing tactic is this? A refund should not be contingent upon the ability to use the product. This might be an effective marketing tool, but research show that perhaps 3 in 10 000 customers are able to make use of it.

* “All you have to do is take over low monthly mortgage re-payments”. - This is complete BS. Once the foreclosure has taken place, the mortgage is no longer in existence. The bank or lender is the new owner of the property and in order to purchase the property from them a new mortgage agreement has to be drawn up. That is if the investor is going to be paying for the property by means of a bank loan. There is no way to take over low monthly mortgage repayments if there is not longer a mortgage agreement in place. While it is possible to negotiate low monthly payment of a foreclosed property, this will be dependent on the ability of the investor to prove to the lender that they are indeed creditworthy and deserving of a low monthly repayment.

* “A government agent will visit you in your home and explain one on one how you are able to purchase their Virginia foreclosures for sale”. - The only way any government agent is going to visit you in your home and explain anything one on one with you is if you are in trouble with the IRS, Immigration, FBI or CIA.

Foreclosures in Virginia Top Counties

• Prince William County
• Fairfax County
• Loudoun County
• Danville City County
• Richmond City County
• Search Foreclosures by State

Search Images

Opinions differ as to Virginia’s ranking in the foreclosure race. Is Virginia the third lowest or is the state in the middle?

On Tuesdays auctions are held on foreclosed houses on the steps of the court. On June 10th Heath Greathouse stood on the top of the steps of Kanawha courthouse and read out the notice of default. Passersby hardly paid attention to him. Heath was foreclosing on a 67-year-old woman from Dunbar who was a health care worker. The Notice for Sale was being read out. None attended – neither the owner nor the bidders.

According to a law dating back to the 19th century it is mandatory for the trustee to read the sale notice aloud in the courthouse where the property is situated on the day the sale is scheduled to be held. After this reading out session the staff of the county registers the sale particulars in the Record of Trustee Sales Boom.

The present mood of the sluggish market dominated by the foreclosure crisis, is such that generally none attend the sales and the property becomes the property of the lender – is repossessed by the banks. Greathouse concluded the deal by saying loudly “Sold to the bank.”

Foreclosures have created jobs for many – jobs of a different nature. Greathouse is in the employment of Liberty Title Services of Parkersburg. He was doing the reading as a representative of Riverside Trustees of Martinsburg. The lenders were foreclosing on behalf of Ace Mortgage Funding Company that had its headquarters in Indianapolis.

Six miles away from the scene of foreclosure sale, the woman of Dunbar was sleeping. She had just lost her property. Later she bemoaned that she had “been working overtime to make these payment. I’m doing the best I can, but I’ve had to take care of my mama too, and that’s just how it is.” She shrugged, as there was nothing else to be done but accept the inevitable foreclosure sale. She declined to be named, as things were already tough. But she permitted the Sunday Gazette-Mail to take a photograph of her front door. Ironically the doily hanging from the door read “Bless our home as we come and go.” Her property was the 181st foreclosure sale noted in Kanawha County in 2008. In 2007 there had been 357 foreclosure listings while in 2000 the number of foreclosure postings was 220.

Search Foreclosure Listings

• Virginia Foreclosure Listings
• Prince William County Foreclosure Listings
• Alexandria Foreclosure Listings
• Danville Foreclosure Listings
• Manassas Foreclosure Listings

Search Images