Buying a Charlottesville VA foreclosure can be a confusing process. It is probably not like any other real estate transaction the you have been a part of. The rules which govern how the foreclosure process is to be carried out vary from state to state.
Virginia allows foreclosure to proceed via either a judicial or a nonjudicial foreclosure process.
The foreclosure of a Virginia home may take place via judicial foreclosure if the mortgage on the home does not have a power-of -sale clause. The lender will file a lawsuit in order to get a court order so that they can foreclose. If the lender is allowed by the court to foreclose, the next step will be to sell the home at auction to the highest bidder. After the home is sold the borrower will have 240 days inorder to redeem the home. In order for this to happen the buyer must be able to payback the purchase price plus 6% interest.
The other type of foreclosure allowed in Virginia is the nonjudical foreclosure which can occur in the absense of a power -of-sale clause in the mortgage. In this type of foreclosure the property must be advertised for a specified number of days before the auction can take place. The borrower may stop the sale, but in order to do so he must pay the overdue payments, costs and attorney's fees. At auction the home will be sold to the highest bidder or if there is not a bid that is acceptible to the lender the lender will end up owning the property.
We currently have several foreclosures on the market in Charlottesville and Albemarle County. If you are thinking of buying a Charlottesville foreclosure, you will want to hire an agent who is familiar with the foreclosure market and with the process involved in buying a foreclosed property.
Charlottesville Virginia Foreclosures
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Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.
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