By 
Are you considering pre-foreclosure homes or condos in Virginia Beach? Maybe near-coastal real estate is in your near plans.
Homes and condos in foreclosure offer potential real estate opportunities if all the cards are put together. At this time, the owner of the house is in a state of “limbo” in which some specific actions must be carried out.
What is a pre-foreclosure and how does it affect those looking for houses or condos in Virginia Beach?
Realtytrac defines pre-foreclosure as:
“Buying pre-foreclosure homes or condos involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad credit mark. history. The buyer has time to research the title and condition of the property and can get discounts of 20 to 40 percent below market value.”
As a potential home or condo buyer, you have certain “grounds” that must be met in order to find and close on the right real estate property prior to foreclosure. Think about the following elements:
• Stop by the property; Take a look at the house or condo, and more importantly, the neighborhood and schools. View real estate and assess its condition. Is Virginia Beach and the neighborhood a place where you want to live or have a rental home?
• Check with your Virginia Beach REALTOR® to make sure the house or condo is still in pre-foreclosure status. Homeowners have a certain grace period (months) to pay off their missed mortgage payments. Let your REALTOR® make the inquiries necessary to obtain this information. You don’t want to waste your time on a property that can be returned to the owner.
• Let your REALTOR® do the “comparables” commonly called “comps” to make sure the property in question is a bargain. Your agent can provide additional value during this process.
* Make sure you are prepared to buy real estate.
* Have you checked your credit, obtained financing (pre-approved), and met with your REALTOR® (discussed above)? Know your wants and needs in a house or condo
• Let your REALTOR® make the initial contact with the Virginia Beach home or condo owner. This can be a touchy subject with the current home owner. Contact may initially be by mail before in person.
• Once the pre-foreclosure owner has agreed to a purchase, you will want to tour the house or condo. Be aware of issues as maintenance may not have been done during your ownership and financial struggle. Just understand that you may need to be a handyman and visit Home Depot often. This may be fine if you got a “good deal” on the purchase price.
Consult with your REALTOR® to write the purchase contract for the house or condominium. The contract may be contingent upon home inspection and no defects in title. If everything lines up as detailed above, you should have minimal issues closing.