Everyone dreams of owning their homes. So, people do all they can to buy a house., however, there are eventualities that sometimes make them unable to pay the mortgage and their houses are repossessed and placed for auction. If you are interested in purchasing such property, you can use the tips below on Virginia foreclosure sales.
Get some background information about the house. It is always advisable to research the history of the house. Know why it is being auctioned and if there are any legal issues regarding the sale. Houses are normally foreclosed ether for tax arrears that the owner has indicated he can no longer pay or for mortgage defaulting.
Before going for the auction, you need to ensure that you are pre-approved for a loan. You must have evidence that you have the ability to pay for the house. The lender will review your financial status, including loans, assets, and income and decide whether you can afford the property. You will then be issued with a pre-approval letter that you should carry to the auction.
Ensure that you have cash while coming to the auction. If you win the bid, you will be required to deposit a certain amount and pay the remainder after a given number of days. In most cases, the deposit is 30 percent of the value of the house. In place of cash, you can also use cashiers check.
Conduct an assessment of the house you wish to buy. Auctioned properties are normally sold as they are, meaning that they are not subjected to bargaining. If you place a bid and it is accepted, then that is the amount you will pay. However, you should try to see the house so that you decide how much you can bid on it. You can tell the general condition of the house even from the outside.
Set aside some cash for repairs and innovation. In most cases, property owners with loans lack adequate fund to cover their mortgage. Thus, you may have the house in a neglected condition as the owners could not carry maintenance. Moreover, when people suspect that their property may be foreclosed, they just choose to forgo regular maintenance.
Inspect the neighborhood and look around the house. You want to know about the neighbors; whether they are friendly, the general security in the area and so on. Generally, just walk around and get a feeling whether you really want the house. If you are buying so that you can resell, then this is not necessary.
Do your homework. Do not walk into an auction blindly. You should have some background information on the cost of the house and the comparable prices of similar houses. It is a good idea to find out the minimum bids in advance.
Have a professional inspect the house. If your bid is accepted, it is advisable that you hire building inspector to check everything out. This will give you a quotation of the repairs.
Get some background information about the house. It is always advisable to research the history of the house. Know why it is being auctioned and if there are any legal issues regarding the sale. Houses are normally foreclosed ether for tax arrears that the owner has indicated he can no longer pay or for mortgage defaulting.
Before going for the auction, you need to ensure that you are pre-approved for a loan. You must have evidence that you have the ability to pay for the house. The lender will review your financial status, including loans, assets, and income and decide whether you can afford the property. You will then be issued with a pre-approval letter that you should carry to the auction.
Ensure that you have cash while coming to the auction. If you win the bid, you will be required to deposit a certain amount and pay the remainder after a given number of days. In most cases, the deposit is 30 percent of the value of the house. In place of cash, you can also use cashiers check.
Conduct an assessment of the house you wish to buy. Auctioned properties are normally sold as they are, meaning that they are not subjected to bargaining. If you place a bid and it is accepted, then that is the amount you will pay. However, you should try to see the house so that you decide how much you can bid on it. You can tell the general condition of the house even from the outside.
Set aside some cash for repairs and innovation. In most cases, property owners with loans lack adequate fund to cover their mortgage. Thus, you may have the house in a neglected condition as the owners could not carry maintenance. Moreover, when people suspect that their property may be foreclosed, they just choose to forgo regular maintenance.
Inspect the neighborhood and look around the house. You want to know about the neighbors; whether they are friendly, the general security in the area and so on. Generally, just walk around and get a feeling whether you really want the house. If you are buying so that you can resell, then this is not necessary.
Do your homework. Do not walk into an auction blindly. You should have some background information on the cost of the house and the comparable prices of similar houses. It is a good idea to find out the minimum bids in advance.
Have a professional inspect the house. If your bid is accepted, it is advisable that you hire building inspector to check everything out. This will give you a quotation of the repairs.
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