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Definition "Foreclosure" is the process where, after a buyer has failed to make the lender payments as agreed, and has been served with a notice of default, the property is sold by auction. The borrower still owns the property until the auctioneer actually says "sold", and may stop the sale at any time up until this point by paying what is owed plus applicable costs and/or interest. After the auction, if no one bids successfully on the property, the foreclosing lender (usually a bank), becomes the new owner. Property owned by the lender/bank after a foreclosure is called "Real Estate Owned". Value Typically, foreclosures can be very reasonable values, with pricing at or below market value. Banks or other lenders are usually motivated to unload the property as quickly as possible, to avoid carrying costs (i.e. mortgage payments on an unoccupied dwelling). Banks will work hard with auctioneers, buyers and their representatives, including Real Estate Agents, to reach a quick and satisfactory deal.The current difficulties in the housing market have led to a rapid increase in foreclosed properties in the Northern Virginia, DC and Maryland real estate inventories. Check my updated Northern Virginia real estate listings (including foreclosure listings), and Greater Washington DC foreclosure properties to the right.
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Current Northern Virginia Real Estate and Foreclosure Listings
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