The real estate market in Northern Virginia is full of homes that have been foreclosed. These properties can be purchased for much less than the true market value. Unfortunately, it can be hard to find real estate that has been foreclosed. Experts recommend several tips that can facilitate the ability to find foreclosed property in Northern Virginia. The first place to look is inside local newspapers. Properties are auctioned every day. Auctions are listed in the local paper for a set period of time before the sale. Newspaper advertisements will list everything buyers need to know. The date, time and location of auctions are all found in the newspaper. Buyers can also see the amount that is owed on the real estate.
Another great way to find Northern Virginia foreclosed properties is to talk with local bankers. Every lender has what is termed Real Estate Owned (REO). REOs are properties that banks have foreclosed. Most lenders will readily sell their REOs for the amount that is owed on the loan. Real estate buyers can talk to all the banks in their area to get an idea of what properties are for sale. This can also be used to gauge the local market.