In 2005, Virginia saw an increase in foreclosure filing as it went up from 843 to 1,306. This indicates an increase of 55% and also means that there was an increase in the availability of Virginia foreclosed homes. If you are a first time homebuyer or an investor then this is great news. The various counties that reported an increase in foreclosure filings in 2005-2006 include Chesapeake, Virginia Beach, Roanoke, Richmond, Newport News, Hampton, Norfolk, Alexandria, Portsmouth, and Arlington.
The county with maximum filings was Prince William County and it recorded 224 filings in January, which led to an increase in the rate by 40%. Due to this Virginia foreclosures piled an inventory of homes that can be explored for investment purposes. The Virginia bank foreclosures include various types of homes like handyman specials, condos, HUD homes, VA homes, REO’s, fixer upper, and home for multiple families. The total filings in January of 2005 in Virginia were 109,851.
Virginia Calling!
Virginia is a beautiful state that is situated in the southern part of United States and has varied geography. Virginia offers some of the most stunning landscapes with the Shenandoah Valley and Blue Ridge Mountains in the west and the pristine beaches in the east. Bank foreclosed homes in Virginia will make it possible for you to enjoy the spoils of nature. But to find the home of your choice you will need to get a copy of Virginia foreclosure listings. These listings are normally available with various financial institutions and government institutions from which homeowners had taken a loan. Once a homeowner defaults on a loan, their homes are put up on auctions.
The foreclosure homes in Virginia are sold to bidders and first time homebuyers can get them for as much as 20% discount. The discount is even higher for public servants like firefighters and nurses. Sometimes, there are homes that require some small repairs. In such cases, you need to be cautious and check out the home before you actually take a decision. If you are an investor then you can buy these Virginia foreclosure homes, repair them, get them painted, and sell them off later for a higher price. First time homebuyers or existing homebuyers can buy a home according to their requirement or need in the neighborhood of their choice. There are many people who have bought seasonal homes in this State while a few have also bought post-retirement homes.
Virginia has a rich cultural and historical background but what really attract people to buy home here is the beautiful climate and the job opportunities in the neighboring Washington, D.C and Richmond. Virginia bank home foreclosures is the best way to move into a state that offers great future prospects for education, job and outdoor activities.
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