Virginia foreclosure listings are quickly becoming a source of real estate bargains for smart real estate investors. What was once limited to those “in the know”, is now becoming a more common practice.
Virginia foreclosure listings are quickly becoming a source of real estate bargains for smart real estate investors. What was once limited to those “in the know”, is now becoming a more common practice. The “new” real estate investor is now scouring the market, which includes foreclosures for the best deal on the market. After performing the research, contact and negotiations with the lender, obtaining appraisals and inspections, crunching the numbers, these informed investors are ready to place their money on properties in distress. And the lenders couldn’t be happier!
When its time to write up a contract, make sure you have the assistance of legal counsel to be certain the paperwork is legal and binding. There are several distinct and vital components to a contract. Let’s review these in detail.
1. Write a statement containing the physical address and legal description of the property and your intent to purchase the property. By now you know the physical address, and the legal description can be obtained easily and inexpensively from any State Recorder of Deed’s office or Clerk’s Office. The legal description is more important than just citing the physical address as it completely details the property boundaries and property description.
2. The price you are willing to pay for the property. This is not to say that there will not be any further attempts at negotiating, however, any transaction needs a starting consideration point. Be certain that if you haven’t done so already, you are able to obtain financing to fund the dollar amount written. Getting prequalified is a great idea before naming your price.
3. Down-payment terms. This is the amount of money you have readily available to show you are acting in good faith. This money will not be from the proceeds of the loan or mortgage, this is basically cash on hand to make the transaction happen.
4. Your desired closing date. Be willing to be flexible,
5. Any contingencies that you have concerning the property or the transaction taking place. Examples of this may be pending inspections, waivers of liens etc. If its not written down, you will forfeit any down payment if the contract does not execute.
6. Sign your name, address and phone number.
This transaction may have started with a simple Virginia foreclosure listing, but may end in a home of your dreams and a sound financial future.
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