While a Short Sale represents a condition where the proceeds from the sale are less than the debt, the foreclosure represents a property that has already been taken back by the bank from the owner for non-payment of the mortgage. The owner of record is the bank (or other lending entity) and the property is being sold without the interference of the original owner. It should be free and clear of all liens and encumberances (unlike a short sale which may or may not have clear title.) These houses are vacant (or should be….there have been some strange stories) and usually have been so for an extended period (which is an issue in itself.) Many times the property has been winterized and the the power is off. The properties are often sold ‘as-is’ and usually at a significant discount.
Foreclosures In And Around Richmond
There are a high number of foreclosed properties on the market currently (which is not a secret) and according to many macro-economic studies, there are still many on the way.
Here is the list of properties that specifically reference “Foreclosure” in the remarks. Once again, this search is seeking keywords and in no way makes any representation as the validity of the information. Make sure read all of the remarks thoroughly to understand the context of any reference made.