An easy way to find cheap houses in VA is to look for house auctions. House auctions offer foreclosed residential properties to be sold at a reduced price that would let you buy a house at a cheap price in VA. However, before considering to bid for foreclosed house you must be familiar of few conditions associated with buying a cheap house in VA at a house auction.
A trustee sale is an auction held publicly where buyers could avail the opportunity to buy a house in VA at a cheap price through bidding. This auction is conducted when the owner of the house is considered defaulter for not paying his mortgage loan instalment for a period of above two months. On the other hand, a taxing authority could also take over a residential property and put the house on auction if the property owner has not been paying the property tax.
In order to assure that you could avail the advantage of buying a cheap house in VA through house auction, you must get a pre-approval for a loan prior to the auction. After an in depth review of your earnings, assets, any current debts and credit history, your lender would approve your loan and you will be provided with a tentative approval letter as an evidence that your mortgage loan has been approved. This letter would be your guarantee that you have the finance available for buying a house at the auction at a cheap price in VA.
At the time of auction, the trustee would set the bidding at a specific price and a minimum bid would be determined for every house at sale through an auction. The total price of a foreclosed home at the auction would generally include the pending loan payments, the charges for the legal services hired and any additional cost related to the foreclosure. To get the house at a cheap price in VA, the bidders must attend the auction with cash available as they might be required to make an initial deposit right after the auction if their bid is accepted. Usually, there would be a condition to deposit cash even before the auction process as the trustee wants to be assure about your financial ability to further proceed with the purchase.
In few cases, buyer may be allowed to inspect the property before the auction while in other case these auctioned houses at cheap price in VA are sold “as is” and you might not have the option to review the house until you have won the bidding process. Generally the title of the property would not be intact and you would be required to look after the liens once you have bought a cheap house in an auction. Therefore, if you really want to buy a cheap house in VA through the auction process, you must take time to review the list of foreclosed homes up for auction and look for a minimum bid to find a cheap house in VA at best price.