Considering pre-foreclosure homes or condos in Virginia Beach? Maybe real estate near the oceanfront is in your near plans.

Pre-foreclosed homes and condos offer potential real estate bargains if all the cards come together. At this point in time, the home owner is in a state of "limbo" where some specific actions have to take place.

What is pre-foreclosure and how does it affect those searching for Virginia Beach homes or condos?

Realtytrac defines pre-foreclosure as:

"Buying homes or condos in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value"

As a potential home or condo buyer you have certain "wickets" that need to be accomplished to find and close on the right real estate pre-foreclosure. Think about the following items:

• Drive by the property; check out the home or condo, and more importantly the neighborhood and schools. View the real estate and gauge its condition. Is Virginia Beach and the neighborhood somewhere you want to live or have a rental home?

• Check with your Virginia Beach REALTOR® to ensure the home or condo is still in pre-foreclosure status. Home owners have a certain grace period (months) to clear their back mortgage payments. Let your REALTOR® make the necessary inquiries to obtain this information. You do not want to waste your time on a property that may be reinstated to the owner.

• Let your REALTOR® do the "comparables" commonly called "comps" to make sure the real estate in question is a bargain. Your agent can provide additional value during this process.

* Make sure you are prepared to buy real estate.

* Have you checked your credit, obtained financing (pre-approval), and met with your REALTOR® (discussed above)? Know your wants and needs in a home or condo

• Let your REALTOR® make initial contact with the Virginia Beach home or condo owner. This can be a sensitive issue with the current home owner. The contact initially may be by mail prior to in person.

• Once a pre-foreclosure owner has agreed to a purchase you will want to tour the home or condo. Be aware of problems as maintenance may have not occurred during their ownership and financial struggle. Just understand that you may have to be a handyman and visit home depot frequently. This can be ok if you obtained a "good deal" on the purchase price.

Consult with your REALTOR® to write up the home or condo purchase agreement. The contract may be contingent on home inspection and no defects in title. If everything is aligned as detailed above you should have minimal problems closing.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Is It Possible To Avoid Foreclosure?
No one wants to think about losing their home but it does happen. You may feel like you are alone when this happens to you but you are not. There are things that you can do to avoid foreclosure. Although it is not easy avoiding foreclosure can be done. Here are some steps that you can take to stop ... more...

5 Ways To Avoid Foreclosure
No one is immune from an unexpected financial downturn, but the reality is that no matter how unfair such downturns may be, they do not excuse us from the responsibility of paying our bills on time. And mortgage payments are no different; if you have failed to meet your monthly mortgage obligation, ... more...

Avoid Foreclosure - Tips On How To Avoid Having Your Home Foreclosed Upon
If you are unsure of what to do about your home because you have started to fall behind on your mortgage payments or you are unable to sell your home because you owe more money that what your home is worth, do not panic. There are answers out there. If either of the above situations describe ... more...

Avoid Foreclosure And Save Your Home Today
No one who buys a home plans to lose it. However, following a period of aggressive lending practices and higher than expected interest rates, home foreclosures have significantly increased in the United States in recent times. More and more families are finding it difficult to meet their mortgage ... more...