What happens at a Virginia Beach VA foreclosure auction and can I stop it?
The short answer: yes. In Virginia, an auction for foreclosed property takes place at a local courthouse after a “Notice of Trustee Sale” is issued. The property is sold to the highest bidder and the eviction takes place afterwards. Your best possible option to completely stop a Virginia Beach foreclosure auction is by selling your house to a local cash homebuyer. My team at Integrity Cash Home Buyers will be ready to get this done beginning with a property discovery that leads to a cash offer so you can stop the sale and save your credit.
A recent client and I were sitting at a dining room table in Virginia Beach VA. Before us was a “Notice of Trustee Sale”. The silence was deafening to say the least but the gravity of the situation was quite serious for this client who tried his best to keep up with mortgage payments. “I lost my job a few months back and my wife and I had been trying our best to keep our heads above water”, he said. What was even saddening is that their savings were almost gone.
I glanced at the notice and saw that the date of the auction was about two weeks from then. Without missing a beat, I replied “There is a way to stop the auction and save your credit before this foreclosure hits”. See, the client called us after learning about us online and how we’ve helped dozens stop these foreclosure auctions. He was in relief knowing it can be done without doing further harm to his finances (or his wife’s). If this is your current situation, Integrity Cash Home Buyers can help.
The Clock is Ticking: Understanding Virginia’s Fast-Track Foreclosure
I know exactly what you’re feeling at the moment. The pit in your stomach that’s too great to ignore after you received a “Notice of Trustee Sale”. The moment you open up the envelope that contains this very notice, that’s when the clock begins to countdown. I hate to say this but you don’t have enough time to delay because Virginia moves at a crazy rate of speed to get this stuff done.
One thing I need to tell you is that Virginia is a non-judicial foreclosure state. Let me explain what I mean:
- The bank doesn’t have the obligation to take you to court
- The legal battle isn’t long
- You don’t have enough time to react
As soon as you start falling behind on your mortgage payments, the lender can appoint what is known as a trustee. It is the responsibility of the trustee to schedule a sale. Once that’s done, it will be published publicly. I cannot stress how important it is to act as soon as possible. Since we buy houses as-is, you won’t have to worry about repairs or anything else that may turn away traditional buyers.
Why Your FSBO Attempt Stalled (And Why It’s Not Your Fault)
When I was in another part of Virginia Beach VA awhile back, one of our past clients was trying to sell the house using the For Sale By Owner (FSBO) approach. By the looks of how things went, the Virginia Beach housing market basically chewed him up and spit him out. One buyer was a lookie-loo that was a time waster and decided not to buy for whatever reason. Another stepped inside the foyer and wasn’t “feeling it” about a minute later because they wanted something perfect.
“It was ridiculous,” the client said to me. “I wasted I don’t know how many days. There was even one buyer that was interested but their loan application was pending”. The average loan approval is anywhere from 30 to 45 days. When you’re in a race against the clock with foreclosure, I can tell you that you don’t have enough time.
The timeline isn’t going to match well. The FSBO attempt fails and it won’t be your fault due to things outside of your control. My team and I will buy your house so you don’t have to worry about disgruntled buyers or waiting for someone else’s loan approval. It takes 7 to 14 days to get a deal closed, which is just enough time for you to sell the house and avoid foreclosure.
Auction Day: What Happens on the Courthouse Steps
I remember standing close to the courthouse steps on some of those auctions in Virginia Beach VA. I witnessed this process over and over again. Here’s a list of how the process works as far as I can remember about foreclosures in Virginia Beach :
- The trustee will run the sale. They announce the property address, loan details, and the opening bid (which is the balance that you owe)
- Investors will bid and the highest bidder wins. This also includes cash buyers as well.
- Ownership transfers immediately after the gavel falls. You no longer own the home and the sale is finalized almost immediately. It may also be bank owned for the moment.
- The new owner can file an Unlawful Detainer action. This can be led to a court order or an eviction led by the Sheriff. This can happen so fast you might not even know what’s going on during the aftermath of foreclosures Chesapeake VA.
The Hidden Devastation of Losing to the Bank
I remind clients every time before they sell to me the horrors of Virginia Beach foreclosures after the house is lost. The damage done in the aftermath will follow them for years. They include the following:
- Your credit takes a huge hit. The score drops by 100 to 160 points and stays on your record for up to 7 years. Meanwhile, it will be hard to rent an apartment or qualify for another mortgage. It’ll be even more difficult to secure financing.
- The loss of equity is also something you want to avoid as well. You won’t control the sale price nor will you see a profit.
So imagine how much can disappear in a short amount of time after the foreclosure is said and done. And I cannot even begin to tell you the many stories I’ve heard about people’s poor credit standing in the way of securing a place to live. If you want to know how to avoid foreclosure legally and the clock is ticking, my team and I are ready to help so your house doesn’t appear in the Virginia Beach foreclosure records.
Why a Traditional Realtor Cannot Save You Now
I’ll get right to the point: a traditional realtor isn’t going to save you. In fact, all of the realtors in the Hampton Roads area just about hate my guts for what I’m about to tell you. Let me break down a list of details:
- The timeline won’t work to your advantage. It will take 2 to 4 weeks to list and market the house. It will take 30 to 45 days simply for a potential buyer to secure financing. You don’t have 60+ days.
- Repairs are required. It’ll be hard to sell as-is on the traditional market. Instead, selling to cash buyers like Integrity Home buyers will be the best option. We buy houses in as-is condition all the time so yours would be no different.
- Commissions will eat your equity. Imagine the sale price being $250,000 and you lose 6 percent of it to commission. That’s about $15,000 gone already. Oh and the closing costs on top of that too. Before you list your house for sale in Virginia Beach VA consider what you could be losing.
Speed matters at this stage. So don’t try to squeeze out a higher price.
The Integrity Cash Home Buyers Solution: Stop the Auction in 7 Days
Time gets tight. Certainty is needed. I don’t want to waste any more time than I need to. My team and I at Integrity Cash Home Buyers will stop the auction in 7 days. So the sooner you start now, the better. If you want to stop foreclosure from happening, you’ll want to schedule a property discovery with us. From there, you’ll get a cash offer in Virginia Beach that is reasonable and fair.
We’ll work directly with your lender so that the foreclosure process is stopped immediately. Did we mention that you can sell the house as-is? That’s right, no expensive repairs needed. All you need is a clean exit and that’s all there is to it.
FAQ: Stopping Foreclosure in Virginia Beach
What if my house needs major repairs?
Don’t worry about it. We buy houses as-is. Meaning we handle the repairs ourselves. It doesn’t matter if you have a bad roof, an HVAC system on its last legs, or if it’s full of clutter. Leave it exactly how it is and we’ll take care of it from there.
Can I sell my house before the foreclosure auction if I owe more than it’s worth?
Absolutely. If you have zero equity, we’ll be more than happy to buy the property “Subject-To” the existing mortgage. We’ll take over the payments while also making sure your credit is protected. The best part: you don’t have to bring any cash to closing.
Will I need to pay any fees or commissions?
No you don’t. And you never will. We don’t charge commissions nor do we force you to pay closing costs. Unlike a traditional house for sale you won’t have to deal with fees or commissions especially with Virginia Beach foreclosures.
Conclusion: Take Control Before the Gavel Falls
If you’re on the brink of foreclosure and there’s a “Notice of Trustee Sale” sitting right in front of you, now is the time to take control before the gavel begins to fall. At Integrity Cash Home Buyers, we’ll close the sale in 7 to 14 days. But you better act quickly before the auction begins. The sooner you contact us to set up a property discovery with us, the better.
