Foreclosure Friday: Home Search
When my husband and I made the decision to buy a home, we went on a home search frenzy! We picked up local guides in the super market and took to searching online. I was in constant email contact with our agent, almost more than my husband. We searched for three bedroom, two bath homes in Chesapeake, Norfolk, and (our desired location) Virginia Beach. I remember when I first saw what would become our home. The house looked cute in the online profile.
The outside had blue siding with white trim and the neighborhood was in a great location. It was in a good school district and close to the interstate which is great for commuting purposes. I was surprised we could get into this neighborhood, given our conservative budget, but then I found out why. Scrolling through the typical details I noticed in the description “bank-owned property” which raised a red flag to me. I knew that meant it was… (drum roll please)… a FORECLOSURE! It matched our search criteria but, other than the horror stories, I didn’t know what a foreclosed property meant for us.
Our agent first informed me what a foreclosure meant – the actual definition. A foreclosed property means that a lender regains the property due to non-payment or default on mortgage payments. Sometimes the circumstances can be terrible and in other situations not so much, as was the case with the home we were looking into. For medical reasons the homeowners could not stay therefore, opted to go into foreclosure, leaving it ripe for home buyers like us! We scheduled an appointment for that Saturday morning to go see the property and boy were we not prepared for what happened next!
Stay tuned for next week’s Foreclosure Friday!