Area home sales have picked up, however prices continue to fall, although prices region-wide are down by less in the second quarter of 2010 than they were in the first quarter. The average sales price in the Central Virginia region was $229,545 in the second quarter of 2010, down four percent from the second quarter 2009 average. The median sales price was $196,383, also down four percent from a year earlier. Foreclosures are certailnly playing a role in this drop.

Below is a list of Richmond area foreclosures reported by RichmondBizSense.com.  For more detailed information on Foreclosures and Short Sales in the Richmond area contact Skye Bruce Properties.

City of Richmond

3902 Rosedale Avenue, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $157,500
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3081 Maury Street, Richmond, VA
Execution of a certain deed of trust-original principal amount: $76,531
Foreclosure date: August 17, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2808 Barry Street, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $168,358
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2001 Rose Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $155,000
Foreclosure date: August 20, 2010 at 2:33 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

318 LaSalle Drive, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $86,200
Foreclosure date: August 9, 2010 at 2:34 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

4800 Chamberlayne Avenue, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $120,960
Foreclosure date: August 26, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

420 Patrick Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $None Given
Foreclosure date: August 17, 2010 at 3:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2402 Royall  Avenue, Richmond, VA 23224
Execution of  a certain deed of trust-original principal amount: $110,000
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2021 Chicago Avenue, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $71,700
Foreclosure date: September 2, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1101 Evergreen Avenue, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $92,798
Foreclosure date: August 19, 2010 at 11:15 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2902 Fourth Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $119,700
Foreclosure date: August 12, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2928 Seminary Avenue, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $78,389.94
Foreclosure date: August 20, 2010 at 2:31 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

613 Hazelhurst Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $137,750
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1929 Seddon Avenue, Richmond, VA 23227
Execution of a deed of trust-Original principal amount: $85,000
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1210 Overbrook Road, Richmond, VA 23220
Execution of a certain deed of trust-original principle amount: $122,500
Foreclosure date: August 12, 2010 at 2:15 p.m.
Located at John Marshall Courts Building, 400 North Ninth Street

6315 Forest Hill Drive, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $116,055
Foreclosure date:  August 12, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1329 Greycourt Avenue, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $131,000
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3406 and 3408 1st Street, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $98,400
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1402 Rogers Street aka 1816 T Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $121,000
Foreclosure date: August 12, 2010 at 2:45 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2603 Saint Moritz Drive, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $133,000
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3329 Hanover Avenue, Richmond, VA 23221
Execution of a certain deed of trust-original principal amount: $233,200
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

4719 Fitzhugh  Avenue, Richmond, VA 23230
Execution of a certain deed of trust-original principal amount: $312,000
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

3106 Utah Place, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $71,550
Foreclosure date: August 27, at 2:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

522 N. 33rd Street, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $189,750
Foreclosure date: August 12, 2010 at 9:00 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1701 W. Monroe Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $155,300
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

816 Akron Street, Richmond, VA
Execution of a certain deed of trust-original principal amount: $112,750
Foreclosure date: September 3, 2010 at 1:00 p. m.
Located at the John Marshal Courts Building, 400 North Ninth Street

1017 Woodhaven Drive, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $119,000
Foreclosure date: August 31, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1106 W. Marshall Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $55,800
Foreclosure date: September 2, 2010 at 11:15 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2107 Ridgemont Road, Richmond, VA 23224
Execution of  a certain deed of trust-original principal amount: $35,270.55
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

7500 Tanglewood Road, Richmond, VA
Execution of a certain deed of trust-original principal amount: $237,459
Foreclosure date: August 27, 2010 at 1:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

2813 Lauradale Lane, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $86,275
Foreclosure date: August 17, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1101 Haxall Point Road, Unit 409, Richmond, VA 23219
Execution of a certain deed of trust-original principal amount: $149,550
Foreclosure date: August 24, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1414 East 18th Street, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $75,650
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

1420 Blair Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $118,220
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

5011 Fernbrook Terrace, Richmond, VA 23224
Execution of a certain deed of trust-original principal amount: $162,000
Foreclosure date: August 19, 2010 at 1:30 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

804 Pepper Avenue, Richmond, VA 23226
Execution of  a certain deed of trust-original principal amount: $133,000
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

5210 New Kent Road, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $450,000
Foreclosure date: August 10, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

816 Maggie Walker Drive, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $57,400
Foreclosure date: August 10, 2010 at 2:00 p.m.
Located at the John Marshall Courts Building, 400 North Ninth Street

Chesterfield County

1613 Greenfield Drive, Richmond, VA 23235
Execution of a certain deed of trust-original principal amount: $131,200
Foreclosure date: August 19, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

3805 Falstone Road, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 17, 2010 at 10:00 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

9811 Spring Run Road, Chesterfield, VA 23832
Execution of  a certain deed of trust-original principal amount: $181,025
Foreclosure date: August 27, 2010 at 1:01 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

11502 Misty Arbor Place, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $190,000
Foreclosure date: August 19, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

11230 Monday Way, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $152,000
Foreclosure date: August 20, 2010 at 1:04 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

13710 Cedar Cliff Terrace, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $171,350
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

6748 Gills Gate Terrace, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $186,300
Foreclosure date: August 19, 2010 at 2:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

816 Deter Road, Richmond, VA 23225
Execution of a certain deed of trust-original principal amount: $67,446.92
Foreclosure date: August 20, 2010 at 2:35 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

13606 Mountcastle Road, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $348,400
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

6344 Eagles Crest Lane, Chesterfield, VA 23832
Execution of a certain deed of trust-original principle amount: $274,619
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2905 Saint Regis Drive, Richmond, VA 23236
Execution of a certain deed of trust-original principal amount: $660,000
Foreclosure date: September 2, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

5400 Newbys Wood Trail, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $315,698.18
Foreclosure date: August 13, 2010 at 1:06 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

8815 Merseyside Lane, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $360,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

14507 Pleasant Creek Drive, Colonial Heights, VA
Execution of a certain deed  of trust-original principal amount: $250,000
Foreclosure date: August 20, 2010 at 8:00 a.m..
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

15802 Gary Avenue, Chester VA 23831
Execution of a certain deed of trust-original principal amount: $156,000
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

5548 Charter Oak Drive, Chesterfield, VA  23832
Execution of a certain deed of trust-original principal amount: $270,750
Foreclosure date: August 27, 2010 at 1:04 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

9304 Malcott Court, Richmond, VA
Execution of a certain deed of trust-original principal amount: $88,500
Foreclosure date: August 27, 2010 at 10:30 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4005 Hawkbill Circle Richmond, VA 23237
Execution of a certain deed of trust-original principal amount: $99,000
Foreclosure date: August 24, 2010 at 3:00 p.m.
Located at the County of Chesterfield Circuit Court, 7500 Courthouse Road

4813 Baxter Bridge Drive, Richmond, VA 23237
Execution of a certain deed of trust-original principal amount: $289,150
Foreclosure date: August 19, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

12807 Oldbury Court, Midlothian, VA 23113
Execution of a certain deed of trust-original principal amount: $152,800
Foreclosure date: August 26, 2010 at 1:00 p .m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

6301 Omo Road, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $116,800
Foreclosure date: August 20, 2010 at 1:03 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4600 Banton Street, Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $137,600
Foreclosure date: August 20, 2010 at 1:02 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2714 Amherst Ridge Loop, Colonial Heights, VA 23834
Execution of a certain deed of trust-original principal amount: $243,756.90
Foreclosure date: August 27, at 1:03 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

1703 Rose Mill Circle, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $223,400
Foreclosure date: August 26, 2010 at 1;00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

1420 Riverdowns South Drive, Midlothian, VA 23113
Execution of a certain deed of trust-original principal amount: $824,000
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

5303 Bemiss Ct., Richmond, VA 23234
Execution of a certain deed of trust-original principal amount: $163,500
Foreclosure date: August 26, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

14202 Barberry Court, Chester, VA 23236
Execution of a certain deed of trust-original principal amount: $116,000
Foreclosure date: August 31, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4078 Trisha Trail, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $170,840
Foreclosure date: August 24, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4812 Timbernorth Trl., Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $130,530.92
Foreclosure date: August 17, 2010 at 12:00 Noon
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

10525 Reams Road, Richmond, VA 23236
Execution of a certain deed of trust-original principal amount: $139,410
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2904 Cicero Parkway, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $134,000
Foreclosure date: August  24, 2010 at 3:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

3418 Wyntrebrooke Drive, Richmond, VA 23235
Execution of a certain deed of trust-original principal amount: $148,500
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2203 Birnam Woods Court, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $155,000
Foreclosure date: August 19, 2010 at 12:30 p.m.
Located at the  County of Chesterfield Circuit Court, 9500 Courthouse Road

3818 Sherwood Forest Ter., Chesterfield, VA 23237
Execution of a certain deed of trust-original principal amount: $174,400
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

14319 Jeffries Place, Midlothian, VA 23114
Execution of a certain deed of trust-original principal amount: $349,200
Foreclosure date: August 17, 2010 at 2:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

324 Philray Rd., Richmond, VA 23236
Execution of a certain deed of trust-original principal amount: $202,500
Foreclosure date: August 12, 2010 at 2:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

12001 Bermuda Crossroad  Lane, Chesterfield, VA
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 17, 2010 at 11:00 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Drive

3212 Tammaway Drive, Midlothian, VA 23112
Execution of a certain deed of trust-original principal amount: $199,863
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4708 Valencia Place, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $198,879
Foreclosure date: August 27, 2010 at 1:00 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4519 Starlee Drive, Moseley, VA 23120
Execution of a certain deed of trust-original principal amount: $258,000
Foreclosure date: September 7, at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4703 Wilconna Road, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $124,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

1701 W. Moore Street, Richmond, VA 23220
Execution of a certain deed of trust-original principal amount: $155,300
Foreclosure date: August 26, 2010 at 10:30 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

15542 Chesdin Landing Court, Chesterfield, VA
Execution of a certain deed of trust-original principal amount: $383,280
Foreclosure date: August 27, 2010 at 10:30 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

2328 Milcrest Terrace, Midlothian, VA
Execution of a certain deed of trust-original principal amount: $285,879
Foreclosure date: August 23, 2010 at 9:00 a.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

4907 Wraywood Avenue, Chester, VA 23831
Execution of a certain deed of trust-original principal amount: $229,960
Foreclosure date: August 26, 2010 at 11:00 a.m.
Located at the  County of Chesterfield Circuit Court, 9500 Courthouse Road

12100 Second Branch Road, Chesterfield, VA 23838
Execution of a certain deed of trust-original principal amount: $380,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

7607 Rolling Fields Place, Chesterfield, VA 23832
Execution of a certain deed of trust-original principal amount: $217,500
Foreclosure date: September 9, 2010 at 12:45 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

3000 Gaffney Court, Richmond, VA 23237
Execution of a certain deed of trust-original principal amount: $163,630
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

8400 Huntwood Court, Richmond, VA 23235
Execution of a certain deed of trust-original principal amount: $184,000
Foreclosure date: August 17, 2010 at 3:15 p.m.
Located at the County of Chesterfield Circuit Court, 9500 Courthouse Road

Hanover County

5966 Lake Willow Way, Mechanicsville, VA 23111
Execution of a certain deed of trust-original principal amount: $239,200
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

16719 Mountain Road, Montpelier, VA 23192
Execution of a certain deed of trust-original principal amount: $593,600
Foreclosure date: August 30, 2010 at 8:45 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

14078 W. Patrick Henry, Doswell, VA 23047
Execution of a certain deed of trust-original principal amount: $137,525.34
Foreclosure date: August 13, 2010 at 8:45 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

11487 Haltonshire Way, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $321,600
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

9346 Ravensworth Court, Mechanicsville, VA 23116
Execution of a certain deed of trust-original principal amount: $208,000
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

10982 Elmont Woods Drive, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 13, 2010 at 10:00 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

7259 Grant Drive, Mechanicsville, VA 23111
Execution of a certain deed of trust-original principal amount: $342,000
Foreclosure date: August 26, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

9302 Monongahela Trail, Ashland, VA 23005
Execution of a certain deed of trust-original principal amount: $218,700
Foreclosure date: August 12, 2010 at 4:45 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

8102 Bell Creek Road, Mechanicsville, VA 23111
Execution of a certain deed of trust-original principal amount: $152,000
Foreclosure date: August 23, 2010 at 9:00 a.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

7004 Meredith Farms Drive, Mechanicsville, VA
Execution of a certain deed of trust-original deed of trust: $183,250
Foreclosure date: August 27, 2010 at 3:30 p.m.
Located at the County of Hanover Circuit Court, 7515 Library Drive

Henrico County

4910 Snowshoe Court, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: $150,000
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

4040 Sadler Road, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: None Given
From Wilton Family Investments III, LLC
Foreclosure date: August 26, 2010 at4:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

4807 Subrenda Drive, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $117,428.19
Foreclosure date: August 19, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3812 Alma Avenue, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: None Given
Foreclosure date: August 17, 2010 at 4:15 p.m.
Located at the County of  Henrico Circuit Court, 301 E. Parham Road

963 Wheelwood Way, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $184,000
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

5506 Springwater Lane, Henrico, VA 23228
Execution of a certain deed of trust-original principal amount: $162,400
Foreclosure date: August 24, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1103 Maryland Avenue, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: $96,400
Foreclosure date: September 7, 2010 at 1:00  p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

6116 Memorial Drive, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $193,600
Foreclosure date: August 20, 2010 at 5:01p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

7168 Messer Road, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $289,784.93
Foreclosure date: August 27, 2010 at 5:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2507 Burnley Avenue, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $64,080
Foreclosure date: September 2, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2808 Darton Drive, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount:$84,000
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

4602 Stockholm Drive, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $101,000
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1509 Regency Woods Road, # 201, Richmond, VA 23238
Execution of a certain deed of trust-original principal amount: $133,900
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E, Parham Road

5849 Hines Road, Richmond, VA
Execution of a certain deed of trust-original principal amount: $140,328
Foreclosure date: September 7, 2010 at 10:00 a.m.
Located at the County  of Henrico Circuit Court, 301 E. Parham Road

7716 King Elder Drive, Richmond, VA23231
Execution of a certain deed of trust-original principle amount: $226,800
Foreclosure date: August 20, 2010 at 5:02 p. m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

10121 Grand Oaks Drive, Richmond, Richmond, VA 23233
Execution of a certain deed of trust-original principal amount: $223,200
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3005 Pinehurst Rd., Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $159,000
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

6368 Dawnfield Lane, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $None Given
Foreclosure date: August 20, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

232 Huntsman Road, Sandston, VA 23150
Execution of a certain deed of trust-original principal amount: $181,800
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

827 W. Washington Street, Highland Springs, VA 23075
Execution of a certain deed of trust-original principal amount: $323,000
Foreclosure date; August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

6621 Dellwood Street, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $228,500
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2606 Maplewood Road, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $153,000
Foreclosure date: August 26, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1413 Rhode Island Avenue, Glen Allen, VA 23060
Execution of a certain deed of trust-original principal amount: $150,952.43
Foreclosure date: August 27, 2010 at 5:01 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1100 Hollins Road, Richmond, VA 23229
Execution of a certain deed of trust-original principal amount: $186,400
Foreclosure date: August 20, 2010 at 5:02 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

12221 Renwick Place, Glen Allen, VA 23059
Execution of a certain deed of trust- original principal amount: $535,500
Foreclosure date: August 31, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3112 Manor Drive, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $162,000
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

8600 Borris Court, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $194,000
Foreclosure date: August 27, 2010 at 2:30 p.m.
Located at the County of Henrico Circuit Court, 302 E. Parham Road

9606 Peppertree Drive, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $242,000
Foreclosure date: August 27, 2010 at 2:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

9600 Running Creek Road, Glen Allen, VA
Execution of a certain deed of trust-original principal amount: $164,950
Foreclosure date: August 27, 2010 at 2:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

7409 Red Hill Club Court, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $194,888
Foreclosure date: September 7, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

11828 Alder Ridge Place, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $246,000
Foreclosure date: August 17, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

10 West Union Street, Sandston, VA
Execution of a certain deed of trust-original principal amount: $198,000
Foreclosure date: August 30, 2010 at 4:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

18 South Daisy Avenue, Highland Springs, VA
Execution of a certain deed of trust-original principal amount: $143,500
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

3314 Yerger Road, Richmond, VA 23223
Execution of a certain deed of trust-original principal amount: $185,000
Foreclosure date: August 27, 2010 at 5:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

8500 Fredonia Road, Richmond, VA 23227
Execution of a certain deed of trust-original principal amount: $254,000
Foreclosure date: August 24, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

11301 Long Meadow Drive, Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $432,000
Foreclosure date: August 19, 2010 at 4:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

23 Snughaven Road Unit 23, Richmond, VA 23228
Execution of a certain deed of trust-original principal amount: $111,200
Foreclosure date: September 2, 2010 at 4:45 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

105 Sterling Forest Parkway, Richmond/Henrico VA
Execution of a certain deed of trust-original principal amount: $242,545
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

212 Sunset Drive, Richmond, VA 23222
Execution of a certain deed of trust-original principal amount: $257,600
Foreclosure date: August 19, 2010 at 3:30 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

2007 Hechler Street, Richmond/Henrico, VA
Execution of a certain deed of trust-original principal amount: $104,000
Foreclosure date: August 20, 2010 at 9:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1148 New Market Road, Richmond, VA
Execution of a certain deed of trust-original principal amount: $125,000
Foreclosure date: August 18, 2010 at 2:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

1732 First Colonial Court, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $238,000
Foreclosure date: August 17, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

5802 Park Crest Drive Glen Allen, VA 23059
Execution of a certain deed of trust-original principal amount: $243,000
Foreclosure date: August 17, 2010 at 1:00 p.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

5005 Nandun Road, Richmond, VA 23231
Execution of a certain deed of trust-original principal amount: $74,961
Foreclosure date: September 7, 2010 at 10:00 a.m.
Located at the County of Henrico Circuit Court, 301 E. Parham Road

SOURCE: RichmondBizSense.com

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.  Here’s an initial Reuters news story outlining the new policies.

We expect a substantial increase in Richmond area Short Sales during the coming year and you can count on Skye Bruce Properties to lead you through this challenging home buying and selling process. We have an expert staff to help you understand the new Short Sale guidelines whether you are a buyer or a seller.

Contact Skye Bruce Properties anytime you have questions about buying or selling a Richmond area home.  We will also continue to post content about Richmond area Short Sales here on our BLOG and on FACEBOOK and TWITTER.

The short answer to this question is maybe. Property values throughout the county have dropped considerably over the last couple of years. If you compare current home values in Richmond with what value of homes were three years ago, home buyers are getting a great deal across the market whether its a foreclosure or not.

Foreclosures are just a better deal, RIGHT? Not necessarily.  Say there are 10 home buyers looking for a “great deal” in the planned community of Wyndham in Glen Allen.   A foreclosure property is listed and it’s the lowest price home in the area. Since it is priced so low, all 10 home buyers look at the home and 4 of them write offers.  Guess what happens?  They find out their are already 5 other offers on the table and 4 of them are above the listing price.

The bank at this point has created a strong market for this house and what first appeared as a “deal of a lifetime” may not be a great deal. Banks also realize many times homes are purchased based on emotion so when there are multiple offers they will tell every one’s agent that they want their best and final offer in an effort to boost the sales price further. They are trying to create a competitive environment among the potential purchasers, again to boost that sales price.

Many times the Foreclosures are not the best deal.  There are motivated sellers out there in the market ready to negotiate for a variety of reasons.  Keep your options open when shopping for a home, it’s still a buyers market no matter what type of property you are considering.  Great deals are out there all over the Richmond area!

Shopping for a great deal on a Richmond area home?  Skye Bruce Properties, The Official REALTORS and Buyer’s Agents of RichmondHomeShopper.com are specialist in finding the best homes at the best prices in Central Virginia.  They are negotiation experts in finding ways to get the the house you want at the price you want to pay.  Contact them today!

Repossessed and short sale homes are often abandoned and neglected, leaving them with much more potential for unforeseen structural defects, plumbing, electrical, heating systems, environmental issues and many other problems. Fixing these woes can cost far more than the financial savings from a distressed property purchase. There also may be unknown defects, such as mold or radon, that could affect your family’s health and safety.

Still, it is possible to get a dream deal on a distressed home. Before you sign on the dotted line, be sure to have the house thoroughly inspected by a professional, so you can reduce these potential risks as well as financial costs. A home inspector can help you identify potential problems in the home you’re considering buying, so you know in advance what you’re getting into — and what you should walk away from.

There are many ways to find a home inspector, including consulting family, friends, your attorney, real estate professional or mortgage professional. You can also find information on inspectors across the country on www.ashi.org, the Web site of The American Society of Home Inspectors, the organization that sets the standards of practice for the inspection industry.

Homebuyers aren’t the only ones who can benefit from a home inspection. If you’re selling your home, having it inspected before you list it may help sell your home in less time and for more money. Moreover, homeowners can benefit from maintenance inspections, such as an energy inspection, which can help reduce monthly energy costs, and a home safety inspection that can help seniors stay in their homes longer.

If you’re thinking of hiring a home inspector, ASHI offers a few tips on how to evaluate candidates:

• Visit the “Find a Home Inspector” section of ASHI’s Web site to find a qualified ASHI inspector in your area. Many inspectors also list their specialties and other background information, such as their experience, on this site.

• Ask the inspector how he operates. What format will the report be in? Ask for sample reports.

• Talk with each candidate to see who is the best fit for your needs and comfort, as well as for the property being inspected.

• Check all references. Don’t automatically go with the lowest price. Remember, the old adage is often true — you get what you pay for.

• Attend the inspection to ensure you get the best value — and most information — for your investment.

A home inspector can be your best ally in ensuring your dream deal doesn’t turn into a nightmare. Through our Official REALTOR and Buyer’s Agent’s at Skye Bruce Properties, RichmondHomeShopper.com is able offer a Free Home Home Inspection Guarentee for home buyers. Click on this link for details and for other ways we can save you money!

Herculean efforts are being made on the part of federal and state governments, mortgage lenders and nonprofit organizations to prevent foreclosures, culminating in the bailout package recently passed by Congress.

What exactly is a foreclosure? According to the legal experts at FindLaw.com, the Web’s most popular source for legal information, foreclosure is the legal process that a lender, often a bank or a mortgage company, uses to recover a piece of real estate property.

“When a homeowner receives a notice of foreclosure, it means the homeowner has failed to comply with the terms of the mortgage,” says Stephanie Rahlfs, an attorney editor with FindLaw.com. “Essentially, the mortgage has gone into default, and the lender has decided to begin the legal process of repossessing the property.”

Even if a homeowner receives a notice of foreclosure, it’s not too late. Contrary to what many people may think, most mortgage companies would prefer that a homeowner continue to pay their mortgage, because that’s where lenders make their money — on the interest and fees associated with the mortgage process.

Because of the large number of homeowners who are facing foreclosure, many mortgage companies are willing to work with a borrower to find a solution that will allow a homeowner to stay in his or her home. In fact, there are a number of alternatives to foreclosure. A homeowner may qualify for a special forbearance, in which the lender may be able to arrange a repayment plan based on a homeowner’s situation, or a lender may temporarily or permanently suspend or reduce the monthly payments (by reducing the interest rate on the home). Other foreclosure alternatives include mortgage modification and a “deed-in-lieu” of foreclosure.

Ignoring the problem will only make things worse. A foreclosure on a person’s credit history can have devastating effects — dramatically reducing a person’s ability to obtain and use credit to purchase many items and services. Unfortunately, many homeowners facing foreclosure don’t believe their lender is willing to help. In a 2005 Freddie Mac/Roper study, one in five homeowners facing foreclosure didn’t contact their lender because they didn’t think their lender would help them. The Homeownership Preservation Foundation (www.995hope.org), says that the sooner a homeowner picks up the phone and calls their lender or a U.S. Department of Housing and Urban Development-certified counseling agency for assistance, the more options they have to avoid foreclosure.

Here are some additional tips offered by the legal experts at FindLaw.com for homeowners who are behind in paying their mortgage and are worried about foreclosure.

* Pull out your mortgage documents. Find and read through your mortgage contract. It spells out the terms by which a homeowner (borrower) must repay their lender. Many homeowners, especially those with adjustable rate mortgages, are often surprised when their mortgage payment adjusts. The mortgage contract, which the homeowner signed to obtain the loan, spells out all of the terms in black and white.

* Don’t ignore letters from your lenders. Or phone calls or e-mails, either. If a homeowner is having problems making their payments, they should call or write to their lender’s loss mitigation department as soon as possible and explain their situation. The sooner a homeowner contacts their lender, the more options a lender has in working with the homeowner to avoid a foreclosure. Be prepared with financial information, such as your monthly income, monthly expenses and debt. For example, if your monthly income suddenly drops, due to a job loss or to illness, the lender may be able to make a temporary adjustment to your mortgage until your monthly income increases again.

* Get counseling. If you believe you may have trouble paying your mortgage, contact a HUD-certified mortgage counseling service, such as the Homeownership Preservation Foundation’s Homeowner’s HOPE hotline at (888) 995-HOPE, which offers free counseling 24 hours a day.

* Seek legal assistance. Mortgage contracts can be difficult to understand. It’s always wise to involve an attorney, even if you don’t need an attorney present when signing a mortgage in the state you live. Likewise, if you’re behind in your mortgage payments and believe foreclosure may be imminent, seek an attorney to help represent your interests in dealing with a mortgage company.

* Take advantage of escrowing for property taxes. Some homeowners choose not to escrow for property taxes and property insurance. In other words, they choose to pay these expenses separately instead of incorporating them into their monthly mortgage payment. What many homeowners don’t realize is that in many states, the city, county and state governments take priority over lenders in repossessing a property if the property taxes are not paid. In this case, a homeowner may be current on their mortgage payment but still be in danger of losing their home if the property taxes are not paid.

* Be prepared to move. When a homeowner receives a notice, it does not mean the homeowner needs to move out immediately from their home. But, it does put a homeowner on notice that the lender intends to repossess the property by a certain date. The foreclosure process varies from state to state. Some states allow a lender to begin the foreclosure process if a homeowner is only one month behind in their mortgage payments. If there is no way to avoid foreclosure, you will need to seek a new residence.

* Beware of scams. Because a foreclosure filing is a public record, anyone can review that public document, and that’s often when many homeowners are contacted by scam artists who offer the hope of taking away a homeowner’s problem. However, solutions that seem too good to be true often are. Never sign a document you don’t understand.

To learn more about your legal rights in the event of a foreclosure, or to explore other legal questions, visit the FindLaw Foreclosure section, realestate.findlaw.com/foreclosure.

If you are looking to sell your home or you are an interested buyer please contact Skye Bruce Properties, The Official REALTORS and Buyer’s Agent of RichmondHomeShopper.com.

Six steps to finding a Foreclosure Bargain! By RealtyTrac | Published: 2/03/2008

The pre-foreclosure stage — the period from when a Notice of Default or LisPendens has been issued until the time the lender puts the property up for an auction — can last several months, so buying during this time requires a lot of patience and persistence. It typically offers the best bargains, but it’s also the most difficult stage to purchase a distressed home. Understand that the owner still has a chance to stop the foreclosure process by paying off what is owed or by selling the property. Here’s what to do:

1) Find properties and look at them.

If the house is not already on the market, you’ll need to find distressed homeowners by marketing yourself through mailings, ads (”We buy homes fast” and “We have CASH for homes”) and networking. You can also look for foreclosure notices in the local newspapers or subscribe to an online listing service like RealtyTrac.

After you find a property, drive by it to get a better idea of its condition and neighborhood. This could facilitate a casual meeting with the owner or yield a wealth of unexpected information from a talkative neighbor. Remember, the owners are still living in the home, so be discreet.

2) Confirm that the property is still in default.

Sometimes a homeowner has already resolved the situation. Contact the trustee — the person or party (often an attorney) who is filing the paperwork to initiate and carry out foreclosure proceedings on a property.

3) Check the potential bargain. Gather this information:

• Outstanding loan balance

• Estimated market value
  

• Other property liens and loans the owner may have taken out
  

• History of ownership

Your monthly expenses as a homeowner (mortgage payment, taxes, insurance, repairs, etc.)
Subtract all your costs as a buyer (loan balance, additional liens, repair costs) from the estimated market value of the property, and use that number as a basis for your negotiations with the owner. This is all public information so you can research on your own with the county recorder, consult a local real estate agent or use online services like RealtyTrac.com.

4) Contact the owner.

Start by sending a letter. Let the homeowner know of your interest in the property.Try to arrange a meeting to discuss a possible sale and to get a better look at the property. You can search for the owner’s phone number if it’s listed. Don’t approach the owner in person, unless you’re experienced at doing that.
Arrange to walk through the property to make sure it meets your criteria as a buyer. Depending on the owner, you may have to buy the property “as is.” For more on buying “as-is,” read this. Keep a tab of estimated repair costs and subtract them from your purchase offer. Your willingness to put some “sweat equity” in the property will increase the chances of realizing a good bargain.

5) Negotiate a purchase agreement.

If you and the owner both agree to proceed, negotiate the terms of a purchase. The goal for you as a buyer is to purchase a property at least 20 percent below full market value, though better deals are possible. When determining the final purchase offer, take into account the rate of real estate appreciation in the area and the potential for increasing the house’s value by making repairs and improvements. Contact the foreclosing lender and any other lien holders and let them know you plan on buying the house. You may be able to negotiate a lower payoff amount to satisfy the debts owed, meaning you may not have to pay off the entire debt amount.  A real estate agent can also be a valuable resource during the negotiating process.
If the loan in default is assumable, you may be able to pay off the amount in default and take over payments under the current terms of that loan.  If not, you will need to pay off the full amount owed on the loan. If the property has other liens placed on it, you’ll need to make sure those are cleared out as part of the purchase agreement.

Homeowners might be more willing to work with you if you offer to help them in creative ways. Consider these:

• If the owner has equity in the property above and beyond the liens, offer to split the equity with them, allowing them to walk away with cash and you to acquire a property below market value.

• Let them stay in the house for a certain amount of time (possibly paying rent) until they find a new place to stay.

• Pay their housing costs for the first month or more after they leave the property.

• If you’re purchasing the property as an investment, you may let them stay and pay rent until you decide to resell the house.

6) Close the deal. Once all parties have arrived at an agreement, put the agreement in writing. If you’re not familiar with how to draw up a purchase agreement, ask a local real estate agent or real estate attorney. The purchase agreement should make closing the deal contingent on 1) a full title search conducted by a title company or attorney and 2) a professional inspection of the property.An escrow company, who acts as a third party, can manage the transfer of money and property ownership. Assuming that you have your financing secured, this should be a fairly smooth process.

Remember, a property in pre-foreclosure status is not necessarily for sale. The owner may be pursuing other options to cure the default; however, an offer from a pre-qualified cash buyer may be the best solution to get the owner out from under the impending foreclosure. You can also make an offer to the owner prior to the scheduled auction date even if the Notice of Trustee Sale has already been filed.

Nationwide there was a 71 percent increase in the number of homes which received at least one foreclosure-related notice in the third quarter of 2008 compared with the same period in 2007. Approximately 250,000 properties were repossessed nationwide in the third quarter. About 12 million U.S. Homeowners owe more on their mortgages than their homes are worth. Like Virginia nationwide figures also dropped in September. These figures were reported by the Associated Press.

FACT: California, Florida, Arizona, Ohio, Michigan and Nevada accounted for more than 60 percent of all foreclosures in the quarter and California alone made up more than a 25% of all U.S. foreclosure filings.

What is Foreclosure? RealtyTrac, an online resource for foreclosures gives a straightforward definition below:

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default. The foreclosure process can end one of four ways:

1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).

For those who can qualify for a loan, or have cash to invest, there are bargains to be had! If you have questions about foreclosures or about buying a home in the Richmond Metro area? Please contact us at RichmondHomeShopper.com!