Foreclosure homes are catching the eye of many home buyers mainly because they are sold for lesser than the homes that foreclosure has not affected. So you could end up getting a house that resembles the one right across the street for a fraction of the cost.

Foreclosure proceedings begin on a house when the home owner repeatedly misses out on making the monthly mortgage payments. The home owner is then given some time to try and fix the default in question before the house is put up for sale at an auction. During this time, the home owner can choose to sell the house to garner enough money to repay the lender and thereby avoid foreclosure.

If the home owner is unable to fix the default within the stipulated time period, the house is put up for sale at a public auction. In buying a house at an auction, you are required to pay for the purchase through a certified check or cash.

Homes that do not sell at foreclosure auctions are then transferred to the lenders who hold the primary mortgage. These are then referred to as Real Estate Owned homes and can be sold directly by the lenders, or through real estate establishments.

Since more homes are continually adding to the existing list of Virginia Beach foreclosure homes, take your time to go through all available options.