After a distressed Fairfax VA home has gone through short sales or foreclosure auction but still remains unsold, the bank will take it back themselves and foreclose it. It will then become an REO sale; REO meaning Real Estate Owned, or in other words, bank-owned properties.

After Fairfax short sales, the second strategy involves foreclosure auction. This happens when the bank itself takes the Fairfax foreclosure back from the seller. This might be the most hazardous time to buy Fairfax VA homes for sale since you won’t be allowed to see or inspect the property at this time. It’s highly advantageous for you, then, to know of the pitfalls and dangers to avoid, and the corresponding profits to make.

Talking about foreclosure can fill up an entire book by itself. However, there are three types of foreclosures you should be aware of when buying this kind of Fairfax VA homes for sale.