Foreclosures in Charlottesville Virginia. We are seeing as increasing number of foreclosures all over the country and the Charlottesville and Central Virginia area is no exception. As adjustable rate mortgages reset we will continue to see foreclosed homes come on the market. While the real estate market in Charlottesville, Virginia has not been as hard hit as much of the United States, we do see foreclosed homes in our local market inventory as well. Buying these homes can present an opportunity for an educated buyer or investor to purchase a home at a discounted price, but such a transaction is not without a certain amount of risk. This is not your normal real estate transaction. For this reason it is essential to have the advice of a REALTOR who has experience in this type of transaction and can explain the special addendums and inherent differences involved in buying a bank-owned home. You should also understand the process of buying a foreclosure, so that you can decide if purchasing a bank-owned property is a homebuying option that makes sense for you.