Everyday one sees advertisements offering foreclosed homes for sale. The price is so much lower than a few years ago that many are taking advantage and making a purchase. In some cases it is a bargain, in other cases it is not. Connecticut has many such offerings, being 8th in the United States as far as these homes being available goes. When considering purchasing a Connecticut Foreclosure there are many things which should be considered before making the final step.

At first glance a foreclosed home looks like a great deal. It seems that with a few minor repairs it will be in tip-top condition and be a great investment in the long-run. When looking at a wall, however, one cannot see what is behind it. There may be needed repairs or there may be some things that could cause a fire or other damage. Cosmetically repaired houses are common in foreclosed homes and often even an inspection does not reveal its true condition.

Foreclosed homes are required to have a home inspection if the money is owed to a financial institution. Unfortunately, sometimes these inspections are not as thorough as they should be. Very few inspectors, for example, go into the attic to check for rodents. These rodents can chew on electrical wiring which can eventually cause a fire. Additionally, they do not inspect areas which are not easily accessible and it is in these areas where the most damage lurks.

Another purchaser found, after the deal of remodeling was completed that not only did a great deal of plumbing need to be replaced, but the virtually had to rebuild a many hidden damages that failed to be revealed under initial inspection. None of this was visible to the naked eye and the previous homeowner was long gone leaving no indication of problems. Additionally, the lien holder claims no responsibility for potential damage to property being resold under these conditions. The old term “let the buyer beware” certainly applies in the purchase of foreclosed property.

In recent years Connecticut has had a surge of scam artists flooding the market with foreclosure lists showing homes at a very low price. These homes are not in foreclosure and, in some cases, not even for sale. These people put on a good show, take your money, and are gone in a heartbeat. Unfortunately, at the present time there is no recourse for the prospective purchaser.
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There can also be hidden trust deeds against a property. While one usually has a Title Insurance Company to guard against this possibility, it is not always effective. One very important item to checkout before any purchase is made is the property tax which can be very high. Some states keep the same tax on a foreclosed home even though the purchased price is much lower.

If purchasing a foreclosed home in Connecticut with the idea of having a rental income, checking the rental market is primary before completing the deal. Figuring out the cost of the mortgage, the needed repairs, and any monthly charges one wishes to assume, such as water or garbage, will show if a rental would give a decent return on the investment.

With any purchase of a home, foreclosed or regular, there are laws and regulations covering the procedure. A purchase agreement or contract must be drawn up and signed. In some parts of Connecticut this is done by a lawyer, in other parts by the Real Estate Agent. This agreement contains so much legal language that the ordinary person tends to skip through. This is a mistake. What is signed is a binding obligation which could contain things that are not favorable to the buyer. Check this carefully, especially if buying a Connecticut Foreclosure.

To find out the news on Connecticut foreclosures and where you can obtain one, you need to look on the web. Ct foreclosure can be found on the web at your dispense.