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I want to buy a foreclosure!
"I want to buy a foreclosure!" We probably hear this from people at least once a week. However, when we ask what they mean "buy a foreclosure" most people don't really know.  We like to break it down as follows:
 
Foreclosure Auction:
In Connecticut, when a property has more value than the outstanding mortgage and the homeowner falls behind on their payments, the lender can get a court to approve a public auction of the property. These auctions will be listed in the local paper. The risks involved in buying a property this way include: you must bring a 10% deposit to the auction, sometimes you cannot inspect the property prior to the auction, there are no inspection contingencies, there are not mortgage contingencies and you must close in as little as 30 days after the auction. Buying at auctions is often left to the professionals. Additionally, since the mortgage holders are often owed very high amounts of money on properties with very little equity, the banks or mortgage holders are often the buyer at the auctions and will resell the properties a few months later as a bank owned home.
Bank owned homes, REO, or corporate owned:
These are ... more

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