Everyone wants a deal! Most home shoppers have at some point whether they should be looking at foreclosed homes as an option in their home search. With foreclosures still making up over 10% of the inventory (and much more in some towns), they are still a staple in our CT market. But they are certainly not foreveryone!
You may be a good candidate to buy a foreclosed home if:
- You are prepared to deal with the red tape that surrounds these purchases and to jump through a lot of extra hoops and do a ton of extra paperwork.
- You have flexible financing or ideally cash to purchase the home. It is the rare foreclosed home that needs no work. If you have FHA, USDA or VA financing, your lender will expect the property you buy to meet certain property conditions. Access to cash or a rehab loan are always best when shopping foreclosures.
- Your timeline is flexible. Some lenders will want you to close very quickly and others may run into unexpected delays.
- You are prepared for the frustration of dealing with a very difficult seller. Don't expect a simple transaction here!
GET ALL YOUR FORECLOSURE BUYING QUESTIONS ANSWERED HERE!
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