Top Tips For Buying A Connecticut Foreclosure Home

If you manage to buy a Connecticut foreclosure home

, then you can end up saving big money on the cost of your new home. In fact, some foreclosures sell for up to 40 per cent below market value. More normally though they end up selling at 5-10 per cent below the market price. Before you do try to by a foreclosure though, there are a number of things that you should be aware of.

The first thing to have in mind when you are looking at buying foreclosures is that you need to keep a level head. Do not get all caught up in the process and end up buying a home that is not appropriate for you simply because of the price. You should also avoid getting stuck in a bidding war, which will just drive up the cost of the home.

If you are really serious about finding a great foreclosure home you can try contacting asset managers at banks directly. If they know that you are on the look out, you could find yourself being offered first bite of the cherry on upcoming sales.

So that you can move quickly with the purchase of a home when it becomes available, you should go to your lender and apply for pre-approval on a loan. If you have this in order beforehand you can get the details on the purchase worked out faster and this may also work to make you a favorite if you are not the only bidder on a home.

Before placing a bid on a foreclosure home, make sure that you have taken into account the type of maintenance and repairs that may need to be done on the house. In many cases since the foreclosure homes have come onto the market because the owners could not make the home repayments they may not have been keeping up with the maintenance of the house to a satisfactory degree either. If there are things that you will need to do to fix the home up, then you will need to factor those into your decision to buy the house.

Sales on foreclosures often go ahead very quickly since the bank wants to recoup their money. It may be difficult to be able to consider all the points in the paperwork process in the short time. For this reason it is a very good idea to hire a real estate lawyer to help you with the process.

Quite often it pays to wait a few days to make an offer on a foreclosure home that has just come onto the market. This gives others the chance to jump in with offers and you can observe how the bidding process is going to occur. Avoid starting a bidding war as that just drives up the price for you. Before you do place a bid you should tour the property with an engineer who can look at the state of the house to ensure that it is in good condition structurally. The small investment in an engineer inspection could end up saving you major headaches.

If you use some of these tips, then you are likely to be much more successful in your bid to buy a Connecticut foreclosure home. There is huge potential for cost savings when you handle the process of buying a foreclosure correctly.

by: Jack Bennington

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