Fairfield County Real Estate | Looking at Foreclosures?

Given some research and caution, these homes can be a great deal and opportunity for both buyers and investors. There are two ways to purchase a foreclosed home. (1) At auction (2) Bank lists the home with a Realtor® and places it on the open market. AKA: MLS

Auction Purchase: Things to consider - keep in mind you may not get an opportunity to inspect the property allowing you to identify potential issues. More often than not, a foreclosed property may have been vacant for a lenghty period of time. Opportunity for pipes to freeze and burst resulting in major property and mold damage, stripped of appliances, copper and mechanicals, or the uninvited squatters or tenants occuping the property. If they have no intention of leaving, you will be responsible for evicting them resulting in time, money and frustration.

More importantly, title may not be clean. There could be liens or other legal complexities, including last minute bankruptcy filed by the homeowner negating the foreclosure and/or your purchase. If you want to proceed with an auction purchase, please do your research and contact an Attorney for representation. For a list of local Attorneys that specialize in foreclosures, emailme@lisaandyou.com. In summary, things to consider when purchasing an auction property:

• Sold "AS IS"
• May not be able to preview prior to purchase
• May not be able to conduct inspections (building, septic, and etc.)
• Title may not be clean

Foreclosure marketed by a Realtor®: these properties carry far less risk, however, due to the deferred maintenance it makes it more difficult to secure a mortgage. If you're not a cash purchaser, you may qualify for a 203K Rehab Home Loan. Contact your lender for guidelines and restrictions or email financing@lisaandyou.com. In summary, things to consider when looking at foreclosed homes:

• Home typically sold "AS IS"
• Can reserve the right to conduct inspections (building, septic, and etc.)
• Should have clear title
• May qualify for a 203K Rehab Home Loan (if not a cash purchase)

For a list of available foreclosures in Fairfield County, email foreclosurelist@lisaandyou.com.

Information provided by Lisa Brown, Short Sale & REO Specialist at REMAX Unlimited Real Estate. Servicing Fairfield & New Haven County. Information provided as a courtesy ONLY, is not a warranty, and should be independently investigated by buyers.