| So you want to buy a home in Connecticut and are | | | | any reason, you will probably not be entitled to a |
| considering finding one of the CT foreclosure listings | | | | refund of your deposit. So you should be sure that if |
| available. That may very well be a good choice. Due | | | | you bid on the home you are absolutely commit ed to |
| to the economic downturn and the recent housing | | | | following through with the transaction or you are out of |
| crisis, the number of CT foreclosure listings has | | | | luck. |
| skyrocketed over the past year and a half creating | | | | Also, when you look at the CT foreclosure listings |
| some real bargains for home buyers. You may be | | | | either on line or in the newspapers, you may not get all |
| able to save up to fifty or sixty percent by purchasing | | | | of the information you need to make a solid decision |
| a foreclosure. | | | | about the home's quality. You should take extra |
| But other than searching through all of the CT | | | | precautions to insure that the interior of the home is in |
| foreclosure listings and buying a home, there are some | | | | good working order and that it will not require a great |
| important facts that you should be aware of. When | | | | deal of effort to fix. |
| you buy a foreclosure either in Connecticut or | | | | If you are not the type of person who is good at or |
| anywhere else, you may not have all the same rights | | | | enjoys home maintenance work, you may want to |
| as you would if you purchased a home the typical | | | | stay away from fixer uppers. Also, in this tight |
| way. Often times when you buy a foreclosed | | | | mortgage market, money to fix up a home after you |
| property you may not even be entitled to a home | | | | move in will probably not be available, so you should be |
| inspection or appraisal. | | | | careful to stay away from a home that needs work if |
| The cities of Bridgeport, Hartford, New Haven and | | | | you are not prepared financially. |
| Waterbury offer the greatest number of foreclosure | | | | If you want to finance a CT foreclosure listing |
| listings in Connecticut, but there are also a a great | | | | property, your best bet right now is probably through |
| number of homes to choose from in the suburbs as | | | | the FHA especially if you do not have a great deal of |
| well. And the number of available foreclosed properties | | | | money for a down payment. Through the FHA you |
| in Connecticut seems to be growing. | | | | can buy a home with as little as 3% down payment |
| In March of this year (2009) according to the New | | | | which is terrific for first time home buyers. You can get |
| York Times, 4.8 percent of homeowners in CT were | | | | an FHA loan through most mortgage lenders. Be sure |
| at least 90 days late on their mortgage up from 2.7 | | | | to ask for one if it isn't offered to you by your loan |
| percent a year earlier. This makes CT number 13 on | | | | officer. |
| the national foreclosure rate list. So the inventory is | | | | So, go ahead and look through the CT foreclosure |
| definitely out there. | | | | listings and find yourself a nice new home. Just make |
| If you choose to buy your home at auction, you will be | | | | sure that all your ducks are in a row and that the |
| required to offer a very large cash deposit at the | | | | home you own does not end up owning you. |
| auction. Should you not be able to buy the home for | | | | |