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How can you buy foreclosed or inexpensive real estate property in Connecticut?
Wiki User
∙ 12y ago
Omg omg idk but i lov ct i waz born there!
Find a CT real estate agent and talk to them - they should be able to direct you to the inexpensive real estate listings.
Wiki User
∙ 12y ago
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What does foreclosed real estate mean?
Foreclosed real estate is a property which may or may not include a domicile that was repossessed by a bank or other lender organization because the original leinholder went into default either directly with the bank or to a third party (i.e. the state)
Is an adult child of a deceased parent responsible for foreclosure debts?
Not unless they were listed on the deed of the property that was foreclosed. The estate is responsible for settling the debts.
What are the benefits of buying a foreclosed property?
Generally foreclosed properties are cheaper to purchase because the bank is trying to offload them immediately to recoup their lost funds. They are a common entry point for people looking to join the real estate market.
Can the deck be taken from a foreclosed home?
No. Once a deck is installed it is "real property" and becomes part of the real estate. If it were just "lumber" & blocks it would be personal property but once built and attached to the land or house it becomes part of the property.
Will the excess amount in foreclosing real estate mortgage given to th mortgage or not?
I'm not sure this question was complete, but the answer is that any excess equity after a property is foreclosed will go to the prior homeowner. In other words, if a home is foreclosed and the home sells at auction for more than was owed to the bank, the excess will go to the homeowner who was foreclosed upon. Keep in mind many fees and charges may be attached to a foreclosure, so the equity may be limited.
Can cupboards be removed from a foreclosed home?
Not if they are "built-in". Once they are attached to the property they become a "fixture" and become part of the "real estate".
Making Smart Real Estate Investments?
With over 1 million foreclosed homes available for purchase in the United States, it is no wonder investors are quickly snapping them up. To get a piece of the real estate pie, you should consider investing in a foreclosed property. Foreclosed properties are also referred to as "fixer uppers," because they can require some maintenance work before they can be sold again. Before you purchase a foreclosure to fix up and resell, consider these tips to make the smartest real estate investment choice possible.Choose a Good Location Just because a foreclosed property is dirt cheap does not mean it will yield a profit. Make sure the foreclosed property is in a good area. If it is in a poverty-stricken area of a large city, then the foreclosed property is not a good real estate investment. However, if the foreclosed property is located in a suburb with a good school district, then this may make the perfect real estate investment.Make Sure Repairs Are Affordable Some foreclosed properties are only thousands of dollars, but they require hundreds of thousands of dollars in repairs. There was a case in Florida, where a proud homeowner bought a foreclosed property for only a few thousand dollars. The property was located in a beautiful area of Florida. However, upon arriving to the property, the owner discovered the house was filled with over 300 snakes. This is just one of the example of what may be lurking behind the door of a foreclosed property. A foreclosed property is not worth the investment if it will require substantial pest control services or maintenance work.Have Cash Ready If you can pay for a foreclosed property with cash, then you may be able to beat out investors. One of the most difficult parts of buying a foreclosed property is beating out investors. If you can pay for the entire home with cash, then you will stand a chance in buying the property.Investigate the AreaBe sure to do your due diligence on the area and make sure no sex offenders are located near the home. Searching the sex offender registry in your area is one way to determine if sex offenders live in close proximity to a foreclosed property. Buyers do not want to buy a home that is unsafe for their children.To make a wise real estate investment, consider these four tips before you purchase a foreclosed property.
What does foreclosed real estate mean?
Foreclosed real estate is a property which may or may not include a domicile that was repossessed by a bank or other lender organization because the original leinholder went into default either directly with the bank or to a third party (i.e. the state)
How can you buy an investment property?
You can purchase an investment property either through a local real estate agent or through a bank selling foreclosed homes. The foreclosed home route offers you a cheap entry point compared to most other options.
Does the furniture go with the condo you foreclosed on?
In a foreclosure ONLY the real estate is affected. Unless the condo was originally purchased fully furnished - the furnishings are the personal property of the owner who was foreclosed on and are not subject to seizure by the lender.
Where online can real estate in Connecticut be viewed?
Those looking for images of available real estate in the state of Connecticut have options on the web. These sites include Realtor, Property Shark, and Courant.
Is an adult child of a deceased parent responsible for foreclosure debts?
Not unless they were listed on the deed of the property that was foreclosed. The estate is responsible for settling the debts.
What happens if a property is foreclosed and you have a life estate?
That depends on whether you consented to the mortgage. If you signed the mortgage you transferred your life estate to the bank during the period the mortgage was unpaid. If the mortgage went into default the bank can take possession of the property and wipe out your life estate. If you did not sign the mortgage the bank would take possession of the property subject to your life estate and your right to the use and possession of the property would continue.
What are the benefits of buying a foreclosed property?
Generally foreclosed properties are cheaper to purchase because the bank is trying to offload them immediately to recoup their lost funds. They are a common entry point for people looking to join the real estate market.
If you live in Florida but your will is in Connecticut will the taxes be in Connecticut or Florida?
Florida should have the right to tax the estate, except that Connecticut can tax real property located in Connecticut. U.S. constitutional provisions prevent Connecticut from taxing assets of a Florida resident (except for Connecticut real property). If the (future) decedent lives in Florida, the estate will be probated (and taxed) in Florida. The primary location of probate is based on the residence of the decedent, not the location of the property or the physical location of the most recent Will.If the Will was filed with probate in Connecticut by the decedent's attorney, but the decedent subsequently moved to Florida, the Will may be obtained by contacting the appropriate Connecticut Probate Court. Note that in Connecticut, Probate Courts are not based on County, but by Town. (As of 2009 consolidation of the Courts is currently being debated.)As mentioned above, a partial estate would need to be opened in Connecticut to settle the title of any real property in Connecticut.
How does a surety agreement work in a real estate mortgage in case of foreclosure?
It may be enforced through a lawsuit if the foreclosed property is not sufficient to pay the actual debt.
Can the deck be taken from a foreclosed home?
No. Once a deck is installed it is "real property" and becomes part of the real estate. If it were just "lumber" & blocks it would be personal property but once built and attached to the land or house it becomes part of the property.
