Over the past several years, the effects of the global economic downturn have been felt across the country, especially in local real estate markets. This is no different in Waterbury, CT, where there are a growing number of distressed properties that are appearing in property listings with labels such as foreclosure, short sale, REO and HUD. While this is an unfortunate trend for current homeowners, Waterbury foreclosures can be an advantageous investment for some enterprising homebuyers.
A foreclosure results when a distressed homeowner is unable to maintain his or her mortgage payments and eventually defaults on the loan. The lender, typically a bank, then forecloses on the property, effectively repossessing it and then putting it up for auction. Buyers interested in Waterbury CT Real Estate can find foreclosures being sold off for unheard of discounts, and at prices that can even be less than the outstanding mortgage. But Waterbury foreclosures do come with some limitations, such as not being able to inspect the property beforehand and being required to purchase it in cash and in full.
Waterbury Foreclosure Property
With so many unique challenges associated with a Waterbury foreclosure property, a prospective buyer is best served by a Realtor® and distressed property expert who has unparalleled experience in identifying the foreclosures with the most potential and taking care of all the necessary steps to secure it. Buyers may also wish to partner with a professional to explore government owned Waterbury CT HUD Homes, which offer advantages such as being able to inspect the property and purchase it with a mortgage.
For more information regarding Waterbury foreclosures, connect with Edite Calabrese – the leading distressed property specialist at Realty Executives ICON – today.
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