Stamford Foreclosed Homes and Houses for Sale at government foreclosures and auctions are open to the general public who can buy a property at heavily discounted prices at these property auctions. If you have a budget which can only get you a small brand new house when you really need a bigger one then the government foreclosures in Stamford are the best alternative there is. If you go in for a new house it will cost you at least twice as much as a foreclosure home, so it is wiser to get a bigger and better deal with a foreclosure property. Stamford is located in Fairfield County in Connecticut and is the fourth biggest city in this state. This city is also among the more affluent cities in the country and has been ranked 46th among the best places in the Untied States to live in.
What is a government foreclosure?
Government foreclosures happen when home owners fail to repay their mortgage or default in paying up their taxes and have their properties foreclosed or confiscated to resell them and recover the amount which is owed by the owner to the government of to a bank. These properties are sold at heavily discounted prices as they are distress sales. Banks foreclose properties when the repayment of loans is defaulted and once this is delayed further the property is handed over to various property auctions to sell it and recover the loan amount.
Locating government foreclosure homes
You can locate government foreclosure properties at real estate listing auctions, in your local real estate newsletter and magazines, and on the internet. Searching for foreclosure properties on the internet will give you more information than you bargained for and you will have to make a note of the homes which are of interest to you and save this information or else you can loose it all. Make sure to keep a record of the properties which you want to follow up on and also the contact details of the agency or website so that you can revert to them again. You could also go through your local real estate agent to find a foreclosure home for yourself.
Do some research on the property
Remember that foreclosure laws differ from one state to another and you should know what you are getting into. Apart from this you have to inspect the house you are planning on buying because you have to know the true condition of this property. Do not go by the outward look but get expert advice on the condition of the house. Someone who knows about constructions, plumbing and electrical wiring should guide you with this inspection. This will give you a clue to the amount of repairs you will have to do on the house as soon as you buy it and how much it will cost you. Getting expert advice from a qualified person is an advantage because this will save you a lot of tension and stress later.