Financing in 06082>Question Details

Valeriegalin…, Home Buyer in Enfield, CT

Can chfa loans be obtained for buying homes at auction like a hudson and marshall auction?

Asked by Valeriegalinski, Enfield, CT Sun Apr 10, 2011

We wont consider a hudson and marshall auction because their terms and conditions state injury to the seller or buyer if they have a failure to produce the amount owed at auction. However, we would like to know how the banks lend money for forclosure auctions.

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You would have to get a loan secured before you put in an offer. The bank requires a cashiers check as a deposit. Foreclosures are very risky. You have to make sure all their taxes have been paid, that there are no liens on the property, it is very important to have a clean title. I would definitely consult a good attorney. If you need any referrals give me a call Seth Winkleman 860-985-5816 SethWinkleman@PrudentialCT.com I work with a lot of bank-owned properties!
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