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Norwalk Real Estate Foreclosures

Today, prospective homebuyers are much more aware of how complex the real estate market has become.  The possibility of finding one-of-a-kind deals due to foreclosures and short sales is currently a strong motivator for those considering purchasing real estate, especially in fine residential communities like Norwalk Connecticut.  Norwalk real estate foreclosures are indeed available but it is important to understand the full picture of the investment. A foreclosure home is in essence a home that has been repossessed– an event that occurs when the homeowner is unable to meet his or her mortgage terms and ultimately defaults on the loan.  As banks and lenders are not keen on having real estate properties on their books, they will attempt a foreclosures auction in order to move the property even at an initial loss.  When a foreclosure auction is unsuccessful, the property becomes a real estate owned (REO) or banked owned home. There are some pre-foreclosure options for distressed homeowners who wish to avoid the Norwalk real estate foreclosuresprocess. A short sale for example is a method for both the distressed owner and the bank to minimize their losses.  By selling the home at a price lower than the outstanding loan, banks free themselves of having to manage real estate, and owners avoid the negative effects of a foreclosure on their credit. Buyers searching for Norwalk real estate foreclosures should also consider the short sale and REO market.  Foreclosures are incredibly attractive because of the price reduction, but short sale and REO homes provide the opportunity to view the property before the sale occurs.  Either way, working with a professional REALTOR® will maximize the potential of your investment. For more information, contact The Property Network today.



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