Pre-auction questions and preparation


#1

I’m a newbie to all of this foreclosure stuff, and I have a few questions:

  1. Is there a way to see the inside of the property before the auction? - If so, who should I contact?
  2. I know that I have to put 10% down at the auction, but If I’m already pre-approved for a mortgage, can I use this towards buying property at an auction? (I live in CT)
  3. What is the quickest/best way to get the information that I need to know about the property before I think about purchasing it? (especially any money owed).
  4. Although I’m sure that it varies, what is the average length of time between winning a house at an auction, and being able to move in?

#2
  1. Not officially. Though it doesn’t hurt to knock on the door and try to talk your way in.
  2. In most states you have to pay 100% cash at the time of the sale, CT appears to be one of the few exceptions, with a typical required deposit of 10% The deposit must be in cash - a preapproval will not count.
  3. A title report from a title company or attorney would likely be best, but may not be quickest or cheapest. Alternatively you an seek local “abstractors” that do title searches or search the title yourself at the county recorders office.
  4. It appears there is a 90 redemption period in Connecticut, so I’d estimate 3-4 months.