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It seemed like a great deal at first: A four-bedroom Connecticut home valued at $820,000 sold for just $525,000 at a foreclosure auction earlier this month (1), according to the New York Times.
Sure, the house was overgrown with vegetation, the owners hadn’t been seen by neighbors “in years,” and the house went into foreclosure last August after said owners mysteriously stopped paying their mortgage and never publicly acknowledged the foreclosure (2).
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All of the signs — including a literal “Keep Out” sign that mysteriously popped up on the property — pointed to something strange afoot, but not enough to prevent the sale from going through, NBC CT reports (3).
But when the new owner, Edward Marchion, entered the home on June 14 and found three sets of skeletal remains (1), it became clear that this was no ordinary real estate transaction.
On June 22, police announced that they’d identified two of the skeletal remains as 54-year-old Sally Ann Cash and her 23-year-old son Brian Cash (4). The third body is still being identified. Sally Ann Cash, however, was one of the listed owners of the home prior to the foreclosure, along with her husband, Paul Cash. No cause of death was given and police do not suspect foul play.
According to reporting from CT Insider, three state agencies are investigating the deaths. A carbon monoxide gas leak was identified as a potential culprit, but firefighters did not detect any on the premises after the bodies were discovered — an expected result, as utilities had been turned off for months. The mortgage had not been paid since December 2024 (5) and the Cashes had fallen out of touch with friends and family (6), CT Insider reports.
Attorney Christopher Thogmartin, who managed the sale and filed a court motion before the remains were identified, called the situation a “disturbing mystery (7).” He also told Moneywise that there’s a chance the foreclosure could be invalidated because of the discovery.
“The short version is that the owners would have had to have been deceased back in August of 2025, when the bank filed a notice of lis pendens on the land records,” he said. “Given the state of the remains, this could be a possibility.”
What it means to buy a home “as-is”
The situation with the Burlington home, though extreme, does highlight the potential complications when purchasing a home as-is, such as at a foreclosure auction.
Owners may sell as-is because they inherited the property, can’t afford repairs (8), attracted interest from investors (9), or simply need a quick sale.
Foreclosures most often also fall into the same “as-is” category, as the banks or lenders have taken ownership after a mortgage default or and simply want to make some of their money back.
Purchasing a home as-is comes with advantages. Zillow noted that as-is homes can sell for 10-20% below market value due to the risk that the buyer takes and potential repairs required after purchase (9). Foreclosed homes, meanwhile, can go for as much as 30% below market value (10) (for the Connecticut home, it was 36% less).
For investors and flippers, those on a tight budget, or even buyers who need to find a home fast, as-is purchases, including foreclosures, can be a viable option for getting into the market and — especially if you’re planning to flip the property — make a decent profit.
But buyer beware: once you sign on the dotted line, it’s yours. If you didn’t do your due diligence beforehand, and the seller didn’t technically deceive you, you’re stuck. Which means if it comes to light later that there’s asbestos in the walls, or repair costs will be through the (damaged) roof, that’s your problem now.
Aside from potentially getting stuck with the ultimate fixer-upper, buying a home as-is could also limit your ability to qualify for home loans or financing (11).
What to do before buying a home as-is
One of the first things to do before buying a home as-is to schedule a home inspection. Many experts point out that even if the seller doesn’t plan to fix any defects, a thorough inspection ensures that you, at least, have the best possible idea of what added costs might await you, and if the property is worth the expense.
To that end, sellers are also required to disclose any known issues or problems with the property (11).
Perhaps unsurprisingly, the Burlington house where the skeletal remains were found was purchased without an inspection — though it’s unclear why none took place (1).
Chase Bank, meanwhile, suggests negotiating the final price with the seller after the inspection and factoring in potential repair costs into the price (12). It’s also important, they note, to ensure that “the home meets minimum property requirements required by your lender, typically through a home appraisal (12).”
Others warn about potential complicated legal issues popping up with foreclosed properties, such as homes with tax or HOA liens that could complicate the title (10).
Working with an experienced real estate attorney and paying for a title search of the home (13), can save you time and lots of headaches. That will alert you to any liens on the home.
Overall, it’s important to weigh your ability to handle the financial risk with the potential issues that could crop up even after a thorough inspection — which can help you avoid the nasty experience of discovering your new fixer upper is actually a money pit with no possibility of a refund.
Still, Thogmartin cautioned Moneywise that “In this day and age, with housing at such a premium, the odds of finding, much less winning a ‘good deal’ at a foreclosure auction are somewhat remote.”
He advised that “There may be some [difference] between what a professional flipper would be willing to pay and what someone might be willing to pay to purchase a home for themselves, but those opportunities are few and far between.”
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
New York Times (1); CT Insider (2), (5), (6), (7); NBC Connecticut (3); WFSB (4); Realtor (8); Zillow (9); Alex Cooper (10); The Federal Savings Bank (11); Chase (12); Homelight (13)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
