Foreclosure in Connecticut>Question Details

Dr. Robert G…, Home Buyer in Ottawa, Canada

I am interested in moving to Connecticut from Ottawa Ontario and want to purchase a foreclosure home in the

Asked by Dr. Robert Gravelle, Ottawa, Canada Tue Mar 18, 2008

price range of $200,000.00. I would like 3 bedrooms, 1-2 bathrooms and a backyard. What homes are available. This purchase requires no financing.

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14
Dr. Gravelle,

There are bank owned properties available in all areas of Connecticut, and more coming on the market every day. However, banks are not giving these homes away for "pennies on the dollar". If the bank owned properties were sold that way the over-all value of area home prices would drop.

To ensure that you are purchasing/investing a property that will hold its value or increase in value in this market, it would be in best to consider the sales history of the property, how long has it been on the market?, was it on the market before it was bank-owned? and what are property sales doing in that general area?

Never scratch the surface when gathering information for a home purchase, (professional investors don't.)Get all the information in writing. You can even go to the town hall for records on the property...and if there is "a deal" to be made, don't hesitate. It is all about timing.

Even if you don't get an accepted offer the first time you negotiate on a property. Continue to monitor the property. If it is still sitting on the market after a while, re-visit the possibility of striking a deal. Again, it is all in the timing.

Being smart about buying property will make you a happy owner.

We can help. 203-221-0453

---RK Ruthman
Ruthman Real Estate
CT & NY Licensee
Web Reference: http://www.Ruthmanre.com
2 votes Thank Flag Link Thu Mar 20, 2008
Robert,

I find about 25 single family properties in the Greater Hartford area that are bank owned properties actively for sale meeting the criteria you indicated. The areas each home is in vary greatly and just because it's a foreclosure doesn't mean the price is reasonable.

You may want to also consider short sales, if you can stand the wait, or looking for properties in need of a little updating which can be found at a discount. Another option is to look for regular resales and submit low offers until you get a seller who's willing to bite.
1 vote Thank Flag Link Tue Mar 18, 2008
Hi Dr. Gravelle, please keep me in mind for any of your mortgage needs or questions. I have an A+ rating on the BBB and the lowest deliverable rate and fee combinations in the country. I am not going to give you the hard sell so if you are interested in an honest and highly recommended Mortgage professional please contact me.

All the best,

Fritz Walter
203-783-4551
fwalter@totalmortgage.com
0 votes Thank Flag Link Tue Aug 20, 2013
Dear Robert
There are many foreclosure properties as well as well priced homes available in most towns but you need to work with someone who knows the areas/towns to avoid like Stacey Brown. As a mortgage professional I would also highly recommend that you get pre-approved if you are planning on financing a property. I have been writing mortgages for 20 years and right now all the banks are very difficult to work with. Well qualified clients probably like yourself) are being stressed to the max when trying to get approvals. I have the experience to help you navigate all the "new rules" of banking. Please contact me when you are ready. pre-approvals cost you nothing and get you a full bank commitment. With foreclosures and short sales you need to be prepared to move quickly.

Jacquelien Brock VP
United Mortgage Finance
jacqui@united-mortgage.com
0 votes Thank Flag Link Tue May 20, 2008
Robert,

I am working with a couple of people, in addition to myself, on finding bank owned properties which would make good investments. I have been looking East of Hartfor, down to the shore in Groton. If you are interested, feel free to contact me.
Web Reference: http://www.ilmct.com
0 votes Thank Flag Link Thu May 15, 2008
Hi Robert,
I specialize in Hartford county and would be happy to send you listings that match your criteria. Please contact me at your convenience and I will set up a search for you. Looking forward to helping you....Amanda 860-916-2744 or aalbert@prudentialct.com
0 votes Thank Flag Link Wed Apr 23, 2008
Hi Robert, I am aware of several short sales in lower Fairfield County, CT. This is when an owner seeks to sell a piece of property for a price that is lower in value than what is owed for the property. Feel free to call or email me if you're interested.
Thanks,
Mike K.
0 votes Thank Flag Link Wed Apr 23, 2008
Why are you specifically looking for a forclosure home? They aren't always the bargain that prople expect them to be, and they have a few things to be careful of. When buying a REO, they typically come without and property condition disclosure reports, so you have to make sure you have a thouough inspection to be sure of what you are gtting into. The other thing to look into is the type of title you will receive at the closing. Many times you will only receive an insurable title, not a marketable title. This could have an affect on you when you decide to sell. You should talk to a GOOD real estate attorney about all of the possible conseqences.
I have am a real estate investor as well as a Realtor, and have worked with a lot of other investors that buy forclosure and short sale properties. These transactions have a lot of things involved that are lender-specific. I would recommend working with an agent that is familiar with the process and can guide you around the pitfalls. If you have any other questins, feel free to contact me.
Thanks
0 votes Thank Flag Link Wed Apr 23, 2008
peruse this website http://ctreal.com, looking for words like foreclosure, bank owned, etc. If those words do not show up, email me and I will put you on an automated search with comonly used words being the filter. As a new one shows up, you will get an email immeadiately.
0 votes Thank Flag Link Wed Apr 16, 2008
If you are interested in Fairfield County, please contact me at fmficarra@yahoo.com. There are many great opportunities available.
Thanks,
Faith Ficarra
0 votes Thank Flag Link Sun Apr 13, 2008
What area are you interested in? I am an agent/investor who works in New Haven county and have several preforeclosure/short sales pending that might fix your bill.

contact me with details: http://www.friendship-properties.com/contactus.htm
0 votes Thank Flag Link Sun Apr 13, 2008
I would the to help. I specialize in forcloser, where other agncies may have this claim. Call Greg Heineman at Trend 2000 Real Estate. (877)TREND-2000.

Broker/Owner
Web Reference: http://trend2000.com
0 votes Thank Flag Link Sun Mar 23, 2008
You might be interested in reading the post I recently wrote about buying a bank foreclosure in CT. You'll find the link below. There are many good values if you have patience and are willing to do some work.
0 votes Thank Flag Link Tue Mar 18, 2008
Many great homes are available in various towns. You would just need to identify what part of the state or town you are interested in and then it would be easy to locate some properties. I service Hartford county which is anything from the middle of the state and north up to Mass.
Web Reference: http://www.elsells.com
0 votes Thank Flag Link Tue Mar 18, 2008
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