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
Ruthman Real Estate
CT & NY Licensee
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.
All the best,
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
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.
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 firstname.lastname@example.org
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.
contact me with details: http://www.friendship-properties.com/contactus.htm