we want to buy a foreclosure property and rent it out,but the big question is how to find foreclosure property in milford,ct.?

Asked by mmanuguri, Milford, CT Tue Apr 30, 2013

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Fritz Walter, Agent, Milford, CT
Fri Aug 23, 2013
The Milford Realtors on Trulia are excellent so I know that you will find a solid investment property. If you are still in need of a mortgage or a competitive rate I have an A+ rating on the BBB and some of the lowest deliverable rate and fee combinations in the country. If you are interested in an honest and highly recommended Mortgage professional please contact me.

All the best,

Fritz Walter
VP of Retail Sales
Toll free: 800-359-1996 x551
Direct: 203-783-4551
Email: fwalter@totalmortgage.com
Alt email: fritz@post.Harvard.edu
NMLS ID: 387922
Visit my webpage: http://www.totalmortgage.com/bankers/fritz-walter/
Company Website: http://www.totalmortgage.com
Total Mortgage Services, LLC - NMLS #2764
Licensed in: CT, FL, MD, NJ, NC, SC, TX, VA
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Chris Lovejoy, Agent, Woodbridge, CT
Thu Aug 22, 2013
Buying a great value so that renting it out will earn you a good return on your investment is a sound and realistic objective. Home prices are still low and there are still some excellent values out there and the rental market in Milford is hot. It is a good idea to differentiate between a foreclosure, an REO and a short sale, however.

A foreclosure is a property that is sold at auction. Normally there is little or no access to the property before the sale, the title is not necessarily "clean" and it may have several liens attached to it that will be the responsibility of the new owner. These homes are sold at auction and require enough funds available immediately to cover the entire cost of the property. You must do your due diligence before taking on such a risk but if you have the cash and have done your research, these can be amazing deals.

A bank owned property or (REO) is owned by the bank but is sold through the multiple listing service using Realtors. These are sold like any other property in that the purchaser recieves a "clean" title with the liens taken off before close. The banks tend to look for offers with the least number of contingencies - a cash offer with no financing contingency tends to beat an offer that requires financing for instance. The bank also demands paperwork that is biased on the side of the bank. They appear very stubborn in demanding this, but when there are no other offers and the buyer is stubborn, they have been known to bend on their policies.

A short sale is when a seller owes more money than they can take away from the sale of their home. These sales require prior approval from the seller's lender and can take many months to close. Since a home must be in the foreclosure process for the bank to consider selling it short, often it is a race to close on a short sale before the foreclosure goes through or almost as frustrating, before the bank sells the note to another institution and the short sale process has to begin again from scratch!

Sometimes buying from a homeowner can be a better value than one of these distressed sales because with distressed sales, often a property has been neglected for years and there is a lot of maintanence and repairs needed. Working with a professional Realtor is the best way to find great values, both in distressed and non-distressed sales.

Good luck to you in reaching your goals!
0 votes
, ,
Wed Jul 24, 2013
Hi, I think you can still find a foreclosure or short sale pretty easily in this market. You should definitely consider working with a real estate agent who specializes in this because you will want to find the right property to fit your needs. Not every foreclosure in your price range would be the best buy for you. I would be happy to refer you to someone who not only specializes in buying foreclosures, but who could walk you through the process from purchase to repair to renting it out. Best of luck in your search!
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Ken D'Ademo, Agent, Milford, CT
Tue Apr 30, 2013
Believe it or not you may be a bit late, CNN Money reported today that on the average home prices have risen by 9.3%.
We are seeing the market turning around becoming a sellers market again. Inventory is down, which means that there are not as many homes on the market as there have been over the past few years. If you are planning to buy a foreclosure, be prepared to have to invest money into the property, even homes sold by Fannie Mae and Freddie Mac through Homepath will need work, and all foreclosures are sold AS-IS.
Have you been a landlord before? If not, it's not all peaches and cream with money rolling in, you should read up on being a landlord, know the laws, and have a real estate attorney who can help you draw up an iron clad lease agreement to protect you.
Although I practice in the Atlanta, I am a licensed REALTOR in Connecticut since 2006 and an Associate Broker in Georgia since 2010. I also happen to know the two REALTORS who answered before me, and are also well qualified to help you in your search. I highly recommend you contact one of them to discuss further. Best of Luck in your search!!
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Babita Singh, Agent, Milford, CT
Tue Apr 30, 2013
Mr. Manuguri - I can help you in searching foreclosure, short sale properties. I have worked with many investores in the past.
My cell is 203-685-4457 and my email is babita.singh@raveis.com. Please call me or email we can discuss about the buying option for the investment property.
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Carolyn Nisi…, Agent, Fairfield, CA
Tue Apr 30, 2013
Great question. There are two ways to find properties that are bank foreclosures or Short Sales (owners who need to sell and are behind on their mortgage).
One, look in the local and state papers to find the Notices on homes that are about to foreclose and go to the court or auction.
Two, Use a Top Agent who know how to write the offer so you don't loose the property. A good, knowledgeable agent knows what you need to do to be first in line with the bank and how to structure the offer.
There are not as many homes on the market in Milford that are bank owned. And there are a lot of investors out there looking to scoop up good properties. So you have a lot of competition.
I would be happy to discuss the possibilites with you.
Please give me a call to go over your options. I can help you get that income property.

Carolyn Nisita, Honor Society
Top Producer, Chairman's Elite
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