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Foreclosure in West Hartford : Real Estate Advice

  • All75
  • Local Info4
  • Home Buying29
  • Home Selling3
  • Market Conditions2

Activity 6
Sat Mar 31, 2012
Brent Bell answered:
You heard about this property 2 months before it was listed in the Multiple Listing Service (6/7/2011). There are now foreclosure properties coming on the market every month in New England. Almost all of them are listed with realtors, so they are easy to find in the MLS.

If you want a search of only short sales or only bank owned properties, I can set that up and send it to your email as soon as new properties are introduced to the market.

10 Gerthmere finally accepted a contract on 2/2/2012, after 240 days on the market...
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Sat Mar 31, 2012
Brent Bell answered:
Banks are realizing that they lose far less money by facilitating a short sale than by foreclosing on a property. As a result, short sales are becoming more prevalent and processing times are decreasing. For a short sale to be productive, a buyer must be patient--often waiting 8-12 weeks for the initial offer to be approved by the creditors. If you can afford to wait and to buy a property in "as is" condition, you can save thousands by buying a short sale.

Most foreclosures are listed in the MLS, so there are fewer auctions. The amount down depends on the mortgage you will choose---some foreclosures are in strong enough condition to allow 3.5% down and FHA financing (below 700 credit score can still work), but many foreclosures need more work---which means you need more $$$ down and more $$$ in reserves.
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Sat Mar 31, 2012
Brent Bell answered:
The first way to find agent experts in the short sale process is to look for verifiable education--- which agents hold the SFR and/or CDPE designations. Second, talk to these agents about their approach to short sales; strong listing agents will have a short sale negotiator involved from the very beginning of the listing process; strong buyer agents will know what questions to ask of the listing agent before you even make an offer on a potential short sale (i.e. how many liens are on the property?--if there is only one deficient mortgage you chances of success are much better than another property with 3 mortgages and 2 mechanics liens).

You should be able to tell after an initial interview if you have found an agent who proclaims themself as an expert or an agent who understands the process and how a good agent adds value to this process!
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Mon Apr 11, 2011
Seth Winkleman answered:
Currently 10 Gerthmere is a bank-owned property in West Hartford.

Here is some more info:

Style: : Split Level Acres: : .4
Year Built: : 1956 Total Units: : 1
Stories: : 1 Building Sq Ft: : 1,306
Fireplaces: : 1 Condition: : Good
Gross Bldg Area: : 2,746 # of Buildings: : 1
Total Rooms: : 6 Exterior: : Aluminum/Vinyl
Porch: : Enclosed Porch Bedrooms: : 3
Garage Type: : Basement Full Baths: : 2
Roof Material: : Built-Up Half Baths: : 1
No. Parking Spaces: : 2 Heat Type: : Forced Air
Total Baths: : 3 Basement Type: : Finished
Basement Sq Feet: : 1160 Impr Bsemt Area: : 280
Effective Year Built: : 1956

It is not currently for sale. TD Bank North is the bank that owns the property. If you would like any more information than I have mentioned. You can call or text me at 860-985-5816
Seth Winkleman
Prudential CT

or email

SethWinkleman@PrudentialCT.com
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Thu Jan 21, 2010
Brent Bell answered:
Gemii,

The banks determine value of a house by hiring an appraiser to determine their "professional opinion of value." The appraiser primarily uses the "comparable sales approach," meaning that they find the most recent 3 sales which they believe are most comparable to the subject property and adjust for variations in size, amenities and condition.

Most potential buyers and sellers of property hire a realtor to determine "estimated market value" of a home as part of either making an offer to purchase the property or deciding what price to ask when placing a home on the market for sale. The more of these comparable properties the realtor has actually visited and the more experience the realtor has in that market area, the better the quality of this estimate. Many realtors will complete a Comparable Market Analysis (CMA) as part of the process of representing the buyer or seller on a property. This CMA should give you overall market statistics as well as showing you which properties the realtor believes are most comparable to yours.

Please remember that values change over time, as the interest rates, condition of the property itself and overall market conditions are all constantly in flux.

To see other homes on the market and their asking prices, you could visit www.CTReal.com. To learn more about the buying or selling process and to check overall market activity, please visit my blog.
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Mon Dec 29, 2008
Fran Rokicki answered:
Brighton,

Hello. I have used Foreclosure.com and found them to be informative. Other than that, I would Google, foreclosed homes in whatever town you are interested in. For example: Hartford Ct Foreclosures

Hope this helps you to find that home!
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