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Foreclosure in West Hartford : Real Estate Advice

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

Activity 3
Sat Mar 31, 2012
Rob Rosa answered:
Hi Keith, I am definitely an expert on short sales and foreclosures. I have been working on these types of transactions for more than 4 years. I already have a good relationship with many banks since I also do Broker Pricing Opinions for them. If you would like to talk more please feel free to give me a call at 860-558-2122. ... more
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Sat Mar 31, 2012
Ralph Ovalle answered:
Hi Rachel,

"Best time to buy" varies greatly depending on one's goals.
Frequent pre-closure situations are listed properties with a Realtor, as the homeowners may attempt to sell before reaching foreclosure and/or work a Short Sale situation out with their lender. Buying then may be a great situation if the property in question meets all your Wants and Needs.

Once in REO, the lender doesn't want to keep the property, of course, so making offers then can work to the ultimate financial advantage. But waiting until then risks losing the property to another buyer, so if it is 'the ideal new home" for you, you may not want to wait until the 11th hour and risk not winning your offer.

Auction down payment percentages are usually pre-set and in the notice of auction. The value set is usually 10% of what the market value is deemed to be.

Down payments offered in pre-foreclosure or for an REO property listed in the MLS are negotiable items and your Realtor representing you can counsel you on that we you contemplate composing an offer. If your down-payment question was related to down payment minumums to be eligible for mortgage financing programs, then that can easily be determined in conversation with a mortgage consultant based on your individual financial situation.

Did this help?

Good luck,
Ralph
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Sat Jul 24, 2010
Laurie Murray answered:
Hi Brighton-- Unfortunately, there is no easy way to find foreclosure properties for free. The internet sites that you mention will continue to bombard you with their marketing materials. Many times, their information is outdated and by the time the information gets to you (the consumer) properties have already been sold. Perhaps you could visit the town hall daily or weekly to check on "lis pendis" filings on properties where foreclosure is imminent. However, As far as auction properties go, there are definitely risks involved. The auction process is tricky and the phrase "let the buyer beware" is the bank's mantra. You usually only have an opportunity to walk-through the property an hour or so before the auction and there is no allowance for home inspection after the purchase. You must bring a certified check for the amount specified in the auction notice (usually 10% of anticipated purchase price) and there is no turning back once you bid. There is no financing contingency (which means if you can’t obtain a mortgage after your bid is accepted, then you’ll forfeit any deposits). If there are outstanding liens against the property, it’s possible that the new owners could inherit these liens. Keep in mind that homes that don’t sell at auction are usually eventually listed in the Multiple Listing Service (MLS). This is a much safer way to go for most buyers because you can include home inspection and mortgage contingencies in your purchase offer. If you work with an experienced real estate agent, he or she can notify you of new short-sale or bank-owned listings as they become available and guide you through the purchase process. There are definitely some good buys out there and as a savvy consumer you should be able to benefit on the buy side. Let me know if you'd like additional information or assistance. Laurie Murray, REALTOR, Keller Williams Realty, (860) 212-8305. ... more
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