Foreclosures are bad news for banks and delinquent homeowners, but they can offer the best real estate deals in town for the rest of us.
CT Houses, CT condominiums, vacant lots, warehouses, office buildings and even factories can all be purchased after a foreclosure. Problem is, well-informed investors often snap up the premium deals before the general public knows about them. But you can compete if you know what you’re looking for.
There are three main opportunities for finding a good deal on a foreclosure – talk to your real estate broker for assistance in this process:
Opportunity 1 – Distress. These properties are the hardest to find until you know where to search. Drive around and look for vacated premises and properties that aren’t being kept up – un-mowed lawns, poorly maintained siding and overgrown shrubs. They are likely candidates for foreclosure.
Then, scour the public records to find the owners and get in touch with them. Often, the property has become a headache and the owner is ready to dump it. That’s obviously to your advantage in negotiating a good deal. If the property is not bank owned your real estate agent would be the best option to obtaining additional information and help you with obtaining the property.
Opportunity 2 – Public postings. During foreclosure, properties are listed in newspapers. If you find one you like, contact the lender and the owner? Both must agree to any deal. You need to pay any arrears and then assume the mortgage to take ownership.
Caution: Don’t move until you have the signatures of the lender and the owner.
Opportunity 3 – Repossession. At this point the banks have taken possession and are eager to get rid of the properties because they aren’t making any money on them. Get lists of Real Estate Owned (REO) properties from banks.
The banks may have set sale prices on the properties, but they are sometimes negotiable. Get to know your bankers and ask them to tell you about promising properties as soon as they are available.
With a little foresight and work, you can beat the pack and wind up with a good deal on a long-term investment or second home. And once you find a property you like, check with your financial adviser and some real estate pros to be sure it’s a worthwhile investment and fits in with your long-range financial strategy.
About Deborah Laemmerhirt
Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground.
Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game.
I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers.
As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible.
My services include:
Explaining the home selling and buying process thoroughly
Diligently selecting homes that meets your criteria
Pricing your home correctly and implementing a unique yet proven marketing plan
Negotiating on your behalf
Tracking the closing process to ensure a smooth transaction
I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process.
I specialize in both Residential and Commercial Properties.
I also head a Real Estate Group to provide you with expert service and support.
Areas of Expertise
Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings.
I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.
