It's been over a year since I wrote the blog post "Connecticut Foreclosures and Sainthood." Sadly, many more foreclosures have come on the market and I've gained more foreclosure experience. There are some great deals on homes that have been foreclosed, many of them are being sold far under market value. In some cases, with repairs and a little elbow grease a buyer can gain instant equity.
As I said back then, you must have the patience of a saint to buy a bank foreclosure. Here's the rub. I have found in many situations that first time home buyers just don't have the patience to put up with all the frustrations that come with buying a foreclosed property. Quite often, while the buyer is waiting for an answer on his offer, another offer comes in. They get mad at the listing agent. Sometimes that's me.
Today I had an agent send me a nasty email about the wait. He said it made me look bad since I represented the bank. I suggested he read my blog post "Connecticut Foreclosures and Sainthood." He didn't appreciate my sense of humor probably because he doesn't have one.
I've seen first time home buyers give up and move on before the bank finally responds to their offer. On the other hand, investors aka flippers, will wait patiently for a response. I like when my bank foreclosure listings sell and I appreciate the investors who make offers, cash in hand. It is nice however, when a first time buyer gets a great deal.
It just doesn't happen often enough.
Looking for a home or have one to sell? Linda services Eastern CT including Gales Ferry, Ledyard, Groton, Montville, Stonington, Mystic, Waterford, East Lyme, New London and Norwich. You can search for homes all over Connecticut by visiting Linda's HOME FINDER website. Linda can be reached by email at LindaCDavis@comcast.net or you can find her just about everywhere on the internet.
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