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Foreclosures for sale in Southern Litchfield County, CT.
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23 Comments on Rode hard and put away wet, but are they a deal?
Good morning Andrea - buyers of foreclosures need experienced agents to help them cross these muddy waters for sure!
The balance between the risk and the reward, some very definite risks and lots of necessary work upfront to buy a foreclosed house.
The damage and upkeep is why so many banks went to the short sale tactics back in 2010. And that's a great tip about the septic systems Andrea. True words!
You are absolutely spot on Andrea. Foreclosures are tough. There is almost always something wrong with them. Congrats on a well deserved feature.
Andrea, buyers need to be educated up front as to what they may be getting into when purchasing a foreclosure. This post sums it up nicely.
Hi Andrea. Nice feature! Seems people think that the foreclosure is always a bargain. No so, if they don't know what they are getting into.
Andrea, I believe there are less unknowns with a short dale than a foreclosure. Usually they are occupied so everything can be thoroughly tested and a better decision is made.
Whinny, neigh neigh. It is important to walk and cool down before putting the horse back in the box or standing stall. Pasture.
Ed, thank you and I wish you the same in 2013.
Roger, Roger, always a surprise at every turn! Thank you.
Ki, there are deals, if the person can handle the deal at the end of the day. Thank you.
Bob, there are some that are a deal, some that have been well cared for, and the others... well... the dog house would be a better deal. Thank you.
Wayne & Jean, they do require guidance for the inexperienced buyer.
Morgan, one must weigh the risk and benefit before diving in the foreclosure waters.
Jay, there are some septic inspectors who do not admit this, and it bothers me to no end. Winter makes it difficult enough to inspect both a home and septic, but a vacant home takes skill and plenty of honesty.
The Christiansen Team, thank you so much. Foreclosures are very, very different.
Michael, thank you! I do believe education is key for all deals, foreclosures especially.
Al & Cal, I believe it is our job to educate, and in this particular area it is hard to fight the belief that there are homes to be had for $1000 that are livable.
Carol, it can be very frustrating for these particular buyers. They have to have the money to back the purchase, and the understanding of what is really ahead of them.
Ed, how true. They may take time and are frustrating, but there is more accountability.
Andy, if only we could make sure of that, but it is not always what happens. We need to take care.
Toured a foreclosure yesterday with clients who are considering an offer. The home at least from a cosmetic standpoint is in good condition. Of course a home inspection will turn up any issues they would need to be concerned about from a mechanical view.
Such good advice!! Seems like buying a foreclosure house means that no matter how thorough the inspections are, the buyer should count on a few unpleasant, costly surprises - and if they can't deal with that idea, then foreclosures may be more risk than they should take on.... Not that they can't be a good deal, but most of the ones I see need more than just paint!
Andrea you did an excellent job of pointing out some of the pitfalls that many times come with purchasing a foreclosed property. They can be a great deal, but can also be a deal that is not so great. Well deserved feature on this one
Andrea, You are right ... not all foreclosures are totally distressed properties. In the early days of the downturn of the market (mortgage meltdown) most foreclosures were trashed. I just don't see that in my market any more. In fact, we see far fewer foreclosures because lenders are working with homeowners now on modifications and short sales. Congratulations on the Feature!
Cindy, and sometimes those inspections don't turn up all the issues, but it is the best we have!
Nancy, exactly. My daughter bought a foreclosure. The house had been winterized, however it was not done properly and there were no less than 47 repairs the lender had to make to pipes. Interesting that they left the holes in the walls, LOL.
George, I like the way you put that, thank you!
Kathleen, I don't see that many modifications are working here, you are lucky there. And thank you!
Andrea in the early on days we dealt with a lot of foreclosure that were total dumps and lenders could care less about doing anything. Now it's a different story. Lenders here are more willing to make repairs and they have the utilities on (on occasion I still say it's up to buyer to pay for this) but not often. Buyer beware when buying a foreclosure - you will never know they 'real' condition of the property until after the fact.
Andrea - Foreclosures can be a good deal though I agree that inspections are especially important, here in California because they are not required to do the same disclosures as a standard seller.
Anna, I hope we will catch up with you on the way they are handled here.
Hella, a home inspector is a must when buying a foreclosure!
Christine, here they do not have to disclose anything, unless of course something is found by someone and notifies them. Even then it is iffy.....
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