As we are all aware there are unfortunately a number of folks that are finding themselves in situations where there are no good alternatives to keeping up with their mortgage payments and end up in foreclosure.
On the other side of the foreclosure situation, there are individuals and organizations that can and are taking advantage of reduced home prices here in greater Danbury, Fairfield County, Connecticut and the surrounding towns.
A recent experience on a very aggressively priced bank-owned property shows just how much activity is out there in this market where buyers are looking for bargains, have the financing pre-approved or have cash in the bank, and can quickly close on a purchase. The property that we submitted our client's very well positioned offer (pre-approved with excellent deposit and ability to close quickly) ended up with 9 offers being submitted! Nine! Of the nine, we later learned that at least two were cash offers. The bank went with a cash offer.
A similar situation happened recently on a nice home in Bethel (not a foreclosure or short sale). It had been on the market for over 80 days, had a price change in early January, and within 24 hours of viewing the property and my clients making an offer, there were 2 earlier offers already presented to the seller. The sellers held their ground, forced a "highest & best offer" situation, and ultimately declined all offers and put the house back on the market holding to their somewhat high price for this market. (They eventually did accept an offer - details pending).
Based on my own very recent experience (and I'm sure many others reading this post), those of you looking to buy and are in a financial situation that you can quickly close a deal -- do NOT delay your decision any longer then you absolutely need to. If you do, you may find yourself in 3rd, 4th or worse position of offers that the seller is reviewing and holding out for the "highest & best" offer they can get.
Properties that are well priced, below the market price for similar homes, are moving. This includes homes that are not staged, have not been updated since they were built, or have had minimual upgrades done. One market example - we are seeing houses in the $250,000 to $350,000 range with a lot of action in this area of Fairfield County.
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