Why Are Bank Owned & Short Sale Properties Sold As-Is in Danbury,CT

By
Real Estate Agent with William Pitt Sotheby's International Realty CT RES.0783448

There are still some distress properties in the Greater Danbury & Candlewood Lake area. Distress properties means a bank owned foreclosure or a short sale. In both cases,the home is being sold in 'as is' condition. This means the home buyer does have the right to perform their inspections, but the home seller is not going to be fix anything. In a short sale situation, the buyer typically has to perform their inspections prior to the sellers attorney submitting their short sale package into the bank. You might be possibly able to negotiate a little bit of money of the purchase price  on the short sale with the home seller if there are items that concern you but are reasonable(submit to the lien-holders approving the sales price), which we can talk about after the inspection.  In a short sale situation, the home seller is under financial distress and has no money to hire any trades-professionals to correct or replace any items of concern.

When you are interested in a bank owned foreclosure, you can do inspections as well. However, the bank that owns the house typically has hundreds or thousands of files on their desk. They are not in business of making repairs either because they don't live in the house and are not obligated to.  A good number of bank owned foreclosures can be found in poor condition where a new buyer can not be able to secure conventional or fha financing  In addition with a bank owned property, you will not get any property disclosure offers prior to making an offer, other than perhaps a lead paint disclosure depending on the age of the house. Also, typically the agent representing the property does not know any information about the mechanical systems, unless there was a previous home-buyer that did inspections and decided to withdraw from the transaction. 

As a full time real estate agent servicing the Greater Danbury,CT area, Jonathan Hall with William Pitt Sotheby's International Realty is knoweldge about distress sales. He has represented clients both purchasing or selling distress properties. You can learn more about him on his website. Please feel free to call/text at 203-417-0523 or send an email with your questions. I look forward to hearing from you.


 

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Jonathan Hall-Realtor Serving Greater Danbury & Candlewood Lake with William Pitt Sotheby's International Realty
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This information is provided by Jonathan Hall,Realtor  with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at danburyrealestate@gmail.com . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698. His office is located at 112 Federal Road,Danbury CT 06811.

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