Fairfield County Foreclosures: 6 Ways to Snag a Great Deal in Real Estate!
January 27th, 2010 categories: Buying Your House, First Time Home Buyers, Foreclosures and Distressed Properties
I’ve been listing and selling bank-owned foreclosure properties for several years and I’ve helped many buyers get great deals as banks liquidate their assets. Here are 6 things to keep in mind:
- Foreclosure sales are found in cities and the towns alike including Stamford, Danbury, Norwalk, Ridgefield, Wilton, Redding, Westport, Weston and more.
- Not all foreclosure are “great deals”… yet. Some bank asset managers are eager to sell quickly, some prefer to wait to try to extract a higher price. Sooner or later everything sells for a discount to market value.
- As sellers, the banks are not emotional. For them it’s all business. They typically want to close within 45 days and by the 3rd week in any given month (so theY can book the sale and clear the asset off of their balance sheet).
- Foreclosure sales are “as-is”. In most cases the bank has never seen the house so they can make no representation. Be sure to complete a thorough property inspection.
- All prices are negotiable, terms are not. I write up foreclosure deals on a standard real estate contract with the bank’s specific contract addendum. These documents are usually non-negotiable. You’ll have your attorney review all the documents.
- Foreclosures come in all shapes and sizes from multi-families to luxury single-family homes. They can range from poor condition to unfinished to good condition. End users will want something completely different than investors.
Contact me directly if you have any questions about bank-owned foreclosure properties or if you would like me to find you a great deal. I have the experience necessary to get you the absolute best possible price and to guide you to a smooth closing. KEep checking back with Real Estate Chocolate as I will be posting more articles on buying foreclosure properties in Fairfield County.
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