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Rode hard and put away wet, but are they a deal?

foreclosures in litchfield countyForeclosures for sale in Southern Litchfield County, CT. We have all sizes and prices, fantastic estate homes to modest homes. As of this date there are 3 estate homes for sale that are foreclosures. The prices range from about 2.5 million for a very large, custom built home to a beautify renovated antique with significant acreage that is priced just under $850,000. Each of these homes are fantastic, spectacular settings with all the bells and whistles! Of course there are more modestly priced foreclosures in Litchfield County too.

Many of these homes were rode hard and put away wet.  But not all...

Buying a foreclosure is not for everyone, they often require work to be done. For those who have funds enough to cover the work needed it can be a great choice. If funds are not readily available, another option is to look into 203K rehab loans which roll the money needed for repairs into the loan. You do have to use qualified licensed people to do the work with a 203K rehab loan, the lenders do come back and check to make sure it was done as agreed.

Inspections are a must if you are going to purchase a foreclosure, although sometimes it is very difficult to do this. Some lenders will turn the power back on, some won't. Without power you won't know about the water situation, and in the winter I am always concerned that pipes might have burst. Even if the lenders allow for power to be turned on for inspections, they sometimes require the potential buyer pay to have the house de-winterized and then re-winterized. Other times the lender will take care of this themselves. Each situation is different depending on the lender.

Next, inspecting a septic system for a house that has been vacant often will not give true results. I know the septic inspectors I recommend are very honest about this. They will check the system for defects, but you may find that once you are living there, the system fails. You should be prepared for this.

There will always be an element of the unknown when purchasing a foreclosure so it is vital that you try to learn as much as possible when performing inspections. You will need a bit of patience if you are intending to purchase a foreclosure in Southern Litchfield County. Give us a call to see what is available at 860.946.0686, or send an email to andrea@andreaswiedler.com. We would be happy to show you foreclosures in the area that may meet your criteria!

Search foreclosures in Southern Litchfield County here.

Originally posted at Foreclosures in Southern Litchfield County, from estates to modest homes.

foreclosures in litchfield county

 

Andrea Swiedler, Realtor, Southern Litchfield County Real Estate

2017 President, Greater New Milford Board of Realtors

2017 Connecticut Magazine 5 Star Realtor

 

 Search homes for sale in Litchfield County, CT.

 

Coldwell Banker Residential Brokerage

Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776

 

© Andrea Swiedler 2009 - 2017

 Always do right. This will gratify some people and astonish the rest. - Mark Twain

Comment balloon 23 commentsAndrea Swiedler • January 06 2013 03:45AM

Comments

This is some great Info for all of us,  keep up the good work and good luck with your business in 2013,  E

Posted by Ed & Tracy Oliva, The Oliva Team Arizona Agents (West USA Realty - Arizona) almost 5 years ago
Dean, Dean.....not what I expected but very well done.
Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) almost 5 years ago

Definitely deals to be had in places where not a lot of people may look.  Great analogy and funny cartoon.

Posted by Ki Gray, SkiHomes.com - the ultimate snowsport home search! (SkiHomes.com LLC) almost 5 years ago
Hi Andrea, a swayback home is possibly a good sign of much up-keep $$$, but like you say not all are ridden hard and put away wet. This beautiful one story on my street recently went into foreclosure and was a steal for a new family in better condition than most resales. thanks for sharing, good stuff Bob.
Posted by Bob Ratliff, "Sold on Bob" (Canyon Vista Realty) almost 5 years ago

Good morning Andrea - buyers of foreclosures need experienced agents to help them cross these muddy waters for sure!

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Hallmark Realtors) almost 5 years ago

The balance between the risk and the reward, some very definite risks and lots of necessary work upfront to buy a foreclosed house.

Posted by Morgan Evans, LICENSED REAL ESTATE SALESPERSON (Douglas Elliman Real Estate) almost 5 years ago

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!

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) almost 5 years ago

You are absolutely spot on Andrea.  Foreclosures are tough.  There is almost always something wrong with them.  Congrats on a well deserved feature.  

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) almost 5 years ago

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.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA almost 5 years ago

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.  

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) almost 5 years ago
Andrea: true, some buyers are just convinced foreclosures are the thing, and they won't even consider any other listings.
Posted by Carol Zingone, Global Realtor in Jax Beach, FL - ABR, CRS, CIPS (Berkshire Hathaway Home Services Florida Network Realty) almost 5 years ago

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.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) almost 5 years ago

Whinny, neigh neigh. It is important to walk and cool down before putting the horse back in the box or standing stall. Pasture.

Posted by Andrew Mooers, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) almost 5 years ago

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.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Coldwell Banker Residential Brokerage) almost 5 years ago

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.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) almost 5 years ago

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!

Posted by Nancy Conner, Olympia/Thurston County WA (Managing Broker - City Realty Inc) almost 5 years ago

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

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 5 years ago

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!

Posted by Kathleen Daniels, San Jose Homes for Sale - Probate Broker (KD Realty - 408.972.1822) almost 5 years ago

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!

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Coldwell Banker Residential Brokerage) almost 5 years ago

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.

Posted by Anna Banana Kruchten CRS,CRB, Arizona's Top Banana of Real Estate! (Phoenix Property Shoppe) almost 5 years ago
Andrea: there certainly are vast differences on REOs. It is good to go through them with someone who knows about construction. And, if interested in buying it, a home inspector.
Posted by Hella Mitschke Rothwell, Hawaii & California Real Estate Broker ((808) 226-1095 or (831) 626-4000) almost 5 years ago

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.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) almost 5 years ago

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.....

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Coldwell Banker Residential Brokerage) almost 5 years ago

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