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Old 04-14-2014, 02:03 PM
 
Location: Hamden, CT
118 posts, read 165,321 times
Reputation: 44

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We are looking for a house in New Haven County. After a deal fell through in which we had placed an offer and then the sellers withdrew their listing from the market, I've realized that I really have come to like North Haven and want to stay here. How difficult would it be to get a foreclosed property? My realtor told me it could take up a year to process one. I'm thinking it would be worth it to wait that long. Should I just wait until the listings say 'bank-owned' and then start asking about them? Any advice?
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Old 04-14-2014, 02:31 PM
 
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We have bought foreclosures with cash,no wait and have seen qualified buyer's with no wait.
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Old 04-14-2014, 03:01 PM
 
Location: CT
699 posts, read 550,585 times
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What do you mean foreclosed? If its on the MLS it is already an REO. A typical foreclosure in CT from start to finish takes 12-18 months and can go longer if the borrower files motions, qwr's, bankruptcy, etc.. You can check the Judicial website for cash auctions. Also do not give zillow any value when it states pre foreclosure or foreclosed, they have no idea what is going on. You can check liens in the city and contact the bank to see if the borrower is willing to do a short sale, etc... tons of options.
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Old 04-14-2014, 03:08 PM
 
Location: Hamden, CT
118 posts, read 165,321 times
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ok thank you. that is very helpful!
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Old 04-14-2014, 03:11 PM
 
Location: Hamden, CT
118 posts, read 165,321 times
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What I mean by foreclosed: I mean the bank already owns it, not that it's in the early stages of pre-foreclosure.
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Old 04-14-2014, 04:37 PM
 
Location: SWCT - close to coast
56,446 posts, read 38,898,711 times
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In NY it was easier to find those who were served with pre foreclosure letters and approach them to try and settle and get them out of the situation by taking over the property. It was transparent in NY but once I got to CT I realized how much harder it was to find the listings. And in Westchester county it was simple when it went to foreclosure. It would be held at the White Plains court house lobby. There was a referee there and he took the bids of all investors.

One time I was bidding on a home in Port Chester that was worth 800k (at the time) but the bid started at $100k. I stopped after 300k, it ended up going to about $600k. Was pretty fast and intense with the back and forth prices.

The investor gave a bank deposit right then and there to secure it. He probably fixed it up and sold it for decent profit.

One problem with foreclosures (at least back then in the early 2000s) you are responsible to get the home owner out if they didn't vacate. I didn't like that.

I saw a few signs on properties in CT that had a foreclosure sale, I just don't know if it's any different than Westchester's way of doing it.

Be careful of those foreclosure listings to buy. LOTS of scams out there with false addresses. Good luck.
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Old 04-14-2014, 06:58 PM
 
Location: Northern Fairfield Co.
2,416 posts, read 1,829,573 times
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Quote:
Originally Posted by hconstan View Post
What I mean by foreclosed: I mean the bank already owns it, not that it's in the early stages of pre-foreclosure.
If you're keeping an eye on foreclosed listings, then keep a sharp eye on the court dockets. CT and one other state -- I think Vermont, but possibly it's New Hampshire, still have very archaic foreclosure laws. We still recognize something called strict foreclosure, which is a leftover law from colonial times. Strict foreclosure is possible when the borrower/homeowner owes significantly more than the property is worth. It's pretty much a rocket docket, meaning title passes to the lender much faster than in a regular foreclosure action with NO public auction, and no long/drawn out process: in a nutshell, after a motion for strict foreclosure is granted, the borrower is assigned a law day on which they must pay the entire balance of the loan. If they can't, then title immediately transfers back to the lender. The end. So if you see something you're interested in, research whether it's a strict foreclosure action or not. If it is, it could become available rather quickly, sometimes within 6 months or so.

Edit: I just researched a bit, and we are one of 3, not 2, states that recognize strict foreclosure - Connecticut, Vermont, and Maine

Last edited by Lalalally; 04-14-2014 at 07:42 PM..
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Old 04-15-2014, 07:15 AM
 
Location: CT
699 posts, read 550,585 times
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Quote:
Originally Posted by hconstan View Post
What I mean by foreclosed: I mean the bank already owns it, not that it's in the early stages of pre-foreclosure.
Here are some sites you can use

https://www.hubzu.com/

https://servicing.chase.com/reo/Prop...uredProperties

Fannie Mae REO Homes For Sale - HomePath.com (Fannie Mae REO's)

https://www.hudhomestore.com/Home/Index.aspx (FHA REO's)
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Old 04-15-2014, 07:20 AM
 
1,914 posts, read 2,194,074 times
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We steered far away from foreclosures and short sales. Too much red tape, to many "what if" scenarios, and who knows what you will be left with once and again IF you get the home. I was not about to wait months on end to hear from lazy bankers who only meet on such items seldomly and don't work to make a deal.
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Old 04-15-2014, 07:57 AM
 
Location: CT
699 posts, read 550,585 times
Reputation: 396
Quote:
Originally Posted by clutchrider View Post
We steered far away from foreclosures and short sales. Too much red tape, to many "what if" scenarios, and who knows what you will be left with once and again IF you get the home. I was not about to wait months on end to hear from lazy bankers who only meet on such items seldomly and don't work to make a deal.
I do many short sales and you must be patient to go through a transaction like this, you can wait 3-4 months only to find out the bank no longer wants to pursue the short sale or they will counter with something out of this planet. You are also buying the property as is so do not expect repairs. When there are 2-3 liens on the property it becomes a nightmare.
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