Buying bank and HUD owned properties in Connecticut

There is a lot of interest in buying bank owned and HUD owned properties these days.
A lot of information, some good and some bad, is floating around about the subject. 
Often the information offered is for sale, with the promise that you can make a lot of money with little effort.

What you need is knowledgeable Realtor® by your side to guide you and help you through sometimes very complicated process. Our agents have knowledge and experience to help you buy Foreclosure Properties, HUD Homes, REOs and Short Sales in Fairfield County, New Haven County, Hartford County and rest of Connecticut. We have offices in Stratford and New Britain, Connecticut, and we have extensive experience dealing with foreclosed properties in towns of Bridgeport, Stratford, Derby, Ansonia, Shelton, Seymour, Milford, West Haven, Waterbury, New Britain, Hartford and all other towns in Connecticut.


What is a Foreclosure Property?

A foreclosure property is a home in foreclosure - when a notice of default (also known as "Lis Pendens") has been filed in the public records. It means the owner has stopped making mortgage payments and the lender has given public notice that unless the payments are brought up to date,
it will sell the property to the highest bidder. The most common reason lenders file a notice of default is when a borrower is at least two or three payments late. If the home owner does not bring the loan payments up to date, the lender will take the property away. The final step the lender takes after a certain period has passed is to try to auction the property at a public sale.


What is a HUD Home?

Buying a HUD home in Connecticut could be a greatest investment you have ever made.
A HUD home is a residential property acquired by HUD as a result of a foreclosure action on an FHA insured mortgage. When a person with an FHA insured mortgage defaults on the loan, the lender forecloses on the home; HUD pays the lender what is owed, becomes the property owner and offers it for sale to recover the loss on the FHA insured foreclosure claim.

Buying a HUD home is little different than buying your regular home. HUD homes are offered online, they come on and off for different towns at different times. You have to submit a online bid thru an authorized agent. Timing is very important. You can search all HUD homes in Connecticut here (it will show you only towns that currently have HUD homes available). Please check back often as the list of available HUD homes changes daily. Remember to call us if you find the home you like and we can submit the offer for you.

Global Real Estate Services is authorized representative for buyers of HUD homes for all towns in Connecticut. We have extensive experience and knowledge of HUD bidding process. The purchase of HUD home is not that complicated and can be extremely rewarding if you have an experienced agent to guide you through the process.

Give us a call and we can provide you with the list of available HUD homes in Bridgeport, Stratford, Derby, Ansonia, Shelton, Seymour, Milford, West Haven, Waterbury, New Britain, Hartford and all other towns in Connecticut.


What is a Short Sale Property?

A short sale occurs when a home owner is in foreclosure but before the property goes to public auction. Under a short sale, a lender must agree to accept less than the amount that is owed on the property. However, lender has no obligation to accept any offer. Lenders are not going to make a deal with an investor unless the seller has fallen behind on the seller's obligation to make timely mortgage payments. Buying short sales can be rewarding, but also stressful and long process, so it is not for everyone.


What are REOs - Real Estate Owned?

Bank-owned properties are called REOs, meaning Real Estate Owned by the lender or bank.
This is the one that is most common in people’s minds when they think of foreclosure.
The lender has already taken control of the property. The home is then in the possession of the lender's REO (Real Estate Owned) department. The property was acquired by the lender through a foreclosure action. Often lenders will sell repossessed homes for less than the past loan balance.

REO homes are often considered the best way to buy a distressed property because the seller is already out of the picture. It's just the buyer, buyer’s agent, the bank and the bank's agent who are negotiating the transaction.

Lenders are typically extremely willing sellers, because lender must maintain property as well as incur property management fees. This means the bank is likely a willing negotiator. Remember, banks are in money business, not real estate business. They don’t like to have empty deteriorating properties on their books.


One of the keys to success is in evaluating the repairs necessary, and being realistic about your capability to do those repairs. 
The most important step is to know realistic value of the property. Just because it is for sale by the bank or HUD doesn’t mean it is automatically bargain.

This is where your Global Real Estate agent is the most helpful; to advise you if it is good value now, and also what the property value and marketing potential will be after repairs.

We have great experience working with many buyers in the past and helping them buy foreclosures, short sales, HUD homes in Bridgeport, Stratford, Derby, Ansonia, Shelton, Seymour, Milford, West Haven, Waterbury, New Britain, Hartford and all other towns in Connecticut.

Through our sources and connections, we have access to numerous bank foreclosures, short sales, HUD homes, REOs and other bargains.
We will find the best deal possible for you. 

For more information on Connecticut real estate foreclosures, HUD homes, REOs and short sales fill out the form below.
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