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If you want a home for peanuts in New Milford, CT, you better have peanuts made of gold!

January 9, 2011

If you want a home for peanuts in New Milford, CT, you better have peanuts made of gold!

New Milford, CT Real Estate Talk

Dear Andrea, I want a home for peanuts in New Milford, CT!

New Milford CT real estate I want a cheap homeSo many times people call seeking that perfect home for peanuts in New Milford, CT, and it is not going to happen. Foreclosures often need work, not the kind of work you can fix with a bit of paint and elbow grease. These homes can have real issues, broken pipes due to freeze damage, kitchens removed (and not always just the appliances, sometimes cabinets are removed also), mold, water damage due to roof damage, etc. Sometimes you are not able to get a conventional mortgage on the property. With a bit of luck you can get what is called a 203K rehab loan which provides for the money needed to bring the home up to an acceptable level. But you will NOT be doing the work yourselves in this case. You have to provide estimates by qualified licensed professionals, and the lender will be checking to make sure it is those professionals that did the work!

According to the Greater Fairfield County Multiple Listing Service (CMLS) there are 10 properties listed as REO’s (Real Estate Owned, or foreclosure) for sale in New Milford, CT. 2 of them are not, the agents either do not know what what REO actually is, or were not paying attention when the listing was put in the system. That puts us down to 8. Out of the 8 properties, 4 do not have interior photos, which concerns me. Some listing agents will tell you up front that the house is not mortgageable, others don’t bother.

Currently the lowest priced foreclosure listed on CMLS for sale in New Milford, CT is an intown home which the agents says “needs some TLC”, listed for $99,500. The highest prices foreclosure listed is a 5 bedroom colonial built 2004, on 7 acres in the Northville section of town, listed for $459,900. It was built by a builder for his family. It has been on the market for quite a while and has been empty for a long time. I also happen to know there had been a tenant in there who did not take care of the house at all. There may be some other alternatives available for sale at a better price with less risk!

Let’s move on to short sales. I have no way to track how many short sales are currently on the market in New Milford, CT. Buying a short sale can mean a long wait for approval from the sellers lender. If you have to move right away this is probably not a great idea for you. The lenders do expect to get close to fair market value in a short sale, prices will not be like foreclosures. The homes are usually in better shape than a foreclosure, but not necessarily. If you have the time to wait, the patience of a saint, it could be a way to get a house for a bit below current market value. But not for peanuts!

All in all, there are some good housing deals in New Milford, CT. What I mean by a good housing deal is that there are good, solid homes listed at reasonable prices, not for peanuts, but for fair or more than fair prices. But you must realize that those infomercials that tell you (for a price) they will show you how to purchase homes for peanuts, those peanuts better be made of gold!

If you want a home for peanuts in New Milford, CT, you better have peanuts made of gold!

Tune in for more New Milford, CT Real Estate Talk.

 

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