September 6, 2017

Many folks, especially first time home buyers looking to get the most for their money are considering fixer-upper homes. Unless you are an experienced contractor or investor with plenty of home rehabbing experience under your belt, here are a few tips to not losing your shirt in the process of buying a fixer-upper home:

Always have an inspection – There is nothing more important than an once-over by someone trained and experienced in inspecting homes and identifying possible problems. Don’t try to save a few dollars by skipping this step, or by having a friend or family member do the inspection instead of a professional!

Consider your financing – Not all loans will work for a fixer upper home. Some loan programs will have strict requirements for property conditions. Before assuming your loan will work for any home, have a conversation with your lender. There are special loan products available that will include the cost of rehabilitating a home. If you intend to look at homes that need work, look into these loan programs before you start shopping.

Don’t overestimate your own abilities – Unless you’ve replaced kitchen cabinets, installed ceramic tile, repaired plumbing, etc don’t assume you have the skill or the time available to do major home repairs yourself. Even if you are able to successfully able to get through these projects, the finished product is often less than stellar. There’s nothing worse than poorly done DYI home improvements.

Don’t underestimate repair costs – While an inspector can identify issues, you will want to have licensed experienced contractors out to take a look at the work needed and give you quotes. Keep in mind surprises have a way of popping up during remodels, and they are usually not good ones. Add a cushion to the repair budget to allow for these surprises.

Get a good Realtor – A local, experienced real estate agent with knowledge of rehab property and experience helping homeowners navigate their purchase of fixer-upper property is an invaluable resource in this home search!

NEED HELP BUYING A CT FORECLOSURE? CONTACT US!

Last Updated on September 15, 2017 by Minna Reid

buying foreclosures

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Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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         wevschuab13 
 2024-01-29
 
 
  It was a pleasure working with Minna and her team. From the beginning to end, she was there to guide me in the right direction. She does what is best for her clients and will go above and beyond to make sure the whole process is as smooth and it can be. I can't thank her enough for all her help and guidance during the sale of my property.
  
 
        Melissa Case 
 2023-09-07
 
 
  Responsiveness.
Peace of mind.
The feeling that, once and for all, everything was going to be OK.

I got all these things and more the first time I spoke with Minna Reid. I was dealing with a home sale that, at first, had seemed uncomplicated and simple, but then was anything but. I needed help, and I needed it badly. 

From that first moment, Minna jumped immediately into action. She was thorough in her explanation of the things we needed to do and why, and took charge of the whole situation. I was able to take a breath and unclench my shoulders for the first time in weeks. I needed solutions, and she had them. I could not have asked for a better, stronger advocate. On top of that, she’s funny, personable, and knows how to relate to people (this is helpful not just when dealing with stressed-out clients—ME—but also with attorneys, other REALTORS, and difficult buyers).

If you have a tricky home sale situation, I could not recommend Minna highly enough. And she was right: she said everything would be OK, and it was.
  
 
        Kelly Turnage 
 2022-04-23
 
 
  I was about to give up and just turn my back on my home and walk away. However, I found Minna and she was a lifesaver! Other realtors tried to help me but made the situation worse and wasted my time. If you are in the unfortunate place of having to short sale your home, then you know it can be embarrassing and difficult, especially if you don't have real estate experience. Minna knew exactly what to do, and was very professional, knowledgeable, and, kind. Minna was on my side and handled all the challenges we faced with selling a house that at times seemed like it didn't want to be sold! I appreciate Minna and know that you will love her.
  
 
        Tony Guglielmi 
 2022-03-01
 
 
  We are grateful to Minna for her knowledge, professionalism and expertise in shortsales. She truly cares about her clients and it is evident in the manner she represents them. She has a strong work ethic and keen negotiation skills when dealing with financial institutions and buyers. We strongly recommend Minna and her company if u want immediate results.
  
 
        Elizabeth Smith 
 2021-10-17
 
 
  I inherited my father's head and was completely in over my head. Minna was amazing in getting things straightened out with the mortgage company (which had been giving me issues for years) and was so responsive to my emails. I had a lot of questions, as this was my first time going through the selling process, and she was able to answer them all quickly. The selling process was so much easier than I expected it to be, thanks to Minna and her team!
  
 
        qr8k4tscxx 
 2021-07-31
 
 
  My husband and I worked with Minna to sell my father-in laws house after my father-in law-died. 
Minna is highly knowledgeable in regards to selling estate properties. She took the time to explain the process to us and she was very responsive to our needs. Minna was also highly motived to assist us in selling the house quickly. We listened to Minna’s advice in regards to selling the house (during the bidding process) and the house sold for well over what we expected. 
My experience with Minna was very positive and I highly recommend her to anyone who is looking to sell a property. Thanks again for everything Minna!
  
 
        DanLing8 
 2021-04-29
 
 
  Minna has been a fantastic partner in selling our home. She was patient with us in explaining the differences between a short sale and conventional sale and helped us think through the pros and cons of each. During the process of the sale she was strategic and got us the best price for our sale. The process was painless and quick and every step of the way she managed each and every detail flawlessly.
  
 
        Anthony DeLuca 
 2021-02-23
 
 
  Minna helped witha  dificult short sale. It was a process that went on for several months. Minna was professional and attentitive to the process. She worked diligently with the bank to get the deal done. I don't think we could have done it without her!
  
 
        Marcin Rafalowicz 
 2020-12-10
 
 
  Minna was the best thing that happened to us in a very long time. We’ve been planning on moving from on house and on with our lives and the house was simply an anchor. We’ve had two liens on the house that would take a long time to cure and we were forced to sell the house to settle with the bank. I’ve looked around for someone who specializes in short sales, not just an agent that did 2-3. The process took a while, but Minna was super persistent, and her strategic approach was close to none. We have lost two buyers, got a push backs from the back and lean holders and she was able to stay on top of it and at the same time, she kept us afloat emotionally. Because of her, we were able to leave CT and move to FL where we are currently waiting for our new place. Warm thank you to Minna and her team for doing what they do best. Marcin with family.
  
 
        Sarah Woodbury 
 2020-09-13
 
 
  I reached out to Minna when we were first considering a short sale. I didn’t know much about the process or how it worked so naturally I had a ton of questions. She answered all of my questions as well as explained the process in detail so I would know exactly what to expect. Several months later, we kicked off the sale. I had heard so many horror stories about what can go wrong in a short sale so I was very uneasy. With Minna’s expertise the process was so much smoother than I could have ever anticipated! It was just over three months from the time we listed to closing (which is fast for a short sale)!  Minna’s responsiveness and dedication along the way was a huge asset!! It’s because of her that our family is able to put the past behind us and move on to bigger and better things! I highly recommend her!

5 TIPS FOR BUYING A FIXER UPPER HOME

Minna Reid

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