When a lender completes the foreclosure process and becomes the legal owner of a home, the property is soon listed back on market for resale as an REO (Real Estate Owned). Buying a foreclosed home is frequently said to be great way to get a deal on property, but it takes a lot of hard work to negotiate these tricky transactions.

Purchase of a foreclosed home (REO) is a specialty transaction and best handled by experienced professionals. That's why Reid Real Estate Group specializes in helping buyers through this complex and trying process. We can help you take the steps you need to purchase Connecticut foreclosures, with minimal stress.

Is a foreclosed home right for you?

Though foreclosed homes often offer savings, not everyone is in an ideal situation to get involved in the purchase of a foreclosure. You may be a good candidate if: 

  • You are prepared to deal with the red tape that surrounds these purchases and to jump through a lot of extra hoops and do a ton of extra paperwork.
  • You have flexible financing or ideally cash to purchase the home. It is the rare foreclosed home that needs no work. If you have FHA, USDA or VA financing, your lender will expect the property you buy to meet certain property conditions. Access to cash or a rehab loan are always best when shopping foreclosures.
  • Your timeline is flexible. Some lenders will want you to close very quickly and others may run into unexpected delays.
  • You are prepared for the frustration of dealing with a very difficult seller. Don't expect a simple transaction here!