Connecticut Homes – Do Your Research
Anyone who has ever driven through some of the beautiful country roads in Connecticut can attest to the fact that Connecticut homes are some of the most beautiful on the East Coast if not in the entire country. Not only are the homes in the suburbs and countryside some of the most gorgeous and architecturally unique, the large cities have high rise condos that rival what can be found in Manhattan.
For decades the Western Connecticut area which includes Greenwich has been a refuge for celebrities and executives alike who commute daily to New York City and Manhattan. Although many of us might think this type of commute is a bit much, there’s nothing like walking into your beautifully appointed after fighting rush-hour traffic!
That’s not to say that the Connecticut real estate market has totally escaped from the financial woes of other nearby areas. There are still a large number of foreclosed homes on the market and there are some short sales available to the buying public as well. Knowing how to find these deals and how to put your financing in place is almost a science in and of itself in today’s market.
Smaller local lenders who find themselves in a situation where they have needed to take back deeds and deal with foreclosures have learned to offer incentives to real estate brokers who promise to focus their business on finding eligible and qualified buyers for these foreclosed properties. Although many of these homes are successfully auctioned off on a regular basis, having an experienced real estate broker on your side has proven a successful business strategy for these lenders.
Although this type of cash back incentive has been greatly frowned upon in general over the years, and actually borderers on be illegal in many states, that doesn’t stop these cash back deals from our current on a regular basis.
Individuals who are selling their homes and whose homes are not in default and are not in foreclosure also find themselves in a situation where they must compete for qualified buyers. Recent ads in Connecticut real estate classifieds have shown homeowners willing to hand over Range Rovers and Ferraris as well as offering to pay closing costs and actually financing the new buyer.
Buyers, on the other hand, have the same type of benefit if they are indeed looking for this type of extraordinary real estate deal. Many agents advertise that they are experienced in this type of sale and they market themselves specifically to home buyers who are pre-qualified and ready to make a deposit on a home for sale by the original lender. The same brokers frequently offer a cash back bonus at closing or some other type of incentive program that may or may not have been mutually developed with the lender in question.
Of course there aren’t many homes for sale that are not foreclosures. Many home owners are selling their beloved properties on their own and they have learned that because of the steep competitive nature of the real estate market locally and in general, they have been forced to offer their own type of incentives that range from throwing in their favorite little sports car to helping with financing or just handing over what amounts to a thank you check at closing.
The inventory for Connecticut homes is made more appealing by the presence of government incentives. You can get cash back rebates when you buy if you meet all the requirements.
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