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Foreclosure Property Search

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Foreclosures Properties

Foreclosure properties, or Real Estate Owned (REOs) as they are commonly known, are properties that have been taken back by the lender due to defaults on the underlying loans. Foreclosures often represent great bargains in the real estate market, but due to the record number of foreclosure homes in the system, many are in very poor condition. Buyers should pay extra careful attention when preparing to bid on these properties, and inspections by a qualified home inspection company are a must!

Many home buyers are uneasy at the thought of purchasing a foreclosure property, since they don't want to end up pushing a family that has fallen on hard times out on the street. However, these properties are almost always vacant, since the lender has already taken back possession of the property. And in most cases, neighbors of these homes will be really glad to see a new owner moving in, so the home can be brought back into shape and be properly maintained. Therefore, buying foreclosures not only represents an opportunity for a good deal, but it's also a very effective means of improving the community you'll be living in for years to come!

What's the Difference Between Foreclosures and Short Sales?

Many home buyers are often confused by the distinction between foreclosures and short sales. As mentioned above, foreclosures are properties that have already been taken back a lender. On the other hand, short sales refer to properties where the present market value of the home is less than the outstanding debt secured by that home. In such cases, where a property owner owes more than their home is worth, but still needs to sell for whatever reason, the seller has two choices. They can either sell the property for less than they currently owe and show up to the closing with cash for the difference (highly unlikely), or they can attempt to negotiate approval for a short sale from the lender, in which case the property is sold for the approved amount and the lender takes a loss on the remaining balance (the seller will typically have to pay income tax on the forgiven portion of their debt).

Click to search all foreclosures in this area.

Click to search all short sales in this area.

Short sales are tricky by nature and depending on several factors, such as the lender involved (as well as the number of lenders in cases where there is a 1st, 2nd, and sometimes 3rd mortgage in place) can take anywhere from a month to over a year to negotiate and finalize. Therefore, home buyers that have an urgent need to secure a new property quickly may shy away from trying to purchase a short sale, especially where the lender has not pre-approved a price.

Latest Foreclosures in Litchfield County

96 Elm  Street, Winchester image
96 Elm Street, Winchester $179,900

What a fabulous opportunity for owner occupants and investors to own a spectacular 2 family style home in the heart of Winsted CT! The units are both side by side offerin...

  • 6 Beds
  • 2 Baths
  • 170503153 MLS
67 Wheeler  Lane, Torrington image
67 Wheeler Lane, Torrington $143,100

REO Occupied – NO ACCESS OR VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" cash only sale with no contingencies or inspections. Buyer will be res...

  • 3 Beds
  • 2 Baths
  • 170502758 MLS
82 Eastlawn  Drive, Torrington image
82 Eastlawn Drive, Torrington $185,000

Are you in the market for your forever home or your second home? Well look no more this awesome ranch offers so much and is ready for a new owner. As you walk in you will...

  • 2 Beds
  • 2 Baths
  • 170502727 MLS
55 Bank  Street, Winchester image
55 Bank Street, Winchester $100,000

Much potential in this old style colonial. Located close to local amenities, this home is in need of your vision to turn it into the neighborhood gem. Large kitchen and l...

  • 2 Beds
  • 1 Baths
  • 170502450 MLS
80 Wolcott  Avenue, Torrington image
80 Wolcott Avenue, Torrington $139,900

**Multiple Offers In, "Highest & Best" offers are due by Friday, 7/01/22 at 11am*** Two Family w/ 5 rooms, 2 bedrooms, 1 bathroom per floor. Vinyl siding exterior. Front ...

  • 4 Beds
  • 2 Baths
  • 170463179 MLS
132 East Lake  Street, Winchester image
132 East Lake Street, Winchester $289,900

Colonial w/ 7 rooms, 3/4 bedrooms, 2 full bathrooms. 1 car detached garage, exterior siding just painted. Eat-in kitchen. Living room w/ hardwood floors, stove. 1st floor...

  • 3 Beds
  • 2 Baths
  • 170477175 MLS
271 Cardinal  Circle, Torrington image
271 Cardinal Circle, Torrington $339,900

TAKE A LOOK AT THIS COLONIAL STYLE HOME IN A GREAT NEIGHBORHOOD. GREAT ROOM WITH FIREPLACE AND CATHEDAL CEILINGS, THREE LARGE BEDROOM'S AND TWO FULL BATH .

  • 3 Beds
  • 3 Baths
  • 170499952 MLS
18 Deely  Road Unit A, North Canaan image
18 Deely Road Unit A, North Canaan $92,500 ▼

4 bedroom, 2 bath, split level home. Approximately 1,826 sqft sitting on a ~.66 acre lot. Possible discoloration. Seller makes no guarantees about the property's conditio...

  • 4 Beds
  • 2 Baths
  • 170481361 MLS
220 Main  Street Unit 6I, New Hartford image
220 Main Street Unit 6I, New Hartford — River Run $139,900 ▼

Townhouse style unit in River Run complex in New Harford. 2 beds and 1.1 baths. Large living room with Brazilian hardwood floors opening to the dining area. Slider lea...

  • 2 Beds
  • 2 Baths
  • 170495791 MLS
  • River Run Bldg.
85 Brightwood  Avenue, Torrington image
85 Brightwood Avenue, Torrington $45,000

Centrally located colonial. This home features large living room, dining room both with hardwood flooring. Central air and gas heat make heating and cooling economical. W...

  • 2 Beds
  • 1 Baths
  • 170490543 MLS

The data relating to real estate for sale on this website appears in part through the SMARTMLS Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms, and is provided by SMARTMLS through a licensing agreement. Listing information is from various brokers who participate in the SMARTMLS IDX program and not all listings may be visible on the site. The property information being provided on or through the website is for the personal, non-commercial use of consumers and such information may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed. Copyright 2022 SmartMLS, Inc.

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