Torrington, CT 2BR 2BA condo in great condition
Hi Forum-
I am helping out with a family sale of a condo in Torrington, CT. It's a 2BR, 2BA unit in great condition (hardwood floors, well maintained), with one garage space. Owner has moved out due to health reasons. Normally this would be a slam dunk for a standard retail sale, but we are running into issues with trying to get a bank that's willing to finance the complex through conventional loan programs. The complex is non-warrantable due to >50% ownership by a single entity, and we suspect the reserves may be low as well.
So, since I'm on the forum here I am throwing this out there to see if there is any investor interest in a unit like this. It's been owner-occupied so I have no idea what the rents would be, but there are a number of other units in the complex that are rented out. The unit is vacant now, currently staged to sell (we were preparing to list in MLS), and it likely wouldn't need much (if any) work before you could rent it out. The downside is it's likely this would have to be a cash sale, or some other non-traditional lending/financing path.
I'm listing the price at $99K, which is ballpark of where we would list it for a retail sale, but we would expect a cash investor to be lower than that. At this point we are definitely willing to consider lower offers in order to get the deal done and move on.
If anyone is interested, reply to the post or send me a direct forum message.
Thanks!