Foreclosure for Sale at 138 Mediterranean Lane, Norwich, CT 06360

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Foreclosure: 138 Mediterranean Lane
Norwich, CT 06360

Gregory Clancy with eXp Realty, original listing - (866) 828-3951

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Property Details

List Price:	$979,900
Beds:	4
Baths:	Full: 5, ½: 2
Status:	Active
SqFt:	6255 Square Feet
Agency:	eXp Realty
Agency Phone:	(866) 828-3951

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Description/Comments

Lot Size:	7 acre(s)
Garage:	Garage
Property Type:	Residential-Single Family Residence
Year Built:	1982
Notes:	Welcome to this sprawling country estate on 8 acres, near the center of Norwichtown. Enjoy the serenity of your own personal pond and beautiful stone walls bordering the landscapes' perimeter and along the circular driveway. All 3 buildings have brand new roofs and are freshly painted, exterior and interior. The expanded cape is over 5200 sq. ft. of unique craftmanship and custom built-ins showcased in 4 bedrooms, 5 fireplaces and 5.5 baths. A remodeled galley kitchen, formal dining room, and sunroom allow an abundance of natural light to emit throughout the open layout of the first level. The floorplan flows from the living room and library/study into the primary bedroom suite accentuating custom decor throughout and a tasteful blend of limestone, hardwood, and Brazilian cherry woods. The great room is a major focal point of the home boasting cathedral ceilings, full bath, granite wet bar, game room loft, and stunning floor-to-ceiling stone fireplace. The upper level has a den and two oversized bedrooms, 2 full baths, a walk-in closet, and playroom. The accessory house is a 2bed/2bath additional 1400 sq. ft. of living space, not included in the total sq. ft. on record, consisting of full kitchen, 2 car garage, and oversized attached shed. The 3rd building is a full concrete construction two level heated garage with 7 bays and a finished attic. This home truly has too many unique features to mention! Book your showing and prepare to be impresse
MlsNumber:	--
ListingId:	24068451

Listing Provided By:	eXp Realty, original listing
Phone:	(860) 940-8449
Office Phone:	(866) 828-3951
Agent Name:	Gregory Clancy
Disclaimer:	Copyright © 2025 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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