Lynn Foreclosures

Bank Owned Properties

Perhaps you've read articles or seen advertisements offering "bank owned" realty for sale in this community? From time to time, prospective home buyers discover exciting properties available through financial institutions. Banks and other lending institutions sometimes re-sell residential realty in their "real estate owned" or "REO" inventories.

Search Foreclosures

In some cases, bank asset managers list these assets for sale individually on the real estate marketplace. In other situations, they may seek to auction large numbers of REO properties at well-attended real estate auctions. These events often attract the interest of experienced investors.

Boston City Properties provides assistance to REO sellers and buyers. Contact us whenever you need the help of seasoned real estate industry professionals. We specialize in realty within the Greater Boston Metropolitan Area (including residential properties in Lynn, Massachusetts and its environs).

If you've considered buying one (or more) bank owned homes, it usually proves helpful to inspect these properties and their locations carefully. In some cases, realty may sit vacant for extended periods of time during a foreclosure process. The financial institution may not have enjoyed an opportunity to fully inspect the premises prior to assuming possession. The bank may subsequently decide to sell the property in an "as is" condition. Sometimes realty investors locate solid values in this marketplace niche.

Short Sales

Home seekers sometimes decide to purchase homes in this part of Massachusetts through a "short sale". Prospective property buyers and sellers must exercise caution in this situation. These types of transactions may present significant legal and financial risks.

Typically, a short sale happens when a seller maintains a mortgage on the property in an amount which exceeds the anticipated sales price. Under these circumstances, the seller cannot transfer title to the real estate at closing unless mortgage issuers and lien holders agree to the transaction. Since the property typically serves as the collateral securing the payment of the mortgage, a lien holder may have little incentive to authorize a short sale.

If you've considered entering into a short sale transaction, it usually makes sense to consult with both an experienced and licensed Massachusetts real estate attorney, and a broker familiar with the local realty marketplace. These professionals may offer useful advice. In order for a short sale to succeed, the transaction must involve fair treatment for all of the parties holding a legal or equitable interest in the real estate.

Why do some lien holders agree to allow so-called "short sales" of realty in this community? In some situations, a prospective buyer may offer capabilities which the seller cannot supply. The prospective buyer may possess superior credit lines and financial resources, for instance. Property sellers who cannot sustain mortgage payments on real estate may find an approved short sale a preferable option to undergoing a foreclosure. The unique facts and circumstances surrounding a short sale significantly influence the availability of this type of sale.

About Lynn

Located near the coast in Essex County, Massachusetts approximately 11 miles northeast of Boston, this beautiful city has expanded in population numbers during recent years. Today over 92,500 residents live here. Many rely on public transit systems or the Salem Turnpike to commute frequently to other locations within the Greater Boston Metropolitan Area.

A number of towns surround this municipality. They include Peabody and Salem on the north, Swampscott on the east, Nahant on the southeast, Saugus and North Saugus on the west, and Lynnfield on the northwest. Close proximity to the dynamic City of Boston has contributed to the commercial development of the region.

This vibrant community offers a variety of employment, shopping, dining, entertainment, educational, and cultural enrichment opportunities. The scene of industrial and manufacturing development during former eras, today this location offers a diversity of houses, townhomes, condos, and apartments. Prospective home buyers and home sellers discover exciting properties in this locale!

The city includes a significant portion of the Lynn Woods Reservation, a scenic expanse of woods and ponds. An intricate trail system winding through this location provides an outstanding recreational setting. Additionally, residents enjoy some remarkable beach front vistas here.

Boston City Properties assists prospective property buyers and sellers in this location. Contact us to obtain important real estate services. We supply a knowledgeable, experienced resource for anyone seeking foreclosure properties in this community!

Search Foreclosures