Lynnfield Foreclosures

Bank Owned Properties

Have you decided to explore the availability of bank owned properties in this location? If so, you'll appreciate the resources you'll discover on this Boston City Properties website. We supply current information about many attractive homes available for sale or lease.

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In many cases, banks and other financial institutions acquire residential properties as a result of the foreclosure process. When a buyer takes out a home mortgage or a home equity loan, the real property covered by the mortgage or lien typically serves as the collateral securing the loan. If a purchaser cannot meet payment obligations, the lender may find itself compelled to initiate foreclosure proceedings to secure possession of the property.

In Massachusetts today, some banks and financial institutions seek to re-sell homes in their inventories which have come into their possession as a result of this process. Bank-owned real estate (or "REOs") interest some prospective home seekers and investors. These properties run the gamut from standalone houses to townhomes and condos and apartments.

The availability of the REOs within an individual financial institution's inventory may vary considerable over the course of time. Most lenders seek to avoid maintaining a large number of real properties, since these assets often do not generate income until a sale occurs. The bank may rely upon professional property inspection and management firms to help maintain its inventory in good condition.

Short Sales

Boston City Properties offers assistance to real estate buyers and sellers who require guidance from an experienced real estate firm during complex real estate sales transactions. We strongly recommend anyone contemplating acquiring or selling real estate seek well-informed advice. Today, many attractive values occur in the Boston Area real estate marketplace.

Prospective property seekers in some cases search for so-called "short sale" homes. In this situation, a seller may owe more on the mortgage than the residence commands during a sale. Before entering into short sale transactions, parties to a real estate sale should seriously consider consulting with both a licensed Massachusetts attorney and an experienced licensed real estate broker.

Frequently, short sales involve legally and financially risky undertakings. They occur comparatively rarely today due to legal changes which have occurred during recent years. Mortgage lenders and lien holders must typically approve these transactions in advance of the transfer of title. A variety of factors influence a lender's willingness to contemplate a so-called "short sale". These considerations may include the condition of the property, the state of the local real estate marketplace, and a lien holder's identity and requirements.

For example, some financial institutions as a matter of policy cannot approve short sales. They may require the seller to pay off existing mortgages and liens against the property and refuse to allow a buyer to "assume" these obligations. If a prospective purchaser can obtain approval for a short sale transaction, the buyer may need to meet extensive prequalification requirements and pay a substantial down payment. Anyone contemplating a short sale should seek qualified legal advice first in order to avoid potential problems down the road.

About Lynnfield

Today the municipality of Lynnfield boasts a population of nearly 12,000. Located some 16 miles outside the Boston city limits by road, this charming suburban enclave has attracted the interest of a growing number of property seekers during recent years. The town stands northeast of Boston amidst an formerly agricultural area.

People living in this community readily access important transportation corridors into other parts of the Greater Boston Metropolitan Area. This enclave lies just a short distance north and west of portions of Interstate 95, a beltway providing easy access to many towns on the western outskirts of Boston. Additionally, Route 1 and Interstate 93 both stand within easy driving distance.

This exciting marketplace includes many types of residential real estate. People living in this community discover a well-developed local infrastructure. They enjoy proximity to nearby employment, health care, educational, retail and recreational opportunities.

Median realty prices have generally risen in this city during recent years. Prospective property buyers should consider home prices sometimes fluctuate based upon a variety of complex supply and demand factors. Many ponds in this location enable home seekers to locate some properties here offering impressive waterfront vistas. Both bank owned and short sale homes become available in this location from time to time.

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