Malden Foreclosures

Bank Owned Properties

Sometimes home seekers in this part of Massachusetts consider bank owned properties. This type of real estate may include houses, mobile homes, apartment buildings townhomes or condominiums. Potentially, any realty which may serve as collateral for a loan might eventually enter a financial institution's inventory of real assets.

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Property buyers often discover excellent values when they search for residences owned by banks or other financial institutions. It remains a wise idea to inspect these types of properties very carefully, however. Why? When a lender forecloses on a home, the company may not possess extensive familiarity with the condition of the residence or the local neighborhood.

For example, consider an extreme hypothetical example. A lender forecloses on a condo unit within a large development several years into a mortgage. While the residential community may have maintained robust enforcement of condo management association provisions when the homebuyer first took out the mortgage on the property, during the intervening years the financial institution may not have maintained close contact with the property or its condition.

If the condo association stopped enforcing HOA requirements vigorously in the meantime, or suspended the collection of condo management association fees, then units within the residential development might display signs of exterior disrepair by the time the bank assumes ownership of this real estate. In this situation, a prospective buyer might purchase the bank owned realty for a low price, only to encounter significant property repair bills in the near future. Property seekers may indeed discover excellent values when they seek bank owned homes; however, the buyer must also prepare to research the property and its condition diligently.

Short Sales

In some cases, prospective property sellers discover they have incurred a higher mortgage debt on real estate than the amount of money the property will likely bring at a sale. Many circumstances can account for this situation. For example, real estate prices fluctuate and do not always rise in value. A home valued at $1 million in a "hot" market may actually decline in value if market conditions change. In a sluggish real estate environment, the same property may command only a fraction of its original value.

Typically today, a home seller seeking to participate in a short sale benefits by consulting in advance with a licensed, experienced Massachusetts real estate attorney. Additionally, it may prove helpful to speak with a well informed real estate broker. These individuals may offer helpful advice and guidance.

When a property serves as collateral for a loan, the seller has typically given the lender an equitable interest in the property. Property owners in this situation cannot disregard the property interests of lenders and lien holders. While short sales sometimes offer a solution in some circumstances, in many cases a seller and buyer cannot utilize this type of sale.

About Malden

The dynamic City of Malden sits in Middlesex County, Massachusetts several miles north of the large metropolis of Boston. Residents of the community travel a short distance to access Route 1, Road 99 and Interstate 93, all important transportation arteries within the Greater Boston Metropolitan Area.

This conveniently located enclave extends over slightly more than five square miles. It maintains a population of over 60,000 permanent residents. Residents enjoy many employment, shopping, dining, and entertainment opportunities within the immediate area.

The community maintains a network of green spaces and parks. On the northwest, the city adjoins the beautiful Middlesex Fells Reservation. This large tract offers miles of hiking and jogging trails.

A number of important cities surround this community. They include Medford, Everett, Revere, Saugus, and Melrose. Residents easily access points within these neighboring enclaves.

In part due to its proximity to Boston and other locations within metropolitan area, this municipality offers many interesting opportunities for both home seekers and investors. When you search for real estate here, you'll discover an impressive variety of residential properties available for sale or lease. The comparatively high population density ensures a great selection of real estate.

Ask Boston City Properties to assist you during your search for solid values in bank owned and short sale realty. We possess familiarity with this area and its realty market conditions. You can depend on our expertise as you hunt for a residence meeting your requirements!

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