Marblehead Foreclosures

Bank Owned Properties

The vibrant real estate marketplace in the Greater Boston Metropolitan Area appeals to many property seekers. Some prospective buyers focus their interest on bank owned residential properties. Careful shoppers may discover attractive values in this niche field.

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If you've considered concentrating your home search on houses, condos, townhomes, and other realty offered for sale by financial institutions, you'll want to spend some time learning about the ways that a bank typically acquires residential realty. The knowledgeable team at Boston City Properties may offer valuable assistance to you. We help customers understand the foreclosure process and the "REO" investment field.

Anyone planning to concentrate upon bank owned homes will find it useful to spend time visiting a number of properties falling into this category. Just like individual home sellers, financial institutions sometimes vary in the extent to which they prepare homes in this community for showings. Sometimes a bank acquires residential properties during "off-peak" seasons of the year, for instance. In these cases, an asset manager may need to evaluate rapidly whether the bank will offer the property for sale quickly or plan on holding it until a later date.

In some cases, REO homes may have stood vacant for several weeks or months. Prospective buyers usually benefit by paying close attention to the condition of any real property offered for sale. However, this issue often assumes particular importance in the case of bank owned realty. By taking the time to adequately inspect the premises, savvy buyers avoid expensive mistakes.

Short Sales

A property seller in some situations may discover that a home's resale value does not rise to the level of the existing secured mortgage debt. In this situation, unless the seller can afford to pay the difference at the closing, the parties may need to seek permission from secured mortgage and lien holders to conduct a "short" sale. This situation potentially involves significant legal and financial risks.

As a general matter, it remains a prudent idea to discuss potential short sales of real estate in advance with a qualified attorney, preferably one licensed in Massachusetts. Laws concerning short sales, contracts for deed, and real estate vary in some respects from state to state.

The parties to a short sales transaction may also benefit by discussing a proposed transaction of this type well in advance with an experienced real estate broker. A realtor possesses familiarity with local market conditions and prices. Boston City Properties strives to render valuable service to property seekers and home sellers in this community. You may find it helpful to call upon our team's expertise as you explore available for-sale property listings and financing options.

About Marblehead

This historic Massachusetts community sits in far southern Essex County. It maintained a population of nearly 20,000 people at the time of the 2010 decennial census. The town covers a total administrative area of 19.6 square miles, encompassing 4.4 square miles of land.

This location includes terrain which extends into Massachusetts Bay a short distance north of Swampscott. The community stands only 17 miles northeast of the City of Boston. President George Washington visited this coastal site when he toured the Commonwealth of Massachusetts in 1789. For many years, this port contributed to the whaling and fishing industries along the Atlantic seaboard.

Today, Marblehead continues to attract seasonal visitors, although many people also reside here throughout the year. The local economy supports a number of distinctive inns and bed-and-breakfast businesses located in historic buildings. The community still retains many picturesque dwellings and retail shops dating from earlier centuries, as well as new residential developments (including both houses and condos). The lovely scenery in this region makes this unique locale a popular tourism destination.

The town maintains a number of acclaimed public beaches. Fully nine miles of coastline surround this oceanfront community, a wonderful spot for maritime hobbyists and boat enthusiasts. Birdwatchers and ornithologists have spent hours tracking seabirds in this locale.

With its close proximity to both Boston and appealing vacation venues, this historic municipality offers many advantages. Investors and home seekers alike frequently search for properties in this part of Essex County. To learn more about this charming city, and to obtain further information about real estate listings and foreclosure bargains here, contact Boston City Properties.

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