Marshfield Foreclosures

Bank Owned Properties

Prospective home buyers and investors today sometimes specifically seek bank owned realty. In many cases, these properties become assets of financial institutions after mortgage foreclosures. Most banks desire to maintain mortgages in their inventories, not real properties, since they prefer to manage liquid assets.

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However, in some situations, a financial institution receives a residence as an asset following the completion of a reverse mortgage. A homeowner or the homeowner's heirs may choose not to refinance the property at the end of the mortgage. It may prove easier for everyone to simply allow the bank to become the legal owner and take title to the residence itself.

In these situations, financial institutions typically re-sell the realty. Banks may list these assets for sale with local brokerage firms. In some situations, a financial institution places properties for resale at a real estate auction.

Regardless of the way a home reaches the re-sale marketplace, prospective buyers of real assets owned by financial institutions sometimes locate exceptional values. Yet it remains essential to inspect the property (and its setting) carefully. Many banks which auction realty schedule public tours only at specific dates and hours. You may find yourself unable to enter the site to check out the condition of the interior of the residence at other times.

If you reside outside the local area and you'd like to review a number of homes owned by a financial institution during your visit to this area, you'll find it helpful to contact Boston City Properties. We'll do our best to ensure you can see available homes in depth. (If you cannot visit the residence during an open house, simply ask us to participate as your agents.)

Short Sales

Home seekers who search for foreclosures should exercise caution in so-called "short sale" situations. In these situations, a seller may list a home for sale at a price below the outstanding value of the outstanding mortgage debt remaining on the property. Many possible reasons account for this situation.

In some cases, a property has declined in value since the seller purchased it. While in an appreciating local marketplace, most homes in the area rise in value, exceptions always occur. For example, a owner may have selected a residence with an outdated floor plan and lacked the resources to maintain the décor in an appealing, marketable condition. Or perhaps an important home system suffered damage and required expensive repairs. Many possible reasons underlie "upside down" mortgages.

Yet whenever a short sale occurs, the parties usually require the permission of the parties holding the mortgage securing the property in order to complete the sales transaction. With some important exceptions (such as the enforcement of certain tax liens), short sales today often won't proceed to a closing without this authorization. Laws about short sales and contracts for deed vary from state to state. For this reason, Boston City Properties urges anyone considering entering into a short sale transaction to obtain capable legal advice in advance.

About Marshfield

This community stands in Plymouth County, Massachusetts in an inland location not far from the Atlantic coastline. It offers close proximity to the Greater Boston Metropolitan Area. Residents can reach the thriving City of Boston by car in under an hour from this location.

The 2010 decennial census reported this enclave (which covers a broad administrative area including outlying villages) maintained a population of more than 25,000 people. This figure today fluctuates to some extent based upon seasonal factors. The area serves as a popular summertime vacation destination for many households.

This coastal region of the Commonwealth of Massachusetts holds compelling attractions for permanent residents and visitors alike. Situated near miles of stunning waterfront vistas in a location not far from some important historic landmarks, this vibrant community today benefits from the tourism industry. Several beaches near this location draw crowds during warmer months of the year.

Its location impacts this town's real estate marketplace profoundly. If you've decided to seek out bank owned residential realty here, consider relying upon Boston City Properties. We help both home sellers and prospective buyers, and we offer a variety of useful real estate services. We look forward to helping you achieve your goals as you explore the real estate marketplace in this unique part of Massachusetts!

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