Mattapoisett Foreclosures

Bank Owned Properties

Have you spent time hunting for foreclosed residential properties in this part of Massachusetts recently? Boston City Properties assists prospective home buyers hoping to locate solid values in this marketplace. We offer a variety of important real estate services.

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Banks and lending institutions which offer first or second home mortgages and home equity lines of credit sometimes become the owners of realty pledged as collateral. These institutions may issue mortgages, or, more frequently, they purchase these assets from other lenders. This form of investment usually supplies a steady stream of revenue. Most asset managers do not welcome mortgage default situations which may require the bank to initiate foreclosure proceedings.

Why do many banks choose to sell residential properties acquired in this way? Unlike a mortgage, an intangible paper asset which typically generates a reliable stream of revenue every month, a residence necessitates labor intensive management. A financial institution must sell or rent realty in its inventory in order to realize a profit. Furthermore, the bank may face considerable holding costs as it oversees properties in its "real estate owned" (or "REO") inventory. Most lenders in this situation pay a full-time property inspection and management service to perform this role.

For all these reasons, home seekers in this area sometimes discover bank owned houses, condos, townhomes, mobile homes or apartments available on the realty marketplace. Ask Boston City Properties to help you locate real estate of this type. Let us know your requirements for your next home!

Short Sales

Sometimes property sellers discover they cannot sell a home at a price capable of satisfying the outstanding secured mortgages and liens attached to the realty. This situation may occur for a variety of reasons. With some important exceptions, short sales typically require the approval of secured equitable owners of the realty in order to proceed.

As a matter of policy, many financial institutions today won't participate in short sales. During former eras, banks frequently allowed a prospective buyer capable of meeting prequalification requirements to assume an existing mortgage. A variety of circumstances may impact the availability (or not) of a short sale when a seller lists a home for sale.

Home seekers may find it helpful to inquire about the availability of a short sale, or not. Before entering into this type of transaction, or into a contract for deed, you should consider consulting with an experienced real estate attorney licensed in the Commonwealth of Massachusetts. It may also prove helpful to discuss your plans with a licensed real estate broker who enjoys familiarity with local market conditions.

While parties who engage in short sales may in some cases benefit financially from this type of transaction, the individual circumstances vary widely. Many grave legal and financial risks surround the short sales process. It remains important to safeguard the interests of both the legal and the equitable owners of the realty during a short sale.

About Mattapoisett

This historic town sits along the Massachusetts coast, in far southwestern Plymouth County, Massachusetts. It lies nearly 65 miles south of the City of Boston by road. Situated today along Interstate 195, the community included over 3,200 housing units at the time of the 2010 decennial census.

Interstate 195 links this community directly to Providence, Rhode Island. The freeway also connects many towns along the Massachusetts coastline. It offers a useful resource for residents journeying to employment and retail sites.

Residents of this scenic location enjoy some panoramic views of nearby Buzzard's Bay. The growing community of New Bedford lies within a short drive of this location. It offers a number of tourist attractions, including a whaling museum. Maritime activities have long played an important role in the economy of this region.

The town grew and developed over the course of decades. Perhaps for this reason, people seeking vintage styles of homes sometimes look for properties here. Bank owned real estate listings reach the market in this location from time to time.

If you've decided to concentrate your real estate search efforts here, consider requesting assistance from Boston City Properties. We understand the local realty marketplace. Our company helps home sellers, as well as prospective buyers and investors. As a firm specializing in properties within the Greater Boston Metropolitan Area, we offer an excellent resource for anyone considering investing in bank owned homes in this community.

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