Melrose Foreclosures
Bank Owned Properties
Have you ever attended an auction of bank owned properties? From time to time, banks and mortgage lenders acquire residential realty. They may decide to sell these homes, either as listings available through real estate brokers or at real estate auctions.
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Sometimes these "real estate owned" or "REO" properties sell at a discount. Many home seekers and investors actively search for REO properties in this community. Boston City Properties helps home buyers find residential realty in Massachusetts, including houses, condos, building lots, and more offered for sale by banks.
A financial institution may choose to sell some of its REO homes in "as is" condition. For a variety of reasons, this type of bank owned realty frequently includes homes which may have sustained periods of vacancy in the recent past. The seller may not even know whether all of the home systems work correctly in some cases.
When you preview these properties, it usually helps to pay close attention to the physical condition of the residence. Don't simply assume that all the systems in an "as is" home will function correctly until you have an opportunity to check them. Frequently, residential properties which have remained vacant during cold winters have sustained some degree of damage.
Not all REOs reach the market in "as is" condition, of course. In some cases, banks perform detailed inspections of the residential properties in their inventories and perform regular maintenance; the seller may bring these homes to market in excellent shape. Buyers in this part of Massachusetts typically pay competitive market prices for well-maintained properties, including REOs.
Short Sales
During the closing process, an escrow agent performs important steps in the transfer of real property. People purchasing homes often expend significant money in this effort. Home seekers frequently require financing in order to buy realty today.
Sellers also have a lot at stake during a home sale. In many cases, a seller still owes lenders money borrowed during the seller's purchase of the home, or during the process of making repairs or improvements. If the home carries outstanding mortgage debts, the seller typically needs to ensure the satisfaction of these obligations prior to transferring possession of the residence to new owners.
Generally, buyers and sellers want to make certain everyone receives fair treatment during the sale of the home. They depend upon the escrow process to help them accomplish this goal. Ideally, the closing agent who receives funds into escrow for the sale of the home disburses funds at the closing to complete the sale of the home on schedule.
When a "short sale" occurs, the funds due from the buyer won't satisfy the mortgage obligations of the seller. In this case, sellers must typically bring money to the closing table to pay a mortgage lender unless the lender approves a short sale in advance. (In the past, financial institutions sometimes resolved short sales by permitting qualified purchasers to simply "assume" the seller's remaining mortgage debts. Today many lending institutions as a matter of policy will not grant this approval.)
About Melrose
This dynamic residential enclave sits slightly over 7 miles north of the City of Boston in Middlesex County, Massachusetts. Its southwestern border adjoins the Middlesex Fells Reservation, a natural area offering beautiful scenery and hiking trails. Malden lies immediately south of this community.
Realty prices here have appreciated significantly over the course of the past few decades. The town's population currently exceeds 27,000 people. This municipality of 4.8 square miles offers a well-developed suburban infrastructure. It furnishes many services, plus ready access to employment, retail, dining, recreation and educational opportunities. The Interstate 95 beltway lies roughly 2 miles north, and Highway (Route) 1 passes nearby on the east, supplying a quick route into the heart of downtown Boston.
This popular location includes a number of distinctive neighborhoods. Residential properties here include houses, condominium developments, townhomes and apartment buildings. Property seekers discover both vintage homes in a variety of architectural styles, and well as some newer construction.
If you'd like to search for bank owned realty in this community, contact Boston City Properties. We help both home seekers and investors. Ask us to assist you as you hunt for residential properties in Melrose!
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