Millbury Foreclosures

Bank Owned Properties

Today some Massachusetts property seekers focus on bank owned realty. Have you ever seen a foreclosure notice in the newspaper? These legally required listings advertise foreclosure sales. Banks often acquire these properties after a homeowner defaults on a mortgage loan secured by the realty and fails to redeem the property.

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Most financial institutions do not welcome receiving real estate into their asset inventories. Why? Unlike mortgages, which generate reliable streams of revenue, a home may require intensive management efforts. Banks often sell bank owned realty (called "REO" properties) to the public.

In small towns such as Millbury, the availability of REOs for sale may occur only sporadically (due to the population size). A prospective property buyer may hunt for several months without finding one of these homes on the market, then two or three may become available in the area simultaneously.

Boston City Properties pay close attention to the REO marketplace. We offer a variety of real estate services. Contact us for assistance locating bank owned real estate. If you share your requirements for your next home or investment with us, we'll alert you when we discover an REO in this location meeting your requirements. Our company maintains close ties with prospective home buyers, home sellers, investors, and lending institutions.

Short Sales

When home sellers become "upside down" on a mortgage and they owe more money on the property than they can expect to receive from a sale, they run a high risk of encountering a short sale. This situation occurs when a seller who seeks to sell a home at a fair market value price does not receive enough money to satisfy the outstanding mortgage debt at closing. Today, most financial institutions cannot approve short sales.

Short sales implicate considerable potential legal and financial risks. If you hold concern about this situation, it may help to discuss your situation with an experienced real estate attorney licensed to practice law in Massachusetts. These types of transactions often result in delayed or completely disrupted closings.

Most buyers and sellers who agree to the sale of realty hope to complete this transaction on schedule. While delays sometimes occur, they may impose serious inconvenience (and even expense) on the buyer and seller. This situation proves particularly dangerous if other scheduled closings depend upon the transaction.

For instance, when a home seller or a home buyer decides to relocate, the inability to conduct a scheduled closing on time may affect a relocation schedule. Additionally, delays may cause one or more of the parties to lose an opportunity to sell or purchase another property. Sometimes real estate sales contract penalize parties who cannot meet anticipated closing dates.

About Millbury

This community of slightly over 13,000 people lies on the outskirts of the large City of Worcester, Massachusetts (population approximately 184,500). Today it sits within the Greater Worcester Metropolitan Area. It extends across slightly more than 16 square miles.

This enclave sits a short distance south of the Interstate 90 expressway, a major east-west transportation corridor through Massachusetts. Residents can use this highway to travel east directly into Boston. By heading west, they reach Springfield and the New York state line.

This location supplies many employment, educational, retail, cultural enrichment, fine dining, and entertainment options within the immediate vicinity. It offers a well-developed local infrastructure. Due to the size of Worcester, REO properties become available within this extended metro area with some frequency, although not as often within Millbury itself. If you'd like assistance locating bank owned homes in this locale, consider contacting Boston City Properties.

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