Millis Foreclosures

Bank Owned Properties

Do you possess special construction skills, such as the capability to work as a plumber, a carpenter, a painter, or an HVAC installer? If so, you may locate some outstanding real estate opportunities when you search for homes owned by banks and lending institutions. Often referred to as "REOs", these properties sometimes (but certainly not always) require repair services. Sometimes lending institutions will offer them for sale at attractive prices, particularly when a bank harbors concern about possible damage to important home systems.

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Homes which enter the asset inventories of banks may include apartment buildings, houses, and residential lots. However, these properties also often include condos, mobile homes, vacation cottages, undeveloped recreational land, and townhomes. Basically, virtually any type of real estate which may carry mortgage debt may wind up as a bank asset.

Financial institutions face challenges when they receive these properties into their inventories. First, the bank may have purchased mortgages for properties in a variety of locations. It cannot always predict when (or where) a foreclosure will occur. This situation may mean some banks hold REO properties across wide geographic areas.

Second, unlike resident homeowners, banks may not possess familiarity with an individual home and its systems. The institution may not know accurately whether a roof leaks or not, for example. Rather than invest a lot of money preparing REO properties for sale, some financial institutions simply prefer to sell these homes as quickly and efficiently as possible (especially in small towns).

Short Sales

Real estate markets, like other types of financial markets, operate in a cyclical fashion. Frequently, prices will rise. However, the value of homes also sometimes declines. Supply and demand plays a significant role in this process.

In some cases, homeowners who acquire significant mortgage debt secured by a home encounter problems when they sell the realty. Typically, the fair market price of a property exceeds the mortgage debt carried by the seller. During the closing, the secured lenders receive money from escrow to satisfy the debts secured by the realty. After paying all these obligations, as well as any other outstanding fees and commissions, the closing agent conveys the remaining amount, if any, to the seller.

However, when a "short sale" occurs, the money available in escrow from the sale does not cover all of these outstanding obligations. The property carries a higher level of secured debt than the sales price, so a shortfall will result. In this case, a seller usually pays money into escrow to prevent a short sale.

Short sales require the approval of the secured mortgage lenders. In the past, some banks would approve short sales under some circumstances. However, today, most financial institutions cannot do so. This situation involves considerable financial and legal risks, so buyers and sellers contemplating short sales should consider consulting with an experienced Massachusetts real estate attorney.

About Millis

This small town lies along the far western edge of Norfolk County, Massachusetts. It covers an area of slightly over 12 square miles. Boston lies only 23 miles away from this location by road.

The town occupies the intersection of Road 109 and Road 115. Nearby communities include Medfield to the northeast, Walpole several miles southeast, Medway a short drive south, and Framingham about 11 miles northwest. For many years, this part of Massachusetts remained primarily agricultural.

Realty in this enclave predominantly includes single family dwellings. During recent years, lots zoned for residential construction have also reached the real estate marketplace in this location. The community offers a variety of residential building styles and designs, with wood frame homes predominating.

From time to time, REOs do become available in the community and outlying areas. If you'd like to jump start your search for these residential properties, consider requesting assistance from Boston City Properties. We'll gladly help locate properties of possible interest to you!

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