Milton Foreclosures

Bank Owned Properties

Have you considered searching for a bank owned property recently? Sometimes property seekers obtain exciting bargains when they invest in this type of home! Yet prospective buyers must carefully inspect "real estate owned" or "REO" realty. If a bank or other financial institution has allowed the residence to remain vacant for an extended period of time, the property might suffer from undetected maintenance issues.

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How do banks become owners of real estate? In many cases, they have been forced to acquire a real property due to a mortgage default. When a borrower seeks to obtain a mortgage loan or a home equity loan, usually the property itself serves as the collateral pledged to secure the loan. If a borrower cannot meet mortgage or loan repayment obligations on time, the financial institution may decide to foreclose on the property. The time frame for this process varies sometimes, but it is governed by state legal codes.

In this situation, the bank becomes the legal owner of the property if the borrower responsible for paying the mortgage could not satisfy loan repayment obligations on time and could not save the property from foreclosure. Most financial institutions eventually seek to sell the REO properties in their inventories. Savvy realty buyers sometimes locate attractive bargains in these situations.

Short Sales

Economic laws of supply and demand play an important role in every property marketplace. While over the course of time real assets often rise in value, property seekers must realize listing prices do fluctuate. In some cases, a home may actually have declined in value by the time a homeowner decides to sell.

Sometimes a property owner actually suffers a financial loss when selling realty. For instance, a residence purchased for $500,000 may only command a $250,000 offer on the resale marketplace. When this happens the seller has a painful choice: either sell the property and accept a $250,000 loss, or continue to hold onto the residence in the hope its value will rise at some future point.

If a property owner has taken out a mortgage loan secured by the home, a depreciating realty marketplace proves especially challenging for the seller in this situation. Property owners may find they owe far more on the residence in terms of mortgage debt than they can possibly recoup from a real estate sale. Lending institutions which maintain liens on the property may agree to permit a "short sale" at a loss under some circumstances. In some cases, they will even allow a new buyer to assume an existing mortgage.

Prospective buyers seeking "short sale" properties should appreciate the potentially significant legal and financial risks involved in this type of transaction. They may assume a mortgage only to discover themselves in the same situation as the previous property owner at a later date. The parties considering any "short sale" realty transaction may find it helpful to consult in advance with both a Massachusetts attorney and a knowledgeable real estate industry professional.

About Milton

This lovely city sits within Norfolk County, just a short distance south of the Neponset River. It lies approximately 10 miles due south of Boston. Pleasant Street offers a direct route between this well-established enclave and Interstate 93, an important north-south regional transportation corridor.

This historic city stands just west of Quincy and east of Hyde Park. Milton Village and Dorchester Center lie immediately north of this location. To the south, miles of scenic wooded hiking trails course through the scenic Blue Hills Reservation. The natural area offers a ski area, plus an observatory.

This upscale community today boasts a population of well over 27,000 permanent residents. It covers slightly over 13 square miles. The Massachusetts Bay Transportation Authority serves this location, furnishing public bus routes linking the community to other sites within the dynamic Greater Boston Metropolitan Area.

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