Nahant Foreclosures

Bank Owned Properties

Banks acquire realty in a variety of ways. In some situations, financial institutions which have provided mortgages to customers in the Nahant area (or purchased mortgages on properties in this community) must foreclose on homes. They seek to recover the property pledged to secure a loan if buyers cannot keep current with mortgage payments.

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When this situation occurs, mortgage lenders typically assume ownership of the real property which served as security for the loan. In other cases, financially stressed homeowners who cannot pay the mortgage simply surrender the property securing the mortgage to a primary lien holder or mortgage lender voluntarily. They may choose this option rather than go through a protracted foreclosure or other legal proceeding.

Most financial companies do not welcome the prospect of owning real property as a result of mortgage defaults. The term "REO" (a shorthand expression for "real estate owned") refers to real assets owned by banks and lending companies after a property enters the lending institution's inventory following the nonpayment of a mortgage. REO properties do not typically generate income for the financial institution unless the bank can locate new purchasers.

Prospective home buyers sometimes discover these types of properties available in the real estate marketplace in this community. Buyers should exercise due diligence in evaluating "REO for sale" residences. In some cases, these properties may have undergone extended periods of vacancy or poor maintenance.

Unlike human beings who reside in a home full-time, financial institutions may encounter difficulty managing the nuances of keeping vacant real estate in top condition. Banks often must rely on property inspection services to keep them apprised of the state of REO assets in their inventories. Due to the expense and inconvenience involved in holding realty in this situation, a financial institution may seek to locate property buyers as efficiently as possible. Sometimes home seekers will discover these types of properties available for purchase via REO real estate auctions.

Short Sales

Prospective home seekers sometimes express an interest in purchasing a property offered as a "short sale". This type or real estate transaction involves considerable legal risks. Buyers and realty sellers should consider consulting with an experienced Massachusetts realty attorney and a capable real estate broker before entering into this type of sales transaction. It often proves advisable to seek a property inspection in this situation, as well.

Boston City Properties sometimes assists home seekers searching for short sale properties. A short sale generally occurs when a seller endeavors to market a property at a loss, and the seller owes more on the mortgage than the anticipated sales price. (In order to sell realty and transfer legal ownership to the home, the seller must typically satisfy any outstanding mortgages and liens on the realty first.)

In some cases, a mortgage lender will agree to accept a loss during a short sale. However, most lending institutions do not permit short sales. The mortgage lender may allow a qualified buyer to assume all or part of an existing mortgage under certain circumstances. Factors such as the lender's policies concerning short sales, the condition of the property, the health of the underlying realty marketplace, and the financial condition of the prospective buyer may influence whether or not the parties can conduct a short sale, or whether the lender will refuse permission for this transaction.

The parties to a real estate sales contract may sustain financial losses when a property offered for sale cannot proceed to a successful closing. If you've considered offering your home in this community for sale as a "short sale", or you've contemplated purchasing a "short sale" property, it makes sense to seek expert advice first. While parties sometimes enjoy satisfying results from these transactions, outcomes vary from one case to another.

About Nahant

Situated in Essex County, Nahant occupies a narrow rocky peninsula jutting into Massachusetts Bay. It borders the Atlantic Ocean on several sides, and a short strip of Lynn on the far northwest. During 2010, just over 3,400 people resided in this distinctive coastal community.

A causeway connected Nahant to the mainland for many years. This location has suffered a declining permanent population for some time, but does witness seasonal tourism. Reportedly, a developer erected the first hotel in the community during the early Nineteenth Century.

The rocky beaches surrounding this site include Nahant Beach and Black Rock Beach. Nahant has no Massachusetts routes. It remains a predominantly rural coastal location today, located close to the vibrant City of Boston. Request assistance from Boston City Properties when you search for bank owned homes in this area.

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