Needham Foreclosures

Bank Owned Properties

Frequently, financial institutions which have foreclosed on homes subsequently decide to offer these bank owned assets for sale. Prospective home buyers may discover some solid values when they search carefully for this type of real estate. It behooves home seekers to exercise caution in evaluating the condition of bank owned residences, however.

Search Foreclosures

When a private individual offers a home for sale, the seller has often resided on the premises for years and gained intimate familiarity with maintenance and property management issues. Most lending institutions do not enjoy this advantage. Their information about the real estate in their inventories may derive mainly from contractors and short term property managers. Professional property inspectors vary sometimes in the amount of information they possess about a specific home and its environs.

Boston City Properties urges prospective buyers considering bank owned properties to conduct diligent research into both the condition of the home and the surrounding neighborhood. People who purchase realty in this situation may discover they enter into the transaction largely at their own risk. For example, if special assessments occur for planned road improvements or other new infrastructure projects within the local area a few months later, the buyer may not learn about these issues without first conducting diligent research.

Financial institutions sometimes vary in the extent to which they rely upon professional property management services for the realty in their inventories. Some banks endeavor to rapidly re-sell foreclosed properties, while others may hold these assets for weeks or months before placing them on the market. Local real estate market conditions may significantly impact this decision.

Short Sales

In some cases, a property seller may discover that offers received on a home fail to rise to a level capable of satisfying the outstanding mortgage debt secured by the property. During a real estate closing, the escrow agent must first pay off outstanding mortgages and liens secured by the real estate before releasing any remaining funds from escrow to the home seller. Today, many mortgages contain provisions preventing property owners from transferring legal title to the real estate under most circumstances until the satisfaction of the mortgage, in the absence of specific lender approval.

Sellers and prospective property buyers in this situation should consider consulting with an attorney licensed in Massachusetts in advance of entering into a sales agreement. An experienced real estate broker's assistance may also prove helpful. Sometimes the holder of a lien secured by the property will consent to a "short sale" under certain circumstances. However, no one can take this approval for granted (because in many cases lienholders will not concur). A number of factors may influence the availability of a so-called "short sale" solution for a seller carrying a significant mortgage debt.

About Needham

The town of Needham, Massachusetts supports a population of more than 28,000 today. It stands in Norfolk County, some three miles southeast of Wellesley. The Interstate 95 beltway passes only a mile east of this location.

The community encompasses 12.7 square miles. The Charles River extends along its southern border. Route 135 transects this enclave, crossing between the southeast and the northwest. It separates the Needham Heights neighborhood in the northern part of town from Needham Junction in the south.

Reportedly, many residents from the town commute frequently to other cities within the Greater Boston Metropolitan Area. This location sits some 20 miles away from downtown Boston. It offers ready access to many points within the urban area.

Realty values have often appreciated in this part of Massachusetts during recent years. Today some luxury homes in this community list for over $1 million. Prices here cover a broad spectrum. Prospective home buyers will discover houses, condos, apartments and other residential properties for sale or lease.

Search Foreclosures