New Bedford Foreclosures

Bank Owned Properties

Property seekers and investors sometimes discover appealing real estate values when they search for bank owned residential properties. Banks may obtain real estate assets in a variety of ways (not all of them involving foreclosures). In general, financial institutions prefer to acquire mortgages, which generate a stream of revenue, rather than realty, which requires labor-intensive administration.

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Today, some lending institutions issue so-called "reverse mortgages" which involve regular payments by the bank to a homeowner possessing considerable equity in the property. When the reverse mortgage term ends, the homeowner may opt to convey the home to the bank rather than refinance the property. The financial institution may decide to resell these properties when this situation occurs.

Banks also sometimes obtain real assets as a result of the foreclosure process. When a homeowner defaults on mortgage payments, the property pledged as security for the mortgage loan becomes subject to this type of legal consequence. Home buyers sometimes search for these types of properties hoping that banks will prefer to sell these real assets quickly rather than expend a lot of effort maintaining them in their REO inventories.

When you conduct a search for bank owned properties in the New Bedford area, consider requesting assistance from Boston City Properties. We offer valuable real estate services. We may help expedite your hunt for your next home by locating bank owned houses, condos, townhomes, mobile homes, or apartments of possible interest to you. If you share your requirements with us, we'll do our best to help you find the home of your dreams in this community. We work closely with sellers, prospective purchasers, investors and lending institutions.

Short Sales

In some cases, a homeowner prepares to list a residence for sale on the real estate marketplace only to discover the anticipated sales price won't satisfy the outstanding mortgage debt secured by the property. Unless the seller can supply additional funds at closing to pay off the mortgage, this situation may result in a "short sale". Today as a matter of policy, many banks will not authorize short sale transactions.

The laws concerning short sales and contracts for deed vary from state to state. If you anticipate becoming involved in a short sale situation in this locale, it usually proves wise to consult in advance with an experienced Massachusetts real estate attorney. Additionally, you may benefit by seeking out an experienced real estate broker possessing familiarity with the condition of the local real estate market place.

Both buyers and sellers potentially face legal and financial risks during a short sale. They may enter into a sales contract, only to discover a secured mortgage lender refuses to permit the transaction. In some cases, legal actions ensue from these transactions.

Many potential causes contribute to a seller becoming "upside down" on a mortgage. Buyers in this situation sometimes discover properties contain significant defects or other issues. A careful property inspection in advance of a short sale may reveal whether or not a home requires repairs in order to become marketable at a higher sales price in the future.

About New Bedford

This historic coastal city of over 90,000 people stands in Bristol County, Massachusetts at the mouth of the Acushnet River. It covers an area of just over 24 square miles. In the past, it served as an important maritime center along the Eastern Seaboard. The Acushnet River flows into Buzzard's Bay.

The community today hosts a whaling museum and the campus of the University of Massachusetts at Dartmouth. Suburbs of this population hub extend into adjoining areas. These include the enclaves of Fairhaven, Smith Mills, Bliss Corner, Dartmouth, South Dartmouth, Coury Heights, Acushnet, and Sherwood Forest.

Boston sits 58 miles due north of this community. Interstate 195 links the Massachusetts city with nearby Providence, Rhode Island only 31 miles northwest. The Route 140 spur intersects I-195 here, providing rapid access to Route 24/79 and sites within the southern Greater Boston Metropolitan Area.

This location has elicited the interest of real estate investors during recent years due to its proximity to both Boston and Providence. Additionally, this area has developed a thriving tourism industry. Fishing, manufacturing, and health care services have all become important economic drivers in this region of Massachusetts. An emerging wind energy industry has assumed growing importance here.

Property seekers locate an impressive variety of realty in this location. Whether you would like to find bank owned mobile homes, houses, townhomes, condos, or apartments, you may discover properties meeting your specifications in this dynamic urban area. Count on Boston City Properties to render valuable assistance to you during this search. We follow developments in the surrounding community closely, and we look forward to helping you!

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