Newbury Foreclosures

Bank Owned Properties

Have you searched for bank owned real estate in Newbury, Massachusetts? Boston City Properties focuses on the real estate market in the Greater Boston Metropolitan Area. We often assist customers in finding residential properties meeting their requirements in this part of Essex County. Ask us to expedite your efforts to discover exciting houses, condos, townhomes, lots and other residential sites owned by financial institutions.

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Banks acquire realty for a variety of reasons. In some situations, the foreclosure process extends over the course of several weeks and months. If homeowners leave the property well in advance and do not lease the residence, then a home may sit vacant for some period of time before it enters the financial institution's inventory.

Prospective purchasers in this situation may wish to pay close attention to the condition of a foreclosed home. Many banks retain the services of property inspection and management companies to assist them in evaluating these types of properties. Sometimes financial institutions will initiate repairs (if necessary) prior to placing a residence on the commercial marketplace for resale.

However, in other cases the bank may simply choose to resell the property in an "as is" condition. The prospective buyers may encounter difficulty assessing the state of some home systems accurately in this situation. Inspecting these types of properties carefully assumes importance. Home buyers may encounter significant repair expenses when they purchase realty sold "as is", although sometimes the selling institution offers attractive discounts in the sales price.

In some cases in which residential REO properties have sustained extensive damage, the bank may essentially seek only the value of the underlying land. When this situation occurs, buyers may anticipate extensive new construction expenses. Residential property sold only for land value usually requires too many repairs to permit rehabilitation.

Short Sales

Boston City Properties also offers a valuable resource and source of advice to customers listing homes for sale. In some cases, sellers incur more mortgage debt than a property can expect to generate during resale. Homeowners who discover themselves "upside down" on the mortgage may seek a secured lender's permission to conduct a "short sale". However, the lender as an equitable owner may (or may not) agree to permit this type of transaction.

We urge anyone contemplating entering into a short sale transaction to spend time consulting with an experienced and licensed Massachusetts real estate attorney. These types of sales often involve substantial legal and financial risks for buyers and sellers of real properties. The complexity of these types of transactions warrants careful research.

During previous eras, financial institutions often encouraged buyers to assume the outstanding mortgage debt when a short sale situation arose. A seller could often avoid financial losses by finding a well qualified purchaser capable of maintaining (and eventually paying off) the existing mortgage(s) on a property which carried high levels of mortgage debt. Subsequent appreciation in the real estate market might make this type of sale beneficial for the purchase also.

Yet since short sales entail a high degree of risk, during recent years many mortgage lenders no longer permit these types of transactions. Lending institutions sometimes fear buyers who assume a mortgage may lack the incentive to continue making payments, and that by agreeing to a short sale they may ultimately lose money. The availability of a short sale today ultimately hinges upon a number of factors in any given case, including laws impacting the mortgage lender.

About Newbury

Officially known as "West Newbury" this community lies west of Newburyport in Essex County, Massachusetts. During the 2010 decennial census, this small town maintained a population of well over 4,000 permanent residents. Due to the comparatively small size of the community, bank owned residential properties may become available for sale here on a sporadic basis.

Residents of this picturesque enclave enjoy ready access to Interstate 95, an important north-south transportation corridor leading through Danvers and Peabody. It joins Highway (Route) 1 to provide a means of reaching the thriving City of Boston. Essentially, this town lies on the far northern outskirts of the Greater Boston Metropolitan Area.

From this community, travelers easily reach the nearby City of Haverhill and, just a short drive north, points within New Hampshire. The surrounding countryside offers many green spaces and wooded tracts, including some popular state parks. If you'd like to search for a residence with excellent proximity to outdoor recreational opportunities, you may choose to focus your property hunt in this beautiful part of the Commonwealth of Massachusetts. Ask Boston City Properties to assist you in locating some excellent real estate values.

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