Norfolk Foreclosures
Bank Owned Properties
Property seekers sometimes contact Boston City Properties to request assistance finding bank owned real estate available for sale. Often buyers receive solid value when they acquire these types of residential properties. We offer valuable real estate services for people hoping to purchase houses, condos, townhomes, apartment buildings, and other realty from financial institutions and mortgage lenders!
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Banks sells real estate in a variety of ways. In some cases, they list homes for sale on the commercial marketplace. In other situations, these institutions may offer a number of tracts for sale at public auctions. Some asset management departments work closely with local real estate companies to sell homes obtained by the bank through the foreclosure process.
If you've considered searching for "REO" homes, you'll want to pay close attention to the condition of the property. In some cases, the bank may not possess much information about defective or damaged home systems. Prospective buyers should exercise diligence inspecting the residence for signs of possible damage.
Since the companies which initiate mortgage loans sometimes sell mortgages to other lenders, in some cases the financial institutions which foreclose on homes conduct business in other states. A bank may administer an REO portfolio encompassing properties in many locations. The institution may lack close familiarity with the condition of a specific Massachusetts property.
Short Sales
In some cases, home owners become "upside down" on a mortgage and owe more money in mortgage debt than the real estate can generate from a fair market sale. In this situation, property sellers sometimes request permission from secured mortgage lenders to conduct a "short sale". The owner of the mortgage may (or may not) agree to this transaction.
Short sales involve considerable legal and financial risks. Consider consulting with a knowledgeable, licensed Massachusetts real estate attorney before listing a residence for a short sale. You may also find it helpful to consult with a local real estate broker about the condition of the housing market in this area. Boston City Properties can offer valuable assistance in this situation.
Today as a matter of policy, many lending institutions will not agree to participate in a short sale. Whether or not a secured lender will permit a short sale may hinge upon a number of factors, including the condition of the real estate, the lender's own policies and legal constraints, and the local realty marketplace. These types of transactions and contracts for deed usually involve considerable complexity.
About Norfolk
This charming small town sits within Norfolk County, Massachusetts in a rural area southwest of Boston. Today many investors and home buyers express interest in this community. Although removed from main transportation corridors and still comparatively small in terms of its population size, this quiet hamlet sits in a location roughly halfway between the largest urban area in Massachusetts and Providence, Rhode Island.
Residents reach Highway (Route) 1 (a road connecting these two major metropolitan areas) easily by traveling southeast along Road 115. This part of Massachusetts has witnessed increasing development and commercial activity during recent years. Both nearby Franklin and Walpole offer shopping and employment opportunities. People residing in this area easily undertake day excursions to visit attractions and landmarks within the Greater Boston Metropolitan Area.
If you plan to purchase land and construct a custom home within commuting distance of Boston, you may want to consider this location. Many residences in this tiny community sit on generously sizes lots. Available homes here include both standalone houses and lots, and possibly some condos and apartments. Although the limited population size ensures bank owned real estate becomes available only sporadically, prospective property buyers may discover some outstanding values here from time to time. Consider asking Boston City Properties to assist you as you search for realty in this community!
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