North Andover Foreclosures
Bank Owned Properties
Have you searched for bank owned properties in this lovely part of Essex County, Massachusetts recently? Contact Boston City Properties to obtain a number of important real estate services. We assist both home seekers and investors as they hunt for "REO" ("real estate owned") homes meeting their specifications.
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Most financial institutions greatly prefer investing in mortgages rather than real estate. Regular mortgage payments provide the bank with a stream of income. They remain a highly liquid asset.
By contrast, homes entering the bank's asset portfolio as a result of foreclosure often require the expenditure of money simply to maintain in good condition. Perhaps for this reason, most financial institutions eventually offer REO properties for sale. Financial institutions vary with respect to their willingness to undertake property inspections and improvements; they often choose to sell homes in an "as is" condition (although local marketplace considerations may influence this decision).
Why does this issue matter to home seekers and investors? If you search for bank owned properties, you'll want to pay very close attention to the physical condition of the real estate. Requesting a complete property inspection often makes sense. While the need for some repairs may not influence the bank's decision to market the property, this consideration may significantly impact the purchaser's budget down the road. For example, whether a home requires simply a cosmetic repair or an expensive home systems repair matters enormously to a prospective buyer who plans to refurbish the property.
Short Sales
In some cases, home sellers discover they cannot market a home for a sufficient amount to cover the cost of satisfying the outstanding mortgage debt. If the sellers have already relocated and acquired additional housing expenses, this situation may cause financial hardship. If you find yourself in this situation, you may find it helpful to speak with a licensed Massachusetts real estate attorney.
Sometimes buyers and sellers obtain the required approvals to conduct a so-called "short sale". However, in many cases today, as a matter of policy lending institutions cannot agree to these transactions. Laws concerning real estate closings, short sales, and contracts for deed vary significantly sometimes from one state to another. For this reason, it usually makes sense for a property owner who has become "upside down" on a mortgage to speak with experts.
If you'd like to discuss local real estate market conditions and short sales issues in this community with an experienced Massachusetts real estate company, you may find it useful to call upon Boston City Properties. We follow residential realty trends in North Andover and its environs. We offer skilled assistance to home sellers, prospective buyers, investors and other stakeholders in the real estate industry.
About North Andover
This municipality stands in Essex County, approximately 24 miles north of the vibrant City of Boston. Today it boasts a population of well over 28,000. Set within a scenic backdrop of woodlands and hills, this community enjoys spectacular views of adjoining Lake Cochichewick.
The Merrimack River forms part of the northern boundary of the town. Just a short drive to the northeast, residents visit a ski area. With panoramic vistas and a lovely natural setting, this location inspires interest on the part of many Boston area investors and home seekers.
Interstate 495, a freeway connecting many communities along the western outskirts of the Greater Boston Metropolitan Area, passes just a short distance north of town. It intersects the major north-south transportation corridor of I-93 lies just a few miles west. Residents can easily travel to nearby Methuen, Dracut, and Lowell, or journey south to visit Reading, Medford, Somerville, and Central Boston from this location.
The realty market here encompasses a great selection of properties: houses, condos, townhomes, and apartments. The local area offers many vintage homes, as well as newer structures built in a variety of styles. While bank owned realty does not reach the market every day, from time to time value conscious prospective buyers will discover available REOs here.
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