North Reading Foreclosures
Bank Owned Properties
Today investors sometimes focus their property search efforts upon bank owned realty. Boston City Properties assists home sellers, home buyers, and other stakeholders in the real estate industry. We offer a variety of useful services.
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If you share your requirements for your next home with us, we'll try and help you locate a residence offered for sale by a bank or mortgage lending institution meeting these criteria. This category of real estate, sometimes referred to as "real estate owned" or "REO" property often supplies excellent value. Ask us to help you search for an REO in this charming Massachusetts community!
Bank owned real estate appeals to savvy home buyers because financial institutions sometimes seek to sell realty as quickly as possible. The seller in some cases may even furnish a home improvement loan to qualified buyers to help enhance the property. In general, most financial institutions prefer to invest in mortgages which generate streams of income rather than real estate, which may require an outlay of cash to manage and maintain in marketable condition.
Let us know the types of REOs of most interest to you. Although these properties become available sporadically sometimes, financial institutions sometimes sell houses, condominiums, townhomes, lots, and even apartment buildings. Both prospective home buyers and investors sometimes discover appealing bargains when they search for an REO meeting their requirements.
Short Sales
Have you heard the term "short sale" applied in a real estate context? Some people associate this expression mainly with the stock market. However, certain real estate sales transactions qualify as short sales.
Home buyers frequently seek financing from mortgage lenders to fund the purchase of real estate. In this situation, the property usually serves as the security for the loan. A lender writes a mortgage on the home and becomes the equitable owner until the satisfaction of this debt.
Yet in some cases, a homeowner may discover a sale of the home at a competitive market price still cannot satisfy the mortgage. When this situation occurs, the home seller may require the consent of the bank in order to transfer title to the property. The equitable owner may, or may not, give approval to a "short sale".
Changes within the mortgage industry during recent years have increased the reluctance of many financial institutions to consent to these types of transactions. Sellers of properties burdened by high mortgage debt loads may find it helpful to consult about the situation with an experienced and licensed Massachusetts real estate lawyer. Sometimes contracts for deed provide solutions for homeowners in these situations, yet state laws vary concerning the availability of this option. Short sale transactions involve considerable financial and legal risks.
Additionally, property owners sometimes gain valuable insight into local real estate market trends and conditions by speaking with a licensed real estate broker. Boston City Properties may offer assistance to customers interested in understanding the realty marketplace in this Massachusetts community. If you expect to offer a home for sale and the residence carries a high level of mortgage debt, it may become important to ascertain a competitive fair market price for the residence.
About North Reading
The lovely community of North Reading sits within 19 miles of Boston by road. It lies in far eastern Middlesex County, a short distance north of the town of Reading and south of the Essex County line. Reportedly, this municipality maintains a population today approaching 15,000. It covers a total area of 13.5 square miles.
Residents locate employment, shopping, dining and entertainment opportunities within the immediate vicinity. Interstate 93 sits just a few miles west of this community. It provides easy access to the northern part of the Greater Boston Metropolitan Area. With close proximity to this cosmopolitan urban area, people residing in this location enjoy many advantages.
This community adjoins portions of the Ipswich River a short distance to the south. To the north, residents access the Harold Parker State Forest, a lushly wooded location with hiking and other outdoor recreation opportunities. The small enclave of Middleton sits four miles east of this community, and Lynnfield lies several miles south.
Its lovely setting contributes to the town's charm. Prospective property seekers discover houses, condos, townhomes and apartment buildings available here as REOs from time to time. Ask Boston City Properties to help expedite your search for a home in this delightful Massachusetts town!
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