Norton Foreclosures

Bank Owned Properties

People searching for residential real estate in this community sometimes hunt for homes offered for sale by banks or mortgage lenders. Sometimes described as "real estate owned" or "REO" properties, these assets cover the gamut from luxury custom homes to efficiency condos. Prospective buyers may desire an REO as a residence, as a long term investment property, or as a home to repair and re-sell.

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Regardless of the reasons you find yourself hunting for an REO, you can obtain knowledgeable, timely assistance from Boston City Properties. Ask us to help you locate bank owned realty meeting your criteria. We preview many different kinds of homes on the sales market in this locale, and if you share your preference for your next residence with us, we'll alert you when we discover an REO fitting your requirements.

In many cases, banks receive new REOs into their asset inventory with comparatively little warning. Although the foreclosure process typically proceeds slowly over the course of weeks or months, homeowners who harbor concern they might lose a property in this way sometimes decide to voluntarily surrender their home to the mortgage lender in the hope of avoiding credit damage. Many financial institutions prefer to delegate the responsibility for maintaining REOs to full-time property inspection and management contractors.

As a result of the sporadic nature of the availability of REOs, financial institutions sometimes do not dispose of these properties rapidly. Sometimes bank owned homes remain vacant for extended periods of time. (This situation may vary widely from one company to another). Prospective buyers often benefit by working closely with an experienced real estate firm such as Boston City Properties as they attempt to locate REOs available for purchase.

Short Sales

The recession which occurred during the period between 2007 and 2009 precipitated many changes within the mortgage lending industry. One significant development resulting from this crisis has involved a decline in the willingness of many secured mortgage lenders to approval short sale transactions. A "short sale" occurs when a seller conveys a title to a real estate buyer, but the proceeds from the sale fail to rise to a level sufficient to satisfy the outstanding secured mortgage debt.

While short sales still occur today, they happen far less frequently than during previous eras. In the past, some lenders would agree to a short sale if the buyer qualified to assume the existing mortgage debt carried by the property. Policy changes no longer allow many lending institutions to agree to short sale transactions.

Laws concerning short sales, real estate closings, and contracts for deed sometimes vary widely from state to state. If you've contemplated entering into a short sale transaction, it may prove helpful to discuss your specific circumstances with an experienced Massachusetts real estate attorney. Many factors potentially impact the availability of a short sale.

About Norton

This community today encompasses the village of Norton Center in Bristol County, Massachusetts. It extends across a nearly 30 mile square area to include its environs, also. The town stands roughly 34 roadway miles southwest of Boston and some 19 miles northeast of downtown Providence, Rhode Island.

Scenic Norton Reservoir adjoins this location. A number of streams and waterways occur within the community. Three Mile River flows from the reservoir into Taunton Estuary just a few miles to the south. This region provides many recreational opportunities for boating and maritime enthusiasts. The community includes the campus of Wheaton College, a nationally acclaimed private four liberal arts college.

The town lies just a short distance south of Mansfield and a short drive east of the important interchange between two important regional highways: Interstate 95, a roadway linking the Greater Boston Metropolitan Area with Providence, and the Interstate 495 beltway, a freeway connecting many communities along the far western outskirts of Boston.

Its pivotal geographic location virtually ensures ongoing public interest in real estate investing in this community. If you have considered searching for REO properties within this town or its environs, consider requesting assistance from Boston City Properties. We look forward to helping you locate the home of your dreams in this lovely Massachusetts hamlet!

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