Norwood Foreclosures

Bank Owned Properties

Home buyers sometimes notice advertisements for "REO" property sales. This term refers to "real estate owned", the term banks use to designate realty in their asset inventories. Many investors and home seekers actively search for this category of real estate.

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Boston City Properties frequently assists investors and home seekers hoping to discover REO opportunities. We specialize in providing real estate services within the Greater Boston Metropolitan Area and its environs. Ask us to help jump start your search for bank owned residential realty!

When financial institutions decide to sell REO homes, they may market them as conventional real estate listings. Sometimes banks sell a number of REOs during a real estate auction. They often list these properties for sale in "as is" condition. Prospective purchasers in these situations usually expect to spend money after completing a purchase refurbishing these homes.

How do REO auction buyers preview homes? In some cases, the bank will also list the property for sale on the real estate market. Prospective buyers may contact a real estate agent and schedule a showing. More commonly however, homes sold at large REO auctions remain available for group showings only at designated dates. The seller may wish to minimize its marketing expenses as much as possible when using an auction as the sales vehicle.

If you plan to submit bids on REO properties at an auction, it remains a very smart idea to make sure you (or your agent) visits the property first. Frequently, real estate offered for sale in "as is" condition has sustained delayed maintenance or previous extended periods of vacancy. The seller may not know whether or not all of the home systems function correctly. If you cannot attend an REO pre-auction real estate inspection, consider asking Boston City Properties to perform this service for you.

Short Sales

Perhaps you have heard about investors who specialize in short sales? In some situations, a seller discovers the fair market value sales price of the home won't reach a level sufficient to satisfy the seller's outstanding mortgage debts secured by the property. This "short sale" situation may involve significant financial and legal risks. We urge sellers (and buyers) contemplating short sale transactions to consult with experienced Massachusetts real estate lawyers.

Recent changes in the mortgage industry now prevent many financial institutions from granting approval for short sales. During former eras, investors with excellent credit could sometimes assume a financially distressed seller's outstanding mortgage debts with lender permission, effectively providing a solution in short sale situations. The terms of mortgage documents now frequently prohibit this practice.

An experienced Massachusetts real estate attorney may offer valuable assistance in these types of situations. Home sellers in particular may benefit from obtaining expert legal advice. Boston City Properties remains available to provide information about local property market conditions and trends within the Greater Boston Metropolitan Area. We follow this issue closely; our expertise may prove helpful for sellers and their attorneys as they evaluate possible solutions to short sale situations.

About Norwood

This lovely Massachusetts community stands within the Greater Boston Metropolitan Area today. It lies in Norfolk County some 13.5 miles southwest of downtown Boston "as the crow flies". The town today maintains a population of well over 30,000.

Residents of the town enjoy a well developed infrastructure. It extends across a total of 10.6 square miles. Highway (Route) 1 intersects the I-95 beltway just two miles north of this location.

Islington and Westwood border this enclave on the north. Canton stands a few miles east of this location. Walpole lies just a short drive to the south.

The town sits a short distance north (and west) of the scenic Neponset River. This waterway meanders through the vicinity, eventually pouring into Boston Harbor at Dorchester Bay. Residents here enjoy proximity to the Blue Hills ski area. They can travel a short distance southeast to visit Massapoag Lake and nearby Borderland State Park.

From time to time, REOs become available in this community and surrounding locations. Depend upon Boston City Properties to help you find bank owned homes meeting your requirements. If you share your real estate goals with us, we'll add your name to our email list and contact you when we become aware of properties that might interest you.

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