Peabody Foreclosures

Bank Owned Properties

Residential properties sometimes enter bank asset inventories as a result of the foreclosure process. Financial institutions and mortgage lenders may also acquire homes when homeowners anticipating a pending foreclosure decide to voluntarily surrender the property. In some cases, a bank receives legal ownership of real estate upon the termination of a reverse mortgage.

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Lending institutions classify realty in these situations as "real estate owned" (a term often abbreviated as "REO"). Today many home seekers and investors hope to locate attractively priced houses, condos, townhomes, apartment buildings and lots during REO sales. You can request assistance from Boston City Properties when you search for these properties in Peabody and other communities within the Greater Boston Metropolitan Area.

Sometimes (but certainly not in every case) a home in this category reaches the marketplace for sale in an "as is" condition. Prospective buyers who possess some home improvement skills often hope to obtain outstanding bargains by locating REOs sold at discounted prices in need of refurbishment. For example, if you work as a roofing contractor, you may decide to invest in bank owned homes requiring roofing repairs. Plumbers, HVAC contractors, painters, masons and other skilled workers also sometimes search for damaged or deteriorated bank owned properties.

Why do some REOs require repair or refurbishment services? In many cases, these homes have sustained extended periods of vacancy before entering a bank's inventory. A financial institution may opt to simply sell the property in "as is" condition rather than expend money to perform extensive repairs or upgrades.

Short Sales

In some cases, homeowners discover they have become "upside down" on a mortgage. They may owe more money to secured property lenders than a home can possibly realize during a sale at a competitive fair market listing price. In this situation, the seller may contemplate a "short sale".

Short sales transaction often impose significant legal and financial risks on buyers and sellers. If you harbor concern that your residence won't sell at a listing price sufficient to avoid a short sale, it usually makes sense to discuss your circumstances with an experienced Massachusetts attorney. Legal experts can often discover effective solutions for their clients in this situation.

Short sales sometimes attracted the interest of investors in the past. Although these transactions do sometimes still occur today, they have become far less common due to changes within the mortgage lending industry. Today as a matter of policy, many banks with secured mortgage debt simply cannot consent to this type of transaction.

In some cases, but certainly not every case, a home listed as available for a "short sale" may require refurbishment or repair services. Properties may carry high levels of mortgage debt for a variety of reasons. A variety of factors may impact a given mortgage lender's willingness to approve a short sale.

About Peabody

The City of Peabody today boasts a population of well over 50,000 people. It sits in southern Essex County some 19 roadway miles northeast of the City of Boston. The town extends over a nearly 17 square mile area.

Today a number of nearby communities adjoin this enclave. The historic town of Salem lies on the east, and Lynn extends along the south and southwest. Lynnfield and Suntaug Lake form the town's western border. Danvers lies a short distance to the north.

In the past, this enclave has served as both an agricultural and a manufacturing site. Although close to the Atlantic Ocean, it sits inland and does not maintain a beachfront location or a port. Residents can access a variety of nearby coastal cities conveniently via Road 128 and Road 128, which pass through the area.

Home seekers discover a variety of residential properties here. Banks sometimes offer REOs for sale in this large, growing community. From time to time, prospective purchasers searching for this category of properties discover available houses, apartment buildings, condominiums, townhomes, and residential lots.

If you've decided to search actively for bank owned realty in the Peabody area, you may find it useful to request assistance from Boston City Properties. We specialize in real estate in this vibrant region of the Bay State. If you share your property requirements with us, we'll try and help you locate homes of possible interest to you.

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