Pembroke Foreclosures

Bank Owned Properties

Do your real estate goals include searching for bank owned properties? These homes, often referred to as "REOs" potentially include a diverse variety of realty. In addition to houses, condos, and townhomes, financial institutions may acquire apartment buildings and lots zoned for residential development.

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In many cases, banks do not welcome the entry of residential realty into their asset inventories. They sometimes acquire these properties as a result of foreclosures or pending foreclosures. A financial institution may issue a reverse mortgage, and discover that the homeowner prefers to convey the residence to the bank instead of obtaining new financing for the property.

Many banks rely on inspection and property management services to help them oversee their REO holdings. Since mortgage lenders often sell mortgages, a financial institution may eventually acquire real estate across a far flung geographic area. In some cases, a bank may encounter challenges ascertaining the true condition of the properties in its portfolio. Homes classified as REOs may have sustained extended periods of vacancy by the time the financial institution takes charge of these assets.

For a variety of reasons, many REOs reach the real estate marketplace requiring repair or maintenance attention. Home seekers sometimes hope to purchase these properties at a discount. A bank may decide to refurbish some homes in order to market them for top dollar, while selling other properties as rapidly and as inexpensively as possible. Financial considerations generally underlie this disposition process.

If you've decided to search for REO properties sold on an "as is" basis, it usually proves wise to pay close attention to the physical condition of homes of interest to you. Particularly if you hope to locate properties in order to repair and refurbish them for resale purposes, this issue matters. Selecting REOs carefully may help you minimize your repair costs and the time you expend preparing a home for demolition or resale.

Short Sales

During the recession of 2007-2009, many important changes occurred within the mortgage lending industry. The steep increase in REOs which occurred during this period caused many regulators and banks to support more conservative lending policies.

Today as a matter of policy, many financial institutions will not approve short sales. These transactions occur when a home seller who has become "upside down" on a mortgage seeks to transfer the legal ownership of the property to a buyer for less than the amount outstanding on the mortgage. If the fair market value of the realty (controlling the sales price) does not rise to the level of the remaining mortgage debt attached to the property, the seller must make up the difference at closing in cash to avoid a short sale.

Short sale transactions potentially involve considerable financial and legal risk for sellers and purchasers. For this reason, obtaining the advice of a licensed Massachusetts real estate attorney in advance may prove helpful. A variety of factors underlie short sales. Potentially, unexpected damage to the property, rapid increases in variable interest rate loans, financially distressed sellers, or sharply falling realty market prices may contribute to this type of closing.

About Pembroke

This city lies approximately 23 miles southeast of Boston. It covers an approximately 23.5 square mile area of Plymouth County. Nearby towns include North Pembroke, Hanson, Oldham, North Hanover, and Bryantville.

Route 3 passes in a north-south direction just two miles to the east. To the north, it offers a direct route into Quincy and the Interstate 93 interchange. To the south, it provides a link to the Cape Cod region, a popular tourism destination.

Residents of this community of over 2,100 people can journey a short distance east of the highway to reach miles of Atlantic Ocean beachfront. To the west, they discover the low-lying terrain surrounding Monponsett, an area of marshes and wetlands. Numerous small hamlets populate this predominantly rural locale.

This beautiful part of the Bay State lies within the southern outskirts of the rapidly expanding Greater Boston Metropolitan Area. Whether you seek a residence here, or you'd like to acquire investment properties, you can obtain valuable real estate services through Boston City Properties. Locating REOs in small communities sometimes requires a diligent search. Rely on our expertise to help expedite your hunt for bank owned houses, condos, lots, townhomes or building lots.

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