Pepperell Foreclosures
Bank Owned Properties
During the Great Recession of 2007-2009, many communities witnessed a sharp increase in the number of foreclosures. Bank owned real estate or "REOs" interest many home seekers and investors. Financial institutions frequently decide to market these properties in an "as is" condition, without making any warranties about the condition of important home systems.
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Why do banks often offer residential realty on an "as is" basis? In many cases, an asset manager may not possess personal familiarity with the home. Unlike homeowners who have resided on the premises, banks simply may not know whether the property's roof leaks during a rainstorm or whether the flooring on an upper level of the residence creaks and sags.
Additionally, many REO properties have undergone protracted periods of vacancy before entering the bank's possession. This situation may result in unexpected damage to the residence in some situations. For instance, if a home stood empty without undergoing winterization during severe cold weather, pipes within exterior walls may have frozen and later ruptured. A casual inspection of the premises might not reveal this damage if the municipality subsequently turned off the water.
When property buyers purchase properties on an "as is" basis, they assume the risk that some home systems may require repair in the near future. Many sellers will offer attractive discounts on REOs. However, buyers should inspect these homes carefully before a purchase to avoid surprises later!
Short Sales
Some prospective home buyers actively search for short sale properties. Typically, in these situations the property carries a higher amount of mortgage debt than it can generate during a fair market sale. Short sales potentially involve substantial legal and financial risks for sellers and buyers.
In the past, many lenders would often approve short sales to qualified purchasers, allowing buyers to simply assume a financially distressed seller's remaining mortgage debt. However, recent changed within the mortgage lending industry now prevent many mortgage lenders from authorizing short sales transactions. A variety of factors may impact the availability of a short sale.
In some situations, a mortgage lender's refusal to permit a short sale may result in a disrupted closing and prevent the transfer of the property from the seller to the buyer. Real estate codes vary from one state to another. Sellers carrying high levels of mortgage debt may benefit by consulting with an experienced Massachusetts real estate attorney prior to listing a short sale property.
If you've considered listing real estate for sale in this community and you'd like to obtain a market analysis of your home, consider contacting Boston City Properties. We may supply useful information you can use in determining a competitive listing price. Our company follows local market trends within the Greater Boston Metropolitan Area.
About Pepperell
This charming small town stands in Middlesex County, Massachusetts very close to the New Hampshire state line. It sits within the Nashua River Valley in a scenic area. The dynamic City of Boston lies 35 miles to the southeast of this location "as the crow flies", and some 44 roadway miles away.
Road 119 links this community to Interstate 495, the freeway connecting many towns along the far western outskirts of the Boston Metropolitan Area. Residents can utilize Road 111 to access services within the Nashua, New Hampshire Area conveniently. This locale offers many opportunities for outdoor recreation.
While REOs become available here infrequently due to the small population size of the community, home seekers can depend upon Boston City Properties to help them locate these types of properties. If you share your requirements with us, we'll notify you when we become aware of a home meeting your specifications. We offer valuable real estate services throughout this beautiful region of Massachusetts.
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