Plymouth Foreclosures

Bank Owned Properties

Customers sometimes request assistance from Boston City Properties in locating bank owned homes. This type of realty, often referred to as "REO" property, may include a wide variety of homes. From apartment buildings and detached single family dwellings, to townhomes, condominiums, and residential lots, the realty in this category share one factor in common: all these properties have become bank assets.

Search Foreclosures

Many mortgage lending institutions do not welcome a high volume of realty in their inventories. Unlike mortgages, which generate reliable streams of revenue, real properties usually require the bank to spend money maintaining and inspecting them. Today, financial institutions sometimes sell mortgages to other lenders, so a bank which forecloses on a home may discover it cannot readily oversee the property as an REO. For a variety of reasons, these types of properties often become available for sale.

How do banks market REO properties? Some financial institutions list homes in this category for sale with local real estate firms. In other cases, a lender may prefer to offer the REO for sale at a real estate auction. Buyers seeking to purchase REO properties often discover these homes for sale on an "as is" basis. Sellers may decide not to make warranties concerning the condition of the home.

When you preview a bank owned property, you may find it helpful to carefully check the condition of the home. While many financial institutions strive to maintain REOs in great shape, in some cases the property has sustained damage before it enters the bank's possession. A bank asset manager may choose not to spend money repairing some types of home systems problems. An REO may offer a solid real estate value for careful buyers!

Short Sales

When mortgage lenders finance the purchase of a home, they typically initiate a mortgage to secure their interest in the property. If the homeowner lists the home for sale at a later date, mortgage debt may (or may not) remain outstanding on the realty at that time. In some cases, sellers do not re-sell a home until they have already paid off the mortgage debt. During the closing, the proceeds of the sale typically satisfy any remaining mortgage debt on the home. After paying off mortgages and liens secured by the property (and any additional outstanding fees and charges), the closing agent pays the remaining amount of the purchase price to the seller.

Unfortunately, in some cases the sales price does not rise to the level required to pay off the outstanding debt on the property. Secured lenders may (or may not) approve a "short sale" in this situation. In some cases, to avoid a short sale a seller must pay money at closing in order to sell the property to the purchaser. Problems may arise when a financially distressed seller cannot satisfy the outstanding mortgage debt.

Short sales may occur for a variety of reasons. For example, a property may have fallen in market value while owned by the seller. Real estate prices often rise, yet they also decline sometimes. Since short sale transactions involve significant risks for buyers and sellers, it often proves helpful to consult with a knowledgeable Massachusetts real estate attorney about these transactions well in advance of listing a property for sale.

About Plymouth

This charming coastal community lies southeast of the thriving City of Boston in far eastern Plymouth County. Residents enjoy excellent views of Plymouth Bay and Plymouth Rock in this location. The rich history of this area helps make this community a popular tourist destination.

Residents enjoy convenient access to many points within the Greater Boston Metropolitan Area via Route 3. The lovely Myles Standish State Forest offers outdoor recreational opportunities just six miles south of town (45 miles south of downtown Boston). Many people living in this locale discover employment, shopping, dining, and entertainment opportunities within the immediate area.

Although this community offers landmarks of interest to visitors throughout the year, it does attract many seasonal visitors. The town's population (and demand for rental properties) increases in this area during warmer months. Bank owned properties become available here from time to time. Contact Boston City Properties to obtain assistance locating REOs meeting your requirements. We look forward to helping you find property in this exciting locale!

Search Foreclosures