Raynham Foreclosures

Bank Owned Properties

Real estate or bank-owned properties are an excellent option worthy of consideration if you're in the market for a lucrative investment or are searching for a new home that's being sold "as is." Although the recession is behind us, many homeowners are struggling with mortgage payments when they owe more than their home is worth. The rage of foreclosed homes in Massachusetts has increased recently with a wide range of homes available. Once a home has been foreclosed and taken over by a bank or mortgage company, all transactions should be handled by a real estate professional with extensive experience in handling bank-owned home sales. Boston City Properties has a vast, searchable database of homes for sale and we can put you in contact with a professional who can assist you with every aspect of buying a distressed property.

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When a homeowner falls behind on their mortgage payments and their home is repossessed by the lender, it's possible to purchase a home for a considerably lower price than the current market value. The function of a lender isn't to buy homes, so they're usually receptive to selling distressed properties at attractive prices. When a home is listed, a price is included in the listing. However, most lenders will consider all reasonable offers. Interested parties may submit their offers through the listing agent. When an agent isn't listed, offers on a property may be submitted directly to the lender. Sometimes a lender may request the assistance of a real estate professional who specializes in distressed properties to ensure that the sale goes smoothly.

The market in this community is thriving, and it's an excellent time to find investment properties or that special home to move into. The median list price for single-family homes is $472,000. The price per square foot is $213. The median sale price is $411,400. A significantly higher number of bank-owned properties are coming on the market due to higher market values since the recession and the fact that many homeowners can't keep up with their mortgage payments. Delinquency on mortgage payments is the initial step toward a lender regaining possession of a property. The rate of delinquencies in this town is 22.9 percent for every 10,000 homes; higher than the national average which is currently at 1.6 per 10,000. The rate of homeowners with delinquent mortgages is currently 7.9 percent.

Short Sales

A lender may initiate a short sale when a homeowner falls behind on their payments or is no longer able to afford the home. The sale allows the lender to recover some of their investment and the impact on the homeowner's credit score isn't as long-standing. A lender may also initiate a short sale when the market value of the home decreases drastically. A homeowner may choose to initiate a short sale if they have to relocate and buy a home in another area. Another situation in which a homeowner may choose a short sale over a conventional real estate deal is if they've received an offer on their home, but it's fallen short of their asking price. Whatever the situation may be, it's essential to work with a professional who understands the ins and outs of negotiating such a sale.

A short sale allows buyers to purchase eligible properties well below current market prices. It's essential to understand the difference between selling bank-owned properties and short sales and the process for each type of transaction. A conventional home sale may close within two weeks. However, a short sale may take anywhere from six months to a year to complete. One of the most important factors to consider when embarking on a short sale is to get pre-approved before you start your search for that ideal home.

When a property is begin sold, it's essential to have the property inspected. It doesn't cost a lot for a home inspection, and it could save you costly repairs in the future. The inspection should always be done even if the property is ready to move into and in excellent condition. Cash sales are always beneficial to all parties involved in a short sale and can speed up the process considerably.

Geographic Location

Raynham in Bristol County is located 22 miles to the northeast of Providence, Rhode Island, and 32 miles south of Boston, and part of the MBTA Lakeville-Middleborough line. Massachusetts Highway 24 and Interstate 495 are at the town's border with Bridgewater. The small, suburban community is the ideal location for the buyer who loves outdoor recreation, with several lakes, ponds, and reservoirs in proximity to the center of town. King's Pond in Bristol County, is on the Forge River and is a popular recreation area for residents.

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