Reading Foreclosures

Bank Owned Properties

Foreclosures are an exceptional option for first-time homeowners as well as real estate investors. If you purchase a bank-owned property in Reading it may be one of your most lucrative real estate deals. You can save a significant amount of money when you buy a foreclosure at well below the current market value. The median price of homes in this community is $594,229 which is an increase of 7.9 percent over the previous year. One of the most noteworthy advantages of purchasing a distressed property is that you'll begin to accrue equity that will increase as prices continue to rise.

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Market conditions indicate that the median value of bank-owned homes will rise by at least 4.1 percent during the coming year. The median price per square foot is $321, higher than the Boston average of $268. The median price of recently sold homes is $609,000. Although the mortgage delinquency rate of 0.4 percent is lower than the national average of 1.6 percent, bank-owned homes average 3.3 percent per 10,000 homes. The number of homes sold in this city has increased by $87,000 or 17 percent over the previous year.

One of the best reasons to search for homes in this community is that many of the homes date back to the 1700s and 1800s with unique features that include a double parlor living room, formal dining room, and den or library with lots of built-ins. Vintage homes feature extra large bedrooms with an abundance of closet space, three-season porches, and fireplaces in the main living areas. Homes like this are one-of-a-kind. You can keep on top of the newest listings by signing up for updates from Boston City Properties. Our extensive database allows you to search by criteria price range or criteria that are essential to you.

Short Sales

There are clear-cut differences between properties that are foreclosures and those that are offered as short sales. When you're exploring the real estate market for sound investments or homes that can be purchased for up to 60 percent below market prices, a short sale may be the most lucrative option. A definition of a short sale is a transaction that takes place when the seller owes more on the property than the market value. Although it's not a perfect for solution for a seller having financial difficulties, in many cases the lender agrees to the sale as a short-term payoff on the original loan. A short sale can be the solution if the owner has to relocate and must sell fast so they can buy another home. When a home has been on the market for several months, and the only offers aren't enough to pay off the lien on the property, a short sale can get the property sold.

Buyers can purchase eligible properties through a short sale at significantly lower prices than with a conventional real estate transaction. However, there are differences between the sale of a bank owned home and one that's a short sale. With a traditional home sale, everything can be finalized in a matter of weeks. A short sale may take anywhere from six months to a year to be finalized. If you're exploring the route of a short sale, you should get pre-approval for a loan before you start searching for available properties. Buyers that have pre-approval are more attractive to sellers and help them to identify eligible prospects. Before you decide on a property, you intend to make an offer on, research the homes in the area and identify the likeliest homes. Wading through hundreds of listings can be a great waste of time, and you may miss out on great deals. Boston City Properties features an enormous database of homes in delinquency. Choose the features that are essential to you, and we'll notify you of available properties.

Geographic Location

Reading in Middlesex County is 16 miles north of the center of Boston, and is 9.9 square miles. One of the impressive aspects of the community is the number of historic districts and buildings on the National Register of Historic Places. The Bancroft homes are excellent examples of Federal and Colonial period architecture. Other historic homes in this town are beautiful examples of Greek Revival and Georgian - Federal architecture. Nearby towns include Lynnfield, North Reading, Stoneham, Wakefield, and Wilmington. The community is on the MBTA Haverhill/Reading commuter line which links to North Station in Boston. Stops include Oak Grove and Malden Station. Interstates 93, 95, and Route 128 are nearby, providing an easy commute into the city.

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