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Revere Foreclosures

If you're looking for information about foreclosures in Revere, MA, Boston City Properties has you covered. Our huge database of Boston real estate listings includes information about foreclosed properties in this and all other Boston suburbs and neighborhoods. Our listings feature detailed information that allows you to make an informed decision. What's more is we have real estate experts who can assist you further in the foreclosure-buying process.

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Tips for Purchasing Revere Foreclosures

Buying a foreclosure is a lot different than buying a regular property. You can save a ton of money, but a lot is at stake too. It pays to arm yourself with accurate information from the start, and you'll get that and more by connecting with Boston City Properties.

A few tips to assist you in your search for Revere foreclosures include:

Check Out Listings for Revere Foreclosures

Purchasing a foreclosure in Revere, MA, doesn't have to be aggravating. There are great deals to be had, and you can find them quickly and easily by signing up to view real estate listings from Boston City Properties. From this page, you can start browsing listings to find your next home or investment property. Get started by contacting us now.

Overview

Located only five miles from downtown Boston, this beachfront city has numerous single family homes and dense residential developments. These complexes are usually located near Revere Beach, which is an enormously popular destination for both visitors and residents. In addition to its natural beauty, the area is home to a number of thriving restaurants and boutique shops, and is highly walkable with excellent public transit. The average purchase price for a bank owned property or short sale is $130 per square foot.

Bank Owned Properties

This area is host to a large percentage of homes that were built before 1900, and subsequently have floor plans that create cozy, intimate spaces, as opposed to the typical open floor plans found in most contemporary designs. These homes usually have a number of charming period details, including specialized lighting fixtures and antique fireplaces. These fireplaces do not have a gas switch, but rather require the owner to manually build a fire out of logs and kindling, a rare pleasure which can enhance the experience of sitting around the fire.

The bedrooms and bathrooms in these homes typically are cozy as well, which makes them easy to heat in the winter. Hardwood flooring is common, although in some homes a mixture of carpeting and tile is used instead. Many of the spaces have built-in shelving and cabinets, including converted closets that are used to house a vertically mounted washer and dryer unit.

The newer homes tend to have two or more levels, and emphasize energy efficient layouts. Triple pane windows and central heat are fairly standard, as are lushly appointed kitchens with state of the art appliances. In some homes, the living space is open enough that residents can configure it into an almost endless array of options, including grouping furniture into small clusters to create distinct zones. One fireplace, usually located at one end of the room, functions as an anchor in these newer homes. Built-in shelving is standard in the kitchen, but rarer in the other living spaces, partially as a way to make the area as configurable as possible. In some homes, the kitchen looks out over the living area, while in others it is located at the other end of the house and has a window overlooking the exterior yard or street.

Short Sales

Proximity to the beach is highly desirable, and numerous units, often freshly renovated or constructed, often come to the market via a short sale. These units typically have at least two bedrooms, although one bedroom residences are occasionally available. The older buildings in this area, especially those that have a Victorian aesthetic, will often have bay windows and clapboard siding and span several stories. Charming apartments and condos can be found in these structures, and usually occupy one floor each, although some units span multiple floors. The one floor units tend to be designed in a very compact manner, with the kitchen often favoring a tight U shape in order to allow more room for a dining area. Typically, the units place the living room near the exterior wall, which usually has a small exterior balcony or deck that can be accessed via a set of sliding glass doors.

The kitchens, although compact, generally are studies in contemporary luxury. Brand new refrigerators, stove-top ovens and dishwashers are placed within the confines of the kitchen, which occasionally will feature a stand-alone island. This islands can seat numerous people in a row, and also usually have additional storage space in the form of cabinets. In some kitchens, the additional storage space is provided by a hanging iron or brass rack on which pots, pans, and other cooking vessels can be hung.

The larger complexes that are located close to the sea tend to also provide shared common areas for their residents. These common areas can include a fitness center, a reading lounge, or a space for children to play that includes various playground equipment. Many of these complexes have a brick exterior, although some of them experiment with different color schemes for the exterior stairways and access points, creating a vivid contrast with the stately brick and the painted additions. Parking is traditionally provided either in the form of a subterranean garage or ground level units that can double as individually locked storage units. These units are usually secured by way of a lock at the base of a roll-up door. Some units have an automatic door opener that can be activated with a remote and locked via the same method from within.

Bank Owned Properties

Revere in Suffolk County is a city of 51,000 residents. As one of the older cities in Massachusetts, homes run the gamut from classic, New England homes built in the 19th and early 20th-centuries including duplexes and multi-family homes, to more contemporary condos, townhouses, and single-family houses. The average value of homes in this Boston suburb is $379,117. The value of homes has risen 7.6 percent since early in 2017 and are expected to increase in value by 3.9 percent during early 2019. The average price of homes per square foot is $274; higher than the Boston Metro median cost of $268. Current listings have an average price of $389,900, and the median cost of homes that have recently sold is $354,600.

Foreclosed homes in Revere are a noteworthy option for a buyer searching a home that's listed at below current market value. One of the most significant advantages of buying a property that the owner has defaulted on is that you'll start to gain equity that you can use later on if you choose to make improvements to the property that will increase its value. One of the best reasons to consider a bank owned home in this community is that many dining, shopping, and public transportation is nearby in many of the neighborhoods, as well as easy access to Route 1.

Bank foreclosures in this community on the average are 2.7 homes per 10,000, which is higher than the national average. Even though the recession is over, bank-owned homes will have an impact on the housing market for the next several years. The initial step toward a homeowner defaulting on their mortgage is a mortgage delinquency. When a homeowner misses a payment, the delinquency occurs. The percentage of mortgages in this city that are delinquent is 2.1 percent. Home values throughout the country have dropped more than 20 percent since 2011 when the values leveled off. However, this left thousands of homeowners with mortgage payments that are difficult to keep up with for homes that aren't worth as much. The rate of homeowners in Revere that default on their mortgages is 8.7 percent; higher than the current Metro Boston rate of 6.3 percent.

Short Sales

An alternative to having the mortgage fall into delinquency and ultimately defaulting on the loan is to initiate a short sale, which is different from a conventional mortgage loan. A short sale is a real estate transaction that may take place when the amount of the mortgage is more than the value of the property. There are a number of circumstances in which a short sale may be initiated when a conventional sale falls through:

In some cases, an offer may be made on the home which is less than the seller will accept and they'll choose a short sale to sell the home for a lesser amount. One thing to bear in mind is that property owners who initiate short sales aren't always in default on their mortgage. The lender may initiate a short sale if the market value of the home is decreased drastically and they don't want to take a loss.

A short sale can be advantageous to all parties involved in the sale. The seller who may be struggling financially is able to meet their obligations. The bank or mortgage company will recover a substantial amount of the loan amount, and the cost is considerably less than if the owner defaults on the mortgage. A first-time buyer or real estate developer can buy properties that are eligible for short sales at well below current market values. In some cases, homes can be purchased for up to 60 percent below average prices. If you're considering buying a short sale home or condo, the first step to take is to get pre-approved for a loan.

Once you're pre-approved, identify the most likely properties based on the amount you want to invest and the criteria. One way to make the search easier is to sign up for updates from Boston City Properties. We have the most up-to-date information on available properties. Although a conventional property sale may be completed in a matter of weeks, a short sale takes considerably longer; in some cases, it may be six months since a lot more documentation is required than with a conventional sale. However, for the buyer who wants to purchase property for much less than the market value, a short sale is an excellent investment.

Geographic Location

Revere was originally North Chelsea and was renamed for Paul Revere during the 19th-century, and is only 5 miles from Downtown Boston. The city is bordered by Lynn and Saugus to the north, East Boston, Chelsea, and Winthrop to the south, Malden and Everett to the west, and the Atlantic Ocean on the east. The city's area encompasses 10 square miles. Of the entire mass, 5.9 square miles is land, while 4.1 square miles is water. The public beach is the oldest in the country. Commuting to Boston is a breeze if you live in this suburb. The MBTA Blue Line has stops at the beach, Wonderland, and Beachmont, and residents have easy access to Route 1 and state highways.

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