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Swampscott Foreclosures

Bank-Owned Properties

Swampscott has a relatively low number of properties with delinquent mortgages, averaging around one percent. Regardless of whether you want to live in your property or use it as an investment, you can feel sure about your decision because of the states that show healthy growth in prices.

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The average price is $499,990, which represents an 8.9 percent increase over the past year. As prices are expected to increase 4.7 percent by early 2019, buying one of these properties will ultimately benefit you. Your equity will be likely to increase, giving you a greater advantage should you decide to resell the property later.

When you're buying a bank-owned property, it's important to make sure you do your homework and ensure that the property you're considering is one of your best options. You maybe don't want to spend a lot of time fixing everything up, but there are a lot of benefits. Spending less money to buy the perfect coastal home or to rehabilitate a house to lease out as a vacation rental is always a nice plus, and a choice that will pay off in the long run.

A real estate agent experienced in selling bank-owned properties will be one of your best allies. You'll have to keep a lot of things in mind when you make this choice. Using an agent will help make the process easier all around.

Short Sales

A short sale is different from the sale of a bank-owned property in several ways. One of the major differences is that the property may not yet be in default on its mortgage. However, there may be more money owed on the property's mortgage than it has in value.

These sales are more complex than the typical home sales, one reason being that the lender has usually agreed to a short-term pay-off less than what is currently owed on the property. Short sales often take far longer than other sales to complete, something that many prospective buyers aren't expecting.

Homes in this situation must be sold as is, so requesting repairs isn't a possibility. However, you do have the right to inspection to see if the property meets your needs before everything is finalized. Make sure you arrange for this inspection ahead of time to prevent any complications further down the road.

Pre-approval is important for anyone seeking out a mortgage to pay for one of these properties, especially because of all the liabilities that are attached to a property being sold as part of a short sale. One major effect that pre-approval has is motivating the seller to the home that you are ready to move on buying the property.

Another option worth considering, especially for investors, is paying cash for these properties. You can avoid the application process and fees involved with a mortgage if you have the resources to pay the amount in cash. Consider this option if you can do so, as cash offers are often more appealing to sellers.

Because of the complicated nature of such sales, an agent who has a lot of experience with short sales will play a major role in helping everything work smoothly, so contact us today.

Geographic Location

Swampscott is in the North Shore area, one of the most popular parts of the metro Boston area. The town is on Massachusetts Bay, with several nearby beaches that make the community very desirable. The distance to Boston is only about five miles, making the town a good choice for any real estate search.

The oceanfront location puts five beaches within easy reach:

One of the assets this community offers is a collection of small parks and a forest. Phillips Beach, Phillips Point, and Beach Bluff constitute three small villages found within the confines of the town. With a distance of only 12 miles from Boston, this area provides a wealth of opportunities for anyone who decides to buy property locally.

The sooner you decide to get in touch with one of our real estate professionals, the sooner you will enjoy the benefits of a foreclosed or short sale property.

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