Upton Foreclosures

Bank-Owned Properties

Buying a bank-owned property may seem like an easy task on the surface. After all, you've probably wanted a great price for a house in Upton, and this may seem like the best way to do it. If your plans include flipping or renting out the property, low prices likely seem like a win all around, especially with a $436,823 average price that represents a 6.5 percent increase from 2017.

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Since many homes have sold for over $500,000 and the delinquency rate is at a low of 0.6 percent, you'll want to get one of these properties while you can. The buying process for one of these types of properties is probably quite a bit different from anything you've done before.

Buying a bank-owned property involves a slower process than you encounter with other types of transactions. Your patience will likely pay off in the form of getting a good deal.

You may have to keep the longer timeframe in mind when making your plans for the property. Also, bear in mind the fact that the property might require a lot of repairs if it's been vacant for quite a long time. Although the rewards of getting a property below market value are worth the effort, you should plan on having to devote a little more time to getting everything in order.

The help of a buyer's agent can be most helpful in ensuring that a bank-owned property purchase works out smoothly. You don't want to run into any preventable snags. However, getting in touch with one of our real estate professionals can help ensure that your sale is as hassle-free as possible.

Short Sales

One alternative to buying a bank-owned property is a short sale, a term that many outside the real estate business are unfamiliar with.

A short sale is one way that an owner can sell a distressed property for less than the mortgage's total payoff amount. The lender has to agree to the sale, regardless of any agreement reached between the buyer and seller.

Even with the extra steps being taken, the discounted price is rewarding for the buyer. It's also usually a win-win for the other parties involved because the lender doesn't have to go through the expense to take possession of the property and the process involves the cooperation of the seller.

However tempting as might be to try to navigate a short sale on your own, this type of transaction isn't a do-it-yourself job. A buyer's agent is more than a simple convenience - the right agent will make a to process difference in how well the buying process goes for you. Choosing an agent with the necessary experience in helping with short sales makes all the difference.

Before you decide to try your hand at buying a short sale, make sure you have a good idea of what you want out of the transaction so you can work on finding the right options for your needs.

Getting pre-approval from a lender can help show the seller and their lender that you're serious about the transaction. Paying cash is also a good prospect, but one that may not always be as practical.

Although these transactions involve buying the property as-is, you do have the right to an inspection during this process. If you intend to use the property for investment purposes, an inspection will give you a greater idea of what your possibilities with the property are like.

Get in touch with one of our agents today to get the representation you need to buy a short sale property.

Geographic Information

Upton is one of the smaller communities in Massachusetts, home to a little over 7,000 residents. With a location in Worcester County, buying property here gives you the advantage of easy proximity to two metro areas, with Boston being about 37 miles away and Worcester 16 miles. The closest train station is in nearby Southborough.

The town has a commitment to ensuring the quality of life for all citizens, and one of the ways it does this is by having plenty of open spaces for residents to enjoy. With Worcester being nearby, residents will have access to plenty of things to do.

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