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Wakefield Foreclosures

Bank-Owned Properties

A foreclosure, or bank-owned home, might be one way you can enjoy the benefits of home ownership at a reasonable price. There are several steps you ought to take to make sure things work out as smoothly as possible for you.

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One of the first steps is finding an experienced real estate professional who has experience navigating these types of sales. There are a lot of things that you'll encounter during the process you're likely to be unfamiliar with, which makes this guidance of the more important.

Although a lot of people make no distinction between the two, a bank-owned property is different from a short sale. A short sale involves a property the owner wants to sell for less than the remaining mortgage amount. You'll find purchasing a bank-owned property less time-consuming overall than a short sale.

However, there is one major similarity between the two that stands out: both of these types of properties are almost always sold as-is. If you don't mind making some improvements that the bank is less likely to handle, you can fix the property up and enjoy good equity value, a good resale price, or a higher rental amount.

An average value of $531,817 with an expected rise of over four percent between 2018 and 2019 is a good indicator of what you might be able to do with the property from an investment perspective. You can feel confident about your choice when you see your equity increase.

Short Sales

As we've mentioned earlier, a short sale is different from a bank-owned property sale, but also has some notable similarities as well. These similarities include:

No home sale should take place without an inspection, and purchasing bank-owned properties or short sales are no exception. Having an inspection first can save you a lot of needless frustration.

Both types of sales are also likely to involve a lot of competition because this is a hot area and a lot of people want to make sure they get a good price. Working closely with your agent during this time to see what you need to gain an advantage with your offer is always a good idea, especially because both the seller and their lender need to consider the offer.

You'll also need to consider your financing options carefully, including giving some thought to paying cash for the property. A short sale is always more drawn-out than a sale on a bank-owned property regardless, but making sure your financing is set ahead of time makes things easier for you.

Getting in touch with one of our real estate professionals before you buy a short sale property will help you enjoy an easier process.

Geographical Information

One of the biggest assets Wakefield has to offer is a location only 10 miles away from Boston, with a very scenic appearance. I-93, I-495 and Route 128 all converge here, and you'll also have the benefit of MBTA rail service on the Orange Line.

There is also bus service with stops on several streets that allows fast service to Boston's convenient Haymarket station. About 24,000 people call this town home, making it the 73rd most populated community in Massachusetts.

Lake Quannapowitt is in this town, offering one of the nicest settings for both benefits and outdoor festivals throughout the whole year. The lake's shore area offers a place for locals to jog and walk whenever they like. An inland yacht club is also here, allowing ample opportunity to enjoy everything the lake has to offer.

There are also several distinct neighborhoods here, including:

Overall, this scenic town allows you to enjoy the conveniences of living near Boston while being in a suburban setting.

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