Real Estate Ph: (617) 247-1933 806 Tremont Street, Boston MA 02118

Wayland Foreclosures

Geographic Location

A community in Middlesex county half way between Boston and Worcester founded in 1638. This is a Semi-rural area with a population of about 13,444 as of 2010. The community is primarily comprised of urban professionals. The community is close to Boston and has little industrial or commercial base. However, it is easily accessible to shopping, sightseeing, dining, and entertainment venues. The city has a total land mass of approximately 15.9 square miles. This spacious community is ideal for those who are looking for a country feel with the conveniences of the city. For those willing to look this city offers a lot of charm and entertainment opportunities.

Search Foreclosures

Bank Owned Properties

The bank-owned properties are usually sold below market value and are also known as REOs. These homes are sold as is and have no warranty. The homes could have other legal fees connected to them such as back taxes and other outstanding housing fees. The buyer is responsible for any inspection of the home which is highly recommended. There is no advanced notice of problems or issues with the property so make sure you investigate them thoroughly. It would be advisable to hire a lawyer or agent who specializes in these types of sales to ensure all is as you expect. Many times, these properties will take longer to close than the typical home, due to the different aspects involved. If you are interested in bank properties, a good way to get them, at a good deal, is through auctions. These sales are good for those who are looking to flip the property for a nice profit or for those who are able to fix the homes up and get a wonderful home at a cheap price. If you decide this is right for you make sure you have an idea of the market value of the home by doing some research so that you can make a reasonable offer.

Examples of the Potential Cost of Bank Owned Property

The bank-owned properties could be a good investment if the buyer takes the time to research the property. If you do some investigating, these homes can be worth the investment and time needed to obtain.

Short Sales/Pre-foreclosure Properties

A short sale is a way to be able to sell a home for less than is originally owed on the property. This is also an attempt to pay off the mortgage before the bank forecloses on it. This means the seller will be highly motivated to sell and the buyer will have room to negotiate a price that is less than the typical asking rate. By making a short sale an owner has less damage to their credit score and is able to get out of under the mortgage. These homes tend to be in reasonably good condition and are worth more then what they are sold for. The buyer will need to get a title search to make sure all the leans on the property are known and can be taken care of. The buyer can negotiate with the mortgage company in order to get a lower asking price. You will need to be patent, due to the fact mortgage companies can take a while to approve these types of sales. There is also less competition for these homes making them easier to get.

Examples of the Potential Cost of Short Sale Properties

If you are looking to invest in property and are willing to do some research and repairs these homes could be a valuable investment for you. These homes are good for those looking to fix up property and flip them to make a profit. They also make wonderful income properties for those wanting to rent out homes. Another group of buyers that these homes could serve is those who are looking to become homeowners but do not want to pay a high price.

Search Foreclosures