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Wellesley Foreclosures

Geographic Location

This community is in Norfolk County which is in eastern Massachusetts and is approximately 10.49 square miles in size. This area was settled in 1660 and as of 2010 has a population of about 27,982 people. The city is part of the greater Boston area and has a rail service, run by MBTA, to the city of Boston. As of 2018, this area is the 7th wealthiest area in the nation. Some of the bordering areas include Newton, Weston, Needham, Dover, and Natick. There are also three colleges located in this diverse community. These colleges are Wellesley College, Babson College, and The Campus of Massachusetts Bay Community College.

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Bank Owned Properties

Bank owned properties are also commonly referred to as REO properties. When it comes time to buy these homes, you will need to find an agent who specializes in these types of properties and is familiar with the way these types of sales work. An agent who specifically helps a buyer is referred to as a buyer’s agent. It is important to remember that this type of property is sold as is and has no warranty. Therefore, it is imperative to have a potential property fully inspect before agreeing to purchase. This inspection is the responsibility of the buyer, not the owner. Consequently, it is important to consider all the pros and cons of such properties. Once you are ready to buy it is a good idea to get pre-approved for any financing you may need. This ensures all the financing is in place and ready to go once a decision is made. An agent can help you compare and contrast similar homes in the area, so you can determine the average value of property in the area. Before making an offer have the home and property appraised so you know what the value is for the specific property. Once all this has been done you will be able to negotiate a fair price for the property and make a fair offer. It is important to be patient since all this can take a while to complete.

Examples of the Potential Cost of Bank Owned Property

Short Sales/Pre-Foreclosure Properties

These properties are still owned by the owner but are in danger of being foreclosed on. It is also a good idea to work with an experienced agent when considering buying these homes since there are some unique aspects to this type of sale. The homes are usually in reasonable condition. The property could potentially have other liens and posable need some repairs. The owners are eager to sell, so they will want to negotiate a fair price. Most short-term sales are also below market value, so it is possible to get the property at a cheaper price than usual. An agent will help you compare the sales of similar properties in the community, so a fair market value can be determined. They will also help in doing a title search and getting approval from the mortgage company. It is also important to have these homes inspected so there are no unpleasant surprises. Have patience because sometimes the mortgage company can delay approval since they are selling the home for less than is owed. It is important to let your agent know what your expectations are so that a responsible offer can be made.

Examples of the Potential Cost of Short Sale Properties

When it comes to buying property Short-Sale and Bank Own Property is a great way to be able to purchase homes at or below market value. However, it is important to realize these homes have a circumstance that makes traditional methods of sale less desirable for the owners. This gives the buyer an advantage since they can take these circumstances and use them to acquire property at a far cheaper price then they could otherwise. For more information please contact us.

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