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Wenham Foreclosures

Geographic Location

This community was settled in 1636. It has a population of approximately 4,875 people. The city is about 8.09 square miles in size and is in Essex County. This metropolitan area is a mere 22 miles north of Boston. The city has been able to maintain its historic value, with its rural scenery, such as farmlands, lakes, woodlands, stone walls, and winding tree-lined roadways. There are about 300 acres of parks, playgrounds, and recreational lands to enjoy. The town sits inland from the Atlantic Ocean in the Northern part of Massachusetts and is bordered by Danvers, Topsfield, Hamilton, and Manchester. This relaxing and cozy little city has a lot of recreational activities for those who like the outdoors.

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Bank Owned Properties

These properties are homes which have been taken from their owner due to missed payments or back taxes. They may also have gone through an auction process but have not sold. The bank is willing to negotiate to sell the homes quickly. This is an advantage to a buyer since it is possible to get the home for a low price, many times even below the actual market value of the property. The taxes are usually all paid up and the home is vacant and ready for the new owner to take over. It is important to realize these homes come as they are. By this, it means there are no warranties on the home. Therefore, it is important to have these properties inspected to determine what repairs, if any, will need to be done. These properties usually have a clean title, which means they have no leans or other financial cost connected to them. The buyer will work directly with the bank and can many times get them to sell with a low-down payment. An agent or broker can be very helpful in aiding a buyer to navigate the entire process. This will help the buyer know exactly what to expect and not get concerned by all the details involved in the buying process.

Some Examples of the Potential Cost of Bank Owned Property

The bank owned properties are a good investment for a buyer who is willing to take the time to learn about the home and negotiate a fair price with the bank. These types of sales are good for those looking to invest in income property or are looking to get a home for a cheaper price.

Short Sales/Pre-Foreclosure Properties

Short sales for homes is where the owner is having financial troubles and is unable to make the required payments on the home. These homes are in danger of being foreclosed or being taken back due to late payments or taxes. In the case of these homes, the owner is selling the home for less than is owed to prevent the actual dwelling from being taken by the bank or government agency. The buyer, in this case, can get a home for less than the market value, but it requires the bank to approve the sale for less than what is owed. This process can take a while to go through, but in the end, the buyer ends up with a nice home for a cheap price. The mortgage company can delay the approval of these homes for a while, so it is important to remain calm and let the process take its course. In the end, it is possible to have a home that already has some equity which gives the buyer a great advantage. These homes can be negotiated with the seller since they are motivated to sell. This allows for some room when it comes to the final price of the property.

Some Examples of the Potential Cost of Short Sale Properties

As seen above there are ways a buyer can obtain a valuable home at below market value. The buyer just needs to take a little time to research the properties and find a home that fits them. If an agent could be of help please contact for more information.

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