West Newbury Foreclosures
Geographic Location
The city is in Essex County and has a population of about 4,500 people. This community is about 40 miles south of Boston and is 15 square miles in size. The city was settled in 1635 and there are many historic homes. The area has a large amount of conservation land, working farms, and open fields. This city is bordered by Merrimac, Amesbury, Newburyport, Newbury, Groveland, and Haverhill. This community is ideal for those wanting to live in a small community in the country. Come and enjoy the wildlife and recreational areas of this small cozy farming community. This area has a lot to offer for those looking to get away from the large cities and start enjoying the quiet country living.
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Bank Owned Properties
These are properties that the bank has taken back for various reasons. Most of the homes are listed below market value. The bank is motivated to sell this property, so they are willing to negotiate a fair price for the home. The homes are usually already vacant making it faster to be able to move in. There is less competition for these homes and there are lots of properties to choose from. Since you are buying from a bank, there is less risk of things going wrong. In some cases, the bank may be willing to pay all the closing cost making it cheaper for the buyer to purchase the property. Due to the lower cost of these homes, they make good investment opportunities for those wanting to flip the homes for a profit. These homes also make good rentals for those who are looking for income opportunities. Another group who may find bank own property attractive are those looking to become home owners but do not have a lot of money up front. The banks do not want these homes and need to get rid of them as soon as possible. This gives the buyer an advantage to be able to get the valuable properties at a price far below market value. By being able to get these homes at a reasonably cheap rate the buyer can resell these homes for market value and make a good profit.
Examples of the Potential Cost of Bank Owned Property
- A three-bedroom home with two bathrooms which has about 1,743 square feet of living space can sell for approximately $327,000.
- A three-bedroom home with two and a half bathrooms with approximately 1,529 square feet of living space may retail for around $368,000.
- A three-bedroom home with four bathrooms which has approximately 2,836 square feet of living space markets for roughly $720,000.
Short Sales/Pre-Foreclosure Properties
These homes are from sellers who are having financial difficulties and are in danger of loosing there home to the bank. The seller is very motivated and willing to sell the property at less than they owe in order to get out from under it. This gives the buyer an advantage. The property is usually in fairly good shape and the buyer can offer less than the market value and still have there offer considered. Many times, you can have a lender finance the home rather than getting a mortgage. These homes can be a good investment for those who are able to renovate and flip the home for a profit. It would be wise to have the home inspected to ensure there are no major issues that are not known. You have to be persistent and willing to wait due to the mortgage company taking a while to approve such sales. These types of sales are a win for the buyer and the seller because the seller can settle the debt with the mortgage company at less than they owe without having as much damage done to their credit score. The buyer wins because they are able to get a home at below market value.
Examples of the Potential Cost of Short Sale Properties
- A three-bedroom home with one bathroom containing approximately 1,743 square feet of living space can sell for around $442,000.
- A three-bedroom home with two bathrooms containing about 1,600 square feet of living space may market for $397,000.
- A four-bedroom home with three bathrooms and roughly 3,250 square feet of living space can sell for around $577,000.
These properties can be excellent investment opportunities for those looking to buy homes at below market value.
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