Westborough Foreclosures

Geographic Location

Located a mere 29 miles west of Boston is Massachusetts 100th town. The cozy town of Westborough was settled in 1675 it encompasses approximately 21 square miles. Situated in Worcester County it lays within the boundaries of east and central Massachusetts. Several bodies of water can be found nearby and include Lake Chauncy, Westboro Reservoir, Cedar Swamp Pond and the headwaters of Sudbury River and Assabet River. It is surrounded on all sides by the cites of Shrewsbury, Northborough, Southborough, Hopkinton, Upton, and Grafton. They have a population of 18,000 people some of which work in the local job market. The city has a large manufacturing base that produces computers and telecommunications.

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Bank Owned Properties

A REO is a Real Estate Owned property that usually the bank or lender has taken back from the owner due to failure to maintain payments. The estate has been through the repossession process which includes an auction and did not pass. The home has completed the progression is ready for resale by the financial institution that oversees it. The property is a good value to those looking to invest by becoming a landlord and rent out the house. It is also a good venture for those that are looking to fix the home and then sell for a profit. First time home buyers will also discover the residence a good investment due to low initial price without the large mortgage payments. Investors and those looking to purchase a property should research the area for the fair market value of the homes around the location. Residences can be found in a variety of ways. One such avenue is through the REO directory that listed all the bank or lender owned homes available for sale. A real estate broker can also help the purchaser to find available estates. Friends and family is yet an additional route that can be taken for locating REO homes for purchase. Another step prior to purchasing is to obtain the need financing so that when the perfect home is found a bid can be placed. A purchaser should be ready to bid and purchase the property as soon as it is listed for sale in order to ensure that they are able to buy the dwelling. Once financing and the perfect domicile is discovered the consumer will want to contact an agent to help with all the fine details of the acquisition.

Examples of the Potential Cost of Bank-Owned Property

• A two bedroom and one-bathroom home with around 896 square feet of space may go for about $222,000.
• Three-bedroom houses featuring between 1 to 2 bathrooms with square footage amid 1274 to 2379 can be among $236,000 to $292,000.

Short Sales/Pre-Foreclosure Properties

Homeowners finding themselves behind on mortgage payments may choose to put their house into a short sale. These residences usually sell for less than market value and takes longer to close than a typical sale due to having to obtain approval from the lending company. Buyers that can take their time and have patience will find the short sale a good value. It is also a good option for consumers that want to purchase their dream home at a lower price. One advantage to this type of home sell is that a mortgage is not required other forms of financing can be secured. Before locating the ideal place, there are several items that need to be considered. First the consumer should perform a market research to find the location that is best for them. Secondly all additional fees will need to be well-thought-out these can include repairs and liens. The third is financing, the purchaser needs to secure funding so that when ready they can place a bid. The dwellings can be found in a variability of methods. One method is by attaining a list of available houses from a real estate agent. Mortgage companies is an additional avenue and can provide information on sales that may be in progress. Federal programs such as Fannie Mae is another option for those looking. After finding the ideal place and prepared to purchase there are a few things that need to be considered.

Examples of the Potential Cost of Short Sale Properties

• Two-bedroom homes with either one or two bathrooms and between 784 to 1978 square feet may go for around $162,000 to $445,000.
• A three bedroom and two-bathroom abode with roughly a square footage of 1351 might have a price range of $350,000 to $369,000.

Reasons to Choose Westborough

Historic properties surround the city and offer a glimpse of days gone. Open spaces and conservation areas welcome a quiet and peaceful rest to the hustle and bustle of the big city. Lots of recreational activities occupy those that want to stay activity. Residents will discover four routes of travel available providing for a good commuter into Boston. Job opportunities await those that want to live and work in the same community.

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