Westford Foreclosures

Geographic Location

The historic town of Westford Massachusetts in Middlesex County. It is on the edge of Merrimack Valley and in close proximity to the New Hampshire border. Settled in 1635 the cozy burg took part in the Revolutionary War. It contains roughly 31.3 total square miles and has a population of 21,951. Neighboring cities and towns consist of Chelmsford, Tyngsborough, Groton, Littleton, Acton, and Carlisle. Industry in the town has grown from an agricultural base during the times of settlement to the technological businesses that they incorporate today. These enterprises include Red Hat, Samsung, Seagate, and HydroDot Incorporate. Those looking can also discover the headquarters of Puma.

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Bank Owned Properties

A foreclosed home is one where the owner was not able to maintain the monthly mortgage payments and fell behind causing the bank or lender to repossess the property. These dwellings have typically gone through a process of auction where they did not sell and are sitting vacant. Lessors are a type of individual that most interested in purchasing one due to the ability to generate a steady flow of income from renters. Investors are another type of role that find these a bargain with the capability to fix and sell the homes at a profit. This type of dwelling is also obtainable for anyone that prefers a place that can be bought for cheaper than market value and avoid the large mortgage payments. There are many places to find a bank or lender owned property. One of these is the REO directory that showcases homes that are for sale. Banks and lenders is another place that buyers can obtain information. An REO broker is alternative avenue that can be researched to uncover data on obtainable estates. Once the data has been collected it is then time to investigate and find the precise area. When the purchaser discovers the picture-perfect location, funding will need to be acquired. After financing has been preapproved it is time to place a bid as soon as possible. Following finding the place the consumer will want to contact the financial institution that owns the habitation to set up a time to go over the cost and any concerns. This appointment will cover any recording fees, closing fees, and outstanding fees that may be associated and need to be paid prior to acquisition. Once the lender and the purchaser are happy with the finalized figures it is then time to sign paperwork and close the deal.

Examples of the Potential Cost of Bank Owned Property

• A two-bedroom home with one bathroom and approximately 1824 square feet could go for around $172,000.
• Three-bedroom houses with at least one bathroom and around a square footage of 1276 might be found between $250,000 to $270,000.
• Homes featuring four bedrooms and either one or two bathrooms, and a rough 1824 square feet of space may go for about $327,000.

Short Sales/Pre-foreclosure Properties

Homes that are facing repossession and are being sold for under market value are known as a short sale. The current home owner is looking to sell the property before it gets taken away. This is usually due to hardships they may be having with keeping up the mortgage payments. Homes within this category are usually well taken care of and may need some repairs making it a good choice for first time home buyers. It also presents a chance to not have a typical home mortgage loan and be purchased with other forms of funding as well. The consumer that has time on their side will find this an asset because it may have a longer period of time due to the need of the approval of the current lender. There are many ways to find a home such as through the government programs of Fannie Mae or HUD which can provide lists of homes available. A local real estate agent might also be able to provide a list of information about the area. The best time to purchase one of these properties is after preforming research on the area to find out fair market value of the homes in the area to ensure that you are getting a good price. The consumer will also want to first be pre-approved for funding, so they know their ceiling. Another option at hand for the customer is hiring an agent that is familiar with this type of sale. When it comes time purchase there are some stages that need to be followed. First is to contact the current lender and gain their approval to purchase. This can be done by formulating a functional offer that gives the lender and the procurer an advantageous opportunity.

Examples of the Potential Cost of Short Sale Properties

• A two or three bedroom with one bath residence with roughly between 932 to 1144 square feet may go for around $330,000 to 360,000.
• Four-bedroom homes featuring at least 2 bathrooms and approximately 1868 square feet could be roughly $433,000.

Reasons to Choose Westford

A quaint little community atmosphere offers residents the opportunities of friendship. Family friendly with beaches and playgrounds for the young ones to play. The settlement extends a chance to join a sports team or just enjoy a game at the local tennis, basketball, or volleyball court. There are lots of possibilities that inhabitants will find that make this a perfect place to call home.

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