Westminster Foreclosures

Geographic Location

In the northern center of Massachusetts rests the rural community of Westminster. Settled in the rolling hills of Worcester County in 1737 this historic township contains 37.3 square miles. A population of approximately 7,250 people sits just one hour from the vigorous city of Boston. It occupies land along the adjacent cities and towns of Ashburnham, Gardner, Hubbardston, Princeton, Leominster, and Fitchburg. Commuters will find this paradise with the active highways and byways that are available to travel. Travelers will discover the proximity to Interstate Route 2, Route 2A, Route 31 and Route 140 will enable them to travel here and there.

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Bank Owned Properties

Lender retained property that has been repossessed is known as a foreclosure. Most of these homes are going up for auction and are available for purchase. If they do not pass the auction procedure they are then retained by the lender. The property then becomes either a lender or bank owned property and available to purchase directly from the financial institution. When deciding to purchase one of these homes there are steps that need to be considered before purchasing. Looking and researching the area is always a good starting point and will help with deciding the preferred location. In the research contacting banks and financial institutions is a good choice to help gather the data. Other good sources of data gathering are the REO websites that list homes. One source that can generate leads is referrals from friends and family. There are many types of funding available and the buyer may want to review his options and attain pre-approval prior to inspecting potential listings. The best time to purchase one of these houses is when it presents as a positive transaction. After the investigation and conclusion on the picture-perfect area to buy is decided it is a good time to start the purchase process. Due to the condition of the property an inspection may be needed to ensure that the cost of repairs is reasonable. On some of these properties there may be multiple bids and the best offer will usually be the one accepted, so in this situation it is best to wait and see what others may bid. This type of home is a good investment for those looking to fix and sell the home for a profit. It is likewise a sound decision for persons that want to finance the property by way of nonconventional methods. Buyers that do not have a lot of funding to spend on a home will also gain from this type of sell since they can obtain an abode at a lower price.

Examples of the Potential Cost of Bank Owned Property

• Three bedrooms residences with two bathrooms featuring a square footage between 1196 to 1824 may have a price range of $149,000 to $310,000.
• Smaller homes featuring two bedrooms and one bathroom, and 624 square feet of living space may cost roughly $83,000.

Short Sales/Pre-Foreclosure Properties

A home that is up for sale as a last chance for the owner to get away from losing their home is the short sale. Most home owners in this type of sale are trying to avoid major credit damage and are willing to sell at a below market value. This allows the buyer to acquisition the home at a cheaper price. These types of home sells are good for first time home buyers looking for their dream house at a good price without the need for lots of repairs. Due to having to allow pre-approval from the current loaning company shoppers who are able to wait will also find this an advantage. It is also helpful to those that want to finance instead of the archetypal mortgage. Looking for a short sale property can be done several different methods that include contacting banks and mortgage companies to obtain a listing of active sells. Consumers will need to initiate a title search to ensure that there are no additional hidden levies that may need to be paid. They should furthermore acquire the needed pre-approved funding. Another action to complete prior to the purchase of the home is the inspection, to detect any repairs that require attention. One important aspect of consideration during the research portion is the age and size of the home, to ensure that the consumer is receiving a respectable transaction for his money. Setting personal expectations and voicing them will guarantee that all conditions are followed.

Examples of the Potential Cost of Short Sale Properties

• A two-bedroom and one-bathroom home with roughly between 896 to 975 square feet can potentially go for around $149,000 to $177,000.
• Three-bedroom with one-bathroom dwelling with an estimated 1400 square feet may go for around $195,000.

Reasons to Choose Westminster

A family friendly environment and a great place to raise a family. History surrounds with many historic landmarks including the Ahlijah Wood and Nathan Wood Houses. The historical district located there also encompasses the Miles, Daniel Curtis Place built in 1855 and the Forbush Memorial Library built in 1901. The colonial setting offers countryside to explore and enjoy. There are lots of summer activities to keep the young ones and everyone activity involved.

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