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Westport Foreclosures

Geographic Location

Settled in 1670 the town of Westport Massachusetts lays within Bristol County. It has a population around 15,532 people and the main source of commerce for the area is agriculture providing many jobs so that laborers can work and live in the same community. Located in the in the outermost west part of Massachusetts Bay Colony about 60 miles south of Boston and 30 miles southeast of Providence. It creates a centralized location for an easy commute to and from the big city and nearby Rhode Island. The town is bordered by Fall River, Dartmouth, Rhode Island Sound, Little Compton, Tiverton, and Rhode Island.

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Bank Owned Properties

A lender or bank possessed property which has gone through the auction process and did not pass, and the financial institution retained. These homes are sold in an as-in condition and may need repairs. A title examination is always a positive action to complete since the title may have related liens or extra fees that need to be remunerated prior to buying the home. The best way to find homes that are bank retained is through the bank or lender themselves. The multi listing service is another helpful way to retrieve information. Purchasers should after gathering all the necessary date refine the list of houses by listing price, location, number of bedroom and bathrooms, and any listed repairs. Once the list has been refined the consumer will need to contact the lending company that holds the estate to discuss further action. An inspection and appraisal are another option that the buyer has to ensure that they are receiving a good deal. After the consumer has a chance to review all the outcomes of the research and development process it is a good time to purchase. Due to the nature of the sell there is less competition making for a greater approval success. The buyer will want to ensure that before they place a bid on the property that all funding is pre-approved so that it makes for a quicker selling period. Those that are looking for their dream home at a lower price without large mortgage payments will find many advantages. This is also advantageous to investors that want to fix it up and either rent it out or sell the property. Families looking for their first home may find the place that is perfect for them.

Examples of the Potential Cost of Bank Owned Property

Short Sales/Pre-Foreclosure Properties

A home that is selling for under market value due to the current homeowner being behind in mortgage payments and facing repossession. It is the last step prior to the home being taken back from the lending institution. Most of these homes are move in ready and require little to no repairs. These homes present a great opportunity for those that can wait an extended period of time for approval. It is also a great chance for those that have cash to purchase. It presents as a good prospect as well for those that require a home loan. Estates under a short sale process can be located in a diversity of methods. Contacting the local bank or mortgage companies can provide lists of properties that they have available for sale. Federal programs such as HUD is another way that information can be attained on accessible homes. After gathering all the necessary information about the existing abodes, a good option is to refine the list by neighborhood and type of dwelling. Buyers need to also consider any additional fees that may be required such as repairs. The tile may also contain liens that need to be paid before closing on the home. Purchasers need to be patient with the sell since it can take from weeks to a year to finalize the closing of the residence. The best time to purchase is short sale property is after all the research has been completed and the buyer has settled on a location and type of home. There is less competition leading to lots of choices. The buyer should also be aware of the process of closing on a short sale and understand the settlement statement. It is important that the buyer have funding available so that when final approval is given from the home owner and lender there is no hold up.

Examples of the Potential Cost of Short Sale Properties

Reasons to Choose Westport

A historic town with five distinct districts provides a family friendly environment. It is a quiet small town with lots of activities to enjoy. Summer time brings time for the beach and exploring the nearby Horseneck Beach State Reservation. The town also has winter time happenings to keep the household busy including restaurants and a bowling alley. This is the perfect town to raise a family with a sense of security and peace of mind.

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