Weymouth Foreclosures

Geographic Location

Twelve miles southeast of Boston is where you will find the city of Weymouth. Settled in Norfolk County in 1623 it is the 2nd oldest township in the commonwealth of Massachusetts. Surrounded by the cities and towns of Braintree, Holbrook, Abington, Rockland, and Hingham. Nearby bodies of water include Hingham Bay, Weymouth Back River, and Weymouth Fore River. It encompasses around 21.6 square miles including land and water territories. The town has a population of 53,743. Commuter will find that they can let others do the driving with the three commuter rails stations accessible in the city.

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Bank Owned Property

A bank owned property has been repossessed by a financial institution and sells it at a lower price since the bank is motivated to sell the property. It is sold as-is, which means that the home may need some repairs. It is also a countless opening for buyers who want to finance a home instead of mortgaging. Buyers that will find advantages to this type of sell include those wanting to pay with cash, since there is no requirement to obtain a home loan. People looking for a lower priced home will find that with a little maintenance they can have the home of their dreams. When looking for some bank owned property consumers can go through bank or lender listings. There are many ways to locate a bank owned property include the multi listing service and REO websites. Prior to purchasing a lodging, the shopper will want to obtain a title search to see if there are any hidden fees such as liens. This will additionally help the consumer to decide if they want to pay the listed price or negotiate the terms. It is also a good decision to have the home inspect for any repairs. Before setting down with the bank or lender the purchaser will want to obtain the funding required. After all research and funding has been acquired and a decision is made it is time to make a bid on the property. It may be advantageous to wait until a call for the highest and best offer is announced should there be multiple bids.

Examples of the Potential Cost of Bank Owned Property

• A two-bedroom home with one bathroom and approximately 863 square feet of living space can sell for roughly $196,000.
• Three bedrooms two-bathroom homes with roughly 1400 to 1455 square feet may sell for among $200,000 to $400,000.
• Homes featuring four bedrooms and a minimum of one bathroom with nearly 1530 square feet of space can sell for around $1,112,000.

Short Sales/Pre-Foreclosure Properties

A short sale is the last chance for a home owner to escape their home being repossessed. Usually the home owner will have fallen behind in mortgage payments. This type of sell needs approval from the lending company who then has final say when the home is sold. Due to needing financier endorsement it can take weeks to a year for this to be accepted. Purchasers need to ensure that they have the patience and time it takes to complete the process. This makes these homes a good opportunity for investors, those looking to rent out the property, and those that want to fix and flip. While searching for structures there is a plethora of places to look. The federal programs of HUD and Fannie Mae can provide the seeker with a list of buildings by location. An alternative avenue to try is the native real estate representative who can also provide an inventory of available residences. Before beginning the purchasing process, the consumer should review and complete a settlement statement which goes over fees and expectations. Buyers should ensure that they make their expectations known to the lender to ensure that all requirement are meet and adhered. An inspection of the home should also be completed, and results reviewed. The best time to purchase a short sale property is after the market research has been completed including the appraisal and inspection. When the short sale present as a positive opportunity is another time that is good for placing the bid. One thing that needs to be secured prior to placing the bid is the funding which can be done is a variety of ways including loans, mortgages, and cash.

Examples of the Potential Cost of Short Sale Properties

• A two-bedroom and one-bathroom residence with approximately 852 square feet can sell for around $288,000.
• Dwellings with three-bedrooms and two bathrooms and roughly 1408 square feet of living space may retail for about $205,000.
• Four-bedroom houses with at least two bathrooms and living space of roughly 2240 square feet may market for near $459,000.

Reasons to Choose Weymouth

A historic colonial town featuring landmarks and a family centered atmosphere. The schools and children’s camps provide a wonderful place for youngsters to learn and grow. History envelops the residents of the town with centers such as the Fogg Library, Jefferson School, and Washington School. Medical field job seekers will find a large choice of chances for employment at one of the many medical facilities in city. Local town economy features over 100 laboratories, 20 plus medical buildings, physician groups, and treatment centers. The settlement presents a peace of mind for those that want to work and raise a family in the same community.

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