Winchester Foreclosures

Geographic Location

This community was settled in 1640. The city is in Middlesex County and is about 8.2 miles North of Boston. This area has a population of around 21,374 people and consists of about 6.3 square miles of space. The city is considered a bedroom community which means that a lot of professionals who live in the community travel to nearby Boston for work. The community has lots of wood hills and water ways. Some of the major bodies of water are Mystic Lake, Edge Pond, Winter Pond, and the Aberjona River. The area is considered a Green Community due to its conservation projects. This city is bordered by Woburn, Stoneham, Medford, Arlington, and Lexington. The community is a wonderful place for professionals to call home.

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Bank Owned Properties

These properties are often referred to as REO properties and can be purchased below market value. Most of these homes have a clear title which means that they have no liens on the properties. Some of these homes will need some repairs before they are able to be lived in. These homes are good for those wanting to flip the homes for a profit or for a home owner who can make the necessary repairs to be able to buy a home cheaper than otherwise available. The bank is motivated to sell so it is possible to negotiate a fair price that is still lower than a typical sale. In order to ensure the best value a buyer needs to compare and contrast similar homes in the area to determine what a reasonable purchase price could be. A buyer needs to look at all the pros and cons of the sale to determine if it is a good fit for them. The REO properties are often listed by REO brokers, HUD, and government loan insurers. Some of the ways that these sales can be funded are through home loans, commercial loans, and even some private loans. It is important to have these homes inspected and appraised so that you can have the information necessary to make a fair bid. An agent can help a buyer find these properties and inform them of the necessary steps involved with these types of sales. It is also a good idea to be pre-approved with your lender so that all the funding for the purchase is available at the time of the purchase.

Examples of the Potential Cost of Bank Owned Property

• A two-bedroom home with one bathroom containing 680 square feet of living space has the potential to sell for $76,000.
• A four-bedroom home with two bathrooms consisting of 1,983 square feet of space can possibly retail for around $680,000.
• A five-bedroom home with one bathroom involving approximately 1,932 square feet has the prospective to market for about $537,000.

Short Sales/Pre-Foreclosure Properties

These sales are for homes that are in danger of being taken back by the lender due to missed mortgage payments. This allows the owner to sell the property for less than is owed, so that they can dispose of the home and have less damage to their credit score. This type of home is usually still occupied and are in good condition. There is typically less competition for short sale homes giving purchasers an advantage to buy their dream home without a lot of haggling. The buyers who are interested in these homes are Real Estate investors, families who are looking to buy a cheap home, and those looking for a bargain. It is important to weigh against similar property in the area, so you can determine what the average home is selling for. It is also necessary to consider having the property inspected so you know what type of repairs need to be done. The process can take a while because the bank can delay accepting an offer for some time, so it is necessary to remain patent through out the process. An agent can be a good tool to help a buyer find the homes they are interested in and help ensure the entire process goes smoothly. The properties can be found by checking MLS listings, Fannie Mae, HUD, and local real estate companies. Some ways to be able to finance the sale of these homes is through Bank loans, Personal loans, Blanket mortgages, Fix and Adjustable Rate mortgages, and possibly Mini-Perm loans.

Examples of the Potential Cost of Short Sale Properties

• A two-bedroom home with two bathrooms consisting of about 2,083 square feet of living space has the potential to market for around $260,000.
• A three-bedroom home with one bathroom entailing roughly 1,204 square feet of space has the possibility to sell for about $412,000.
• A four-bedroom home with two bathrooms comprising of 1,983 square feet has the capability to retail for approximately $562,000.

Reasons to Choose Winchester

This city has one of the best school systems in the state of Massachusetts. There are lots of areas close to the water that allow for boating and fishing activities. There are nice beaches to enjoy and many splash parks available for the children. Golf courses, Tennis courts, and clubs offer residents a chance to get some exercise and enjoy an afternoon with friends. This community has a little of everything providing an assortment of entertaining activities for the inhabitants. This is a family friendly city that provides lots of opportunity to explore all the natural beauty this quiet community has to offer.

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