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Winthrop Foreclosures

If you'd like to enjoy a really great deal when buying a home or investment property in Winthrop, MA, you should consider purchasing a foreclosure. Winthrop foreclosures present great opportunities for buyers and investors, but finding one isn't always easy. Cut to the chase right away by signing up to view real estate listings from Boston City Properties. Our database includes listings for Winthrop, MA, foreclosures, allowing you to quickly locate options that suit your budget and needs to a T.

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Tips for Buying Foreclosures in Winthrop

Like many folks, you've probably heard horror stories about buying foreclosures. Usually, they come from people who didn't have access to accurate information. Therefore, make your first step signing up for access to Boston City Properties' real estate listings. This will give you a great head start in the process.

Also, keep these tips in mind to ensure smooth sailing when buying a foreclosure in Winthrop, MA:

Browse Listings for Foreclosures in Winthrop, MA

Boston City Properties has you covered when it comes to finding foreclosed properties in Winthrop, MA. We can also help you located bank-owned properties and short sales in this Boston suburb too. Our real estate professionals are also available to assist you every step of the way. Contact Boston City Properties now to get started.

Overview

Surrounded by water on three sides, the high density of this city is indicative of its proximity to downtown Boston and Logan International Airport, which can be glimpsed from the western shore of the city at Chelsea Point. Composed of a number of spacious, beach front homes, duplexes and small apartment buildings, this area has a serene atmosphere and fairly ubiquitous waterfront views of the North Shore. The area can be reached via Route 145 as well as ferry service during the seasonal months. The average purchase price for a bank owned home or short sale in this area is $200 per square foot. New construction is rare in this town, which makes the availability of affordable yet sumptuous property a noteworthy find.

Bank Owned Properties

Many of the properties in this area were built before 1900, and have been beautifully maintained. These homes combine the flourishes of the original era of construction with the creature comforts of modern appliances and finishes, which are usually provided by a recent renovation. Ample front porches are common, as are elegantly finished attic spaces with hardwood floors and triple-pane windows. These older properties traditionally have rooms with very clearly delineated walls; the open floor plans so often encountered in contemporary designs are largely absent here. However, some remodels have removed the interior wall between the kitchen and the living space to create a more free-flowing plan.

Regardless of whether these interior walls remain or not, the kitchen is usually designed in an L-configuration, with a large sink underneath a window that looks out into the back yard. Granite or marble countertops are common, and a dishwasher, oven, refrigerator and microwave oven are fairly standard appliances. The kitchen flooring is often either hardwood or tile, depending on how recently the remodel was completed. An exterior deck is usually located off the living room, and the lots are large enough that an outbuilding or other structure is frequently placed in the back yard. In some remodels, a garage has been added into the backyard and then attached to the main house.

Many homes in this neighborhood have added rear enclosed porches, which makes it easy to enjoy the outdoors in virtually any kind of weather. These porches are traditionally the length of the rear of the home, and feature either hardwood floors or a concrete foundation. The enclosure itself is frequently made of a transparent material that allows plenty of light in while remaining structurally sound enough to withstand the weather. In homes that have four bedrooms or more, the additional bedroom is often converted into a small study or library. The ease with which houses can be transformed in this area makes a bank owned home an excellent investment, as it can become virtually anything its new owner can envision.

Short Sales

The waterfront is lined with a number of exquisitely designed condo buildings, several of which combine first-rate elegance with unparalleled ocean views. These properties, which are usually spread over two floors, have a grand central living space that is anchored by a vintage fireplace. Some units have custom designed cabinets on either side of the fireplace that feature glass panes in each door to make it easy to glimpse the contents within, creating a kind of de facto display. The mantle in these units often is wide and perfect for displaying family photographs, art objects, and other small items.

Beautifully finished hardwood floors are common in residences of this type. The kitchens are also a study in elegance. Unlike many contemporary kitchens, which push the kitchen against the walls in an L or U-shaped configuration, the kitchens in these spacious residences tend to allow enough room between the two primary countertops to place a small dining table and chairs. The kitchen is usually its own room, as opposed to being part of a seamless transition between the food preparation area and the living room.

The central staircase in these units tends to be positioned in the center of the residence, and often leads to a second level that features dual railings on either side of the staircase. The bedrooms are arranged in a circular fashion around this central staircase, and the landing often is ornamented with a small arrangement of furniture, such as a couch or waiting area. The bathrooms tend to be ample in size, and usually feature at least one bathtub that is installed into the wall. Cabinets frequently are built in as well.

The bedrooms are usually airy and large, with plenty of room for other furniture, such as a small writing desk. The windows often are positioned to take in the view of the harbor or ocean; from some vantage points, it is possible to glimpse the skyscrapers of downtown Boston. Many of these properties include an elevated exterior balcony or deck on the upper level to provide just such a view.

Geographic Location

Winthrop is in Suffolk County and is about 8.3 square miles in size. The community has a population of around 17,497 people. The area was settled in 1630 and is bordered by Revere and Boston. This community is on a peninsula making it a beautiful oceanside getaway. The city is divided up into many neighborhoods. On one side it has a cozy harbor and the other side it has the exciting view of Boston’s skyline. This community gives its residents a great view of the ocean and many opportunities to explore the seaside. The city offers many recreational opportunities such as fishing, boating, enjoying time on the beach, and hiking through the wilderness. This allows residents to enjoy the outdoors and the cozy neighborhoods.

Bank Owned Properties

These properties are commonly referred to as REO properties. The homes have been taken back by the homeowner due to failure to comply with the terms of the original sale or failed auctions. These homes make a good investment opportunity for those wanting to buy at a low price and resale at a much higher price to make a nice profit. The lenders are motivated to sell the homes to eliminate debt and make room for new lending opportunities. As a result, it is possible to negotiate with the lender to reach a fair price for the property. Buyers who are considering these types of homes should try to have all their financing pre-approved this will make the transaction go through faster since everything is in place beforehand. People who can benefit from these sales are those who are able to fix up a home and flip them for a profit. Another group would be those who want to own a home but do not have a lot of money available. These properties sell below market value making them a cheaper way to be able to become a homeowner. When the financing is in place and the buyer finds a home, they are interested in it would be the time to buy. These properties are being sold cheap, so they can disappear quickly so it's important to act on them as soon as you are able to have everything together. The homes are listed with different government loan insurers, real-estate brokers, and auction sites. It can be helpful to use an agent to help locate the homes that fit your needs. The agent can also help make sure everything is done correctly and all goes as it should.

Examples of the Potential cost of Bank Owned Property

Short Sales/Pre-Foreclosure Properties

A Short Sale is when the property is still owned by the homeowner, but they are having finical troubles and are behind on their mortgage payments. These homes are in danger of being foreclosed so the owner is willing to sell the home for less than is owed in order to prevent the bank from taking the home. This is beneficial to the homeowner because it is less damaging to their credit score. This allows the buyer to purchase the home for less than the market value of the property. Those who wish to purchase these types of homes may need to wait a while before actually obtaining the home. This is because the Bank can take a while to approve the sale. These properties are a good investment for those looking to rent or flip the home for a profit. It is a good practice to have an agent help you with these types of sales so that everything goes as desired. They can help you negotiate a fair price and handle all the paperwork necessary to complete the deal. These homes come as is, so it is important to have them inspected to make sure there are no surprises. It is also a good idea to have the home appraised so that you will know what the true value of the home is before buying. The properties are usually listed by local real estate agencies, mortgage companies and MLS. These homes can be a good investment for those willing to spend the time to research the properties and have the financing to purchase the homes.

Examples of the Potential Cost of Short Sale Properties

Reasons to Choose Winthrop

This seaside community is a friendly environment a promotes a sense of wellbeing and safekeeping for raising a family. The city has many parks and shopping centers to enjoy. There are many marinas for those wishing to go boating and enjoy the harbors. The area has many beaches to enjoy the summer swimming and enjoying the natural beauty of the area. There are many historic sites to explore the rich history that took place here. For those who commute the city has public transportation to and from Boston which is only twenty minutes away.

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