Woburn Foreclosures

Geographic Location

This community was settled in 1640 and is in Middlesex County. The area is about 12.9 square miles and has a population of around 38,000. The city is about halfway between Lowell and Boston which makes it about 10 miles Northwest of Boston. The climate is humid continental. This area is the oldest and most historic communities in New England. The city is a nice place to be to enjoy a rich historical heritage of America. Some of the cities that border the area are Willington, Stoneham, Reading, Winchester, Burlington, and Lexington. If you enjoy the rich history of America and a city full of culture this city would make a good home for your family.

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Bank Owned Properties

The bank owned properties are often referred to as REO properties. These are properties that the bank has acquired though failed auctions or have taken back from owners who were unable to make their mortgage payment. Most homes in these types of sales have clear titles, which means they have no liens against them. Lenders are willing to negotiate since they want to sell these homes as fast as possible. These types of sales are good for buyers who are looking to get a great home at a low price. The homes are sold below market price which makes them ideal for those who are investors and for those who want to flip the property for a profit. The best time to buy these properties is after the lenders call for highest and best offers. Before you buy it is important to do some research on the area to ensure it meets your expectations. These homes are usually listed in a MLS, HUD, and REO directories. Once a buyer is interested in these types of homes they can contact an agent who specializes in these types of sales. An agent will help the buyer do the necessary research and negotiate with the Bank in order to ensure a successful bid on the property. It is also important to have all the necessary funding in place so there are no issues once the buyer's bid is accepted by the seller.

Examples of the Potential Cost of Bank Owned Property

• A one-bedroom home with one bathroom consisting of about 702 square feet of space can sell for about $153,000.
• A three-bedroom home including one and a half bathrooms covering around 1,176 square feet of living space can market for approximately $373,000.
• A home with four-bedrooms comprising of two bathrooms and having about 1,988 square feet of living space can retail for roughly $357,000.

Short Sales/Pre-Foreclosure Properties

Homeowners who are behind on their mortgage payments to their lender have an option they can do before a foreclosure occurs. This option is called a Short Sale. This is when an owner sells the property for less then is owed on the mortgage to prevent the bank from taking the property. When this is done, it can help protect the homeowner from damaging their credit due to not being able to keep the property. This allows the buyer to get a nice home for less than the market value of the property. These types of sales are good for first-time homeowners due to the lower cost of the home making for lower mortgage payments. Those looking to rent out the homes for a profit will also find this advantageous. Even though many of these homes are in good condition it is still important to have the property inspected to ensure there are no surprises. It is also a good idea to be pre-approved by your lender so that all the financing is in order and available once the offer is accepted. The properties are listed on various websites, newspapers, and through local agents. An agent can help a buyer be able to navigate all the legal and steps necessary to obtain these types of homes. The mortgage company can take a while to approve these types of sales, so it is important to remain patent while the process takes place. Before making a bid ensure you have an appraisal done on the property so that you will know what the actual value of the home is before making an official offer. By doing this you will be able to ensure you get the home for a reasonable value.

Examples of the Potential Cost of Short Sale Properties

• A two-bedroom home with one bathroom consisting of 864 square feet of living space can sell for around $307,000.
• A three-bedroom home with one to two bathrooms ranging around 1,768 square feet to 1,325 square feet can retail for near $434,000 to $456,000.

Reasons to Choose Woburn

The city offers quiet neighborhoods, a public library, nice schools, and lots of history. If you like the outdoors come and enjoy the forested preservation areas. These areas allow you to hike and enjoy nature in its natural environment. Many of the buildings in the community are antique and preserve the original feel of the city.

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