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Wrentham Foreclosures

Geographic Location

Settled in 1660 this community is in Norfolk County and consists of a population of about 10,500 people. The city is approximately 22.9 square miles and is mid-way between Boston and Providence. This community has a small town feel to it with lots of open lands. There are many recreational areas and lakes to enjoy. Some of the lakes in the area are Lake Pearl, Lake Archer, and Mirror Lake. If you are looking for the feel of the country, then this is the community for you. The city is bordered by Norfolk, Foxboro, Plainville, Cumberland, Bellingham, and Franklin. This city is ideal for those who enjoy the outdoors and nature.

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Bank Owned Properties

These properties are REO (Real Estate Owned) properties that have been taken back by the bank for failure to pay the required mortgage payment. On the homes being sold by the bank as REO property sales, the buyer needs to be aware that there could be back taxes and other liens on the home. These costs need to be paid or waived during the buying process, so the property can have what is referred to as a clean title. Those who wish to buy property under the terms of an REO can get a cheap home that is listed less than its true market value. Cash buyers would do well with these homes because they can buy cheap and flip the property to make a nice profit. The time to buy these properties is when you can get a good deal after weighing all the pros and cons of the home. Banks are motivated to sell these homes to try to cover their losses and eliminate debt. So, it is possible to negotiate with the bank for a price that’s right for you. A buyer can find a Bank Owned Property by contacting an agent specializing in REO property sales. They can also receive referrals about home sales in the area and even by contacting the bank directly.

Examples of the Potential Cost of Bank Owned Property

REO homes are good deals for those buyers who are looking to flip the home for a profit and for those looking to rent out the property as a way to make an income.

Short Sales/Pre-Foreclosure Properties

A short sale is a way a homeowner can settle the mortgage on their home before losing it for nonpayment to the bank. These homes are occupied by the owner and are being sold for less than the market value of the home. The homes are usually in good condition and are able to be resold for a profit. Buyers who may be interested in these types of sales are those looking for a nice home without having to do a lot of work. First-time homeowners will also find these homes to be attractive since they are able to buy them for much less than the market value. The time to buy these properties is once you weigh the cons and pros of the home. This allows you to know what it is you are getting into before making any decisions. It is advisable to have the home inspected to make sure it is in the condition you expect. Working with an agent is helpful since they can walk you through the process step by step to ensure you get the home that’s right for you. A buyer can find Short Sales listed in a MLS, by local agents, and referrals from others. The homeowner is motivated to sell, so a buyer can negotiate a lower price. It will take some time to get the approval of the sale by the mortgage company, so take your time and ensure everything is the way it needs to be.

Examples of the Potential Cost of Short Sale Properties

Reasons to Choose Wrentham

This city is an ideal location for families who enjoy history and are looking for local entertainment. The community has many historic sites, parks, and summer concerts to keep its residents entertained. The city also has beaches, a library, and some local sports teams. This makes this area a very nice home for families.

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