Al and Cal Homes and Community: Buying a Foreclosure in Massachusetts

Buying a Foreclosure in Massachusetts

Buying a Foreclosure in Massachusetts

Is It Really A Bargain?     Is It For You?   

Oh, gosh, I have that jingle in my head.   You know that one about loving a bargain.    Goes to show you what a good marketing campaign will do for you!   I digress.

Image courtesy of renjith krishnan  / FreeDigitalPhotos.net
Is Buying a Foreclosure for You?

Buying a Foreclosure in Massachusetts

Have you seen those guys on TV?   You know the ones that can show you how to make millions with no money down, just by buying up bank owned property for pennies on the dollar.   And, they know because they have become millionaires themselves just by following their own simple rules.   Ha!   The only money I'll bet these guys are making is off their book sales.    I will also bet they sell lots and lots of them, because it does sound plausible and we all know that foreclosures are plentiful.  

There are a couple of ways to purchase one of these properties.

Sale at Auction.   Bargains can be had, but beware!  There are risks.  You can check out the public notices in print or on line and view the foreclosure sales that are posted.    These will list the auction date, place, conditions of sale and legal description of the property.    Do your homework before going to the auction.

  • Pay particular to the legal description of the property.    If it were me, I would have a real estate attorney research the title to make sure you know what liens if any are attached to the property.    Last thing you want is to purchase a property for a specific amount of money just to find that you owe the balance of one or several liens as well.  
  • Have your financing in order.   Be ready to prove that you can purchase the property and if you are the successful bidder, most times there will be a substantial non refundable deposit required.  
  • Condition of the property.   Sometimes you can view the property and sometimes you can't.   Assume that the property will not be pristine and figure that you will be spending money on repairs.  Know if it is on municipal sewer, etc.    
  • Know the Value of the Property!!!     Many times the amount owed to the lender is higher than market value and that is why it ends up back on the lenders books as an REO.  

REO or Real Estate Owned.   If the auction is unsuccessful, and many times they are, the lender will take the property back.   Once they do that, they will generally put the property up for sale through a Realtor or sometimes they will market it on their own.   The benefit to making a purchase at this stage is that 

  • Priced Right.  The lender will usually price the property to move quickly and with consideration to the condition.
  • Less Liability.  The buyer will not be responsible for liens attached to the property. 
  • Known Condition.  Buyers are usually allowed to inspect the property and know what it is they are buying.      
  • Financing.   Most buyers can take the traditional route of financing for making this purchase and there may even be a financial incentive by the selling lender.

If you have any questions, please give me a call.     If you want to get on the email list for foreclosures in MA get in touch with me and I will set you up.    

Talking About Bargains, Do You Want to Know More About Short Sales? 

Short Sales 1

Is Selling Short Your Best Option?

Is Buying A Short Sale For You?

 

 

Are you thinking about Buying, Selling, Renting or Investing  in the Franklin/Bellingham and surrounding areas?   

 Start your home search here!   

We have over 25 years of experience locally!    Put our experience to work for you!

                                                     

Carol-Ann Palmieri

Al and Cal Realty Group

Remax Executive Realty

www.AlandCal.com

 

Cal@AlandCal.com

 

508-494-9061

 

Comment balloon 7 commentsCarol-Ann Palmieri • January 07 2013 06:00AM

Comments

Good morning, Carol Ann.... good information for all potential buyers who are thinking about a foreclosure purchase....suggested.

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 5 years ago

Terrific post Cal, your explanation of the benefits and things to look out for in buying a foreclosure will help many potential buyers.

Posted by Al Raymondi, Ormond By The Sea Florida - Home and Condo Sales a (Ocean View Realty Group in Ormond By The Sea Florida) over 5 years ago

Carol Ann...Consumers who are looking to buy a foreclosure in Massachusetts now have a blueprint that outlines the ways they can purchase one.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 5 years ago

Carol Ann, even here foreclosures are not for the faint of heart with radon in air, well and then potability tests and waiting on the bank to respond to requests even though they say as is.  Banks will take steps to help and you bring up some great points to help.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 5 years ago

Excellent information on buying a foreclosure in Massachusettes Carol Ann!  Suggested!  Anyone looking to buy a home, foreclosure or otherwise in Franklin MA needs to call Carol Ann Palmieri, Al and Cal Realty Group, your Franlin MA Real Estate Experts!!

Posted by Brenda Mullen, Your San Antonio TX Real Estate Agent!! (RE/MAX Access) over 5 years ago

Cal,

You are absolutely correct about these idiots who hawk buying and flipping properties and all the money they make. If they really had a good system they would made the money and been retired for a long time. There only source of any funds is the system/books they sell to stupid people who believe this crap.

Good points about buying foreclosure properties. I will suggest..

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) over 5 years ago

Hi Barbara.  Thank you.

 

Hi Al.   I hope that it answers some questions for some.  

 

Hi Anita.   Thank you.  

 

Hi Ginny.   Surely not for the faint of heart anywhere!   A good Realtor can be the key to success!

 

Hi Brenda.   Thank you!

 

Hi Bob.   They make me laugh!  

 

 

 

 

Posted by Carol-Ann Palmieri, "Cal" the Real Estate Gal (RE/MAX Executive Realty, Al and Cal Realty Group) over 5 years ago

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