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Home / Real Estate Information / Home Buyer Tips / MA Foreclosure Explanation For Buyers

02.11.14 Home Buyer Tips, Local Information

MA Foreclosure Explanation For Buyers

When someone is unable to pay a home loan, the mortgagor will begin the process of obtaining the right to sell the home to fulfill the debt. The process is not the same based on the state, but will normally take a lot of time to complete. This article provides MA foreclosure explanation for buyers.

Property Auction Sales

A mortgage company traditionally has an auction when foreclosing on real estate. Buying properties at an auction carries many risks to potential buyers. Buyers have no option to access the inside of the home (it typically continues to be occupied occupied by the past homeowners). Buyers must also have a minimum amount of available funds to instantly give as a deposit if they are the winning bid. Due to these reasons, real estate is not always sold at auction. The bank will instead take ownership, making it bank-owned real estate, a term that buyers will often see in listing descriptions.

Bank Owned Properties for Sale

If real estate does not sell at auction, the eviction process is finalized and the residence is placed for sale. It is uncommon for any repairs to be completed, so foreclosed houses are almost always sold as-is. Furthermore, the company will have little information on the history of the house to offer to potential buyers. As a result, it is a risky decision for people. Foreclosed real estate typically sell for a discounted amount due to these factors.

MA Foreclosure Explanation For Buyers

Buyers targeting discounted homes often look into bank-owned listings, but it is important to know the disadvantages of them. Bidding at auction is not an option for most first time buyers. Because the previous home owners could not afford mortgage payments, they often could not afford to perform standard repairs on the residence either. Buyers should therefore anticipate possible repairs. Some real estate agents are experienced in assisting buyers with the steps of purchasing a foreclosed home and may be a huge help. This article on MA foreclosure explanation for buyers was published by Christopher Graves at Emery Federal Credit Union. Contact Christopher at 978-376-5389 or christopher.d.graves@gmail.com with questions or for further assistance.

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Tags: foreclosures, MA

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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  • Local Information (61)
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  • News (22)
  • Real Estate Information (175)
    • Featured Properties (2)
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Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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