When a Waltham MA borrower defaults on a home loan, the lender forecloses on the property in order to sell it and satisfy the debt. The process differs from state to state, but will typically take a lot of time to complete. This article offers Waltham MA foreclosure information for buyers.
Buying at Auction
A mortgagor holds an auction upon foreclosing on Waltham MA homes. Buying a home directly at an auction can be very risky. At this stage, buyers have no option to access the interior of a property since it typically remains occupied (until the residents are evicted). A large cash deposit is required to bid at auction. Because of these reasons, Waltham MA properties are not always sold at auction. The bank will alternatively take ownership, making it bank-owned property, a term that buyers may see often in real estate in MLS.
Purchasing After Foreclosure
If the foreclosure auction is unsuccessful, the eviction process is finalized and the residence is marketed for regular sale. It is not usual for any repairs to be performed, so foreclosed residences are always sold as-is. Furthermore, little information on previous work is available. It therefore remains a somewhat risky alternative for Waltham MA buyers. Bank-owned properties normally sell for less for these reasons.
Waltham MA Foreclosure Information For Buyers
Buyers wanting discounted listings tend to navigate towards foreclosed real estate, but it is important to understand the disadvantages of foreclosures. Bidding at auction is not an option for typical Waltham MA first time buyers. Since the previous home owners could not make mortgage payments, they often could not afford to perform general repairs on the home either. Buyers should therefore expect possible repairs. Certain Waltham MA real estate agents are experienced in assisting buyers with the process of purchasing a foreclosed home and can be invaluable. This article on Waltham MA foreclosure information for buyers was compiled by Darleen Foster at RE/MAX On the Charles. Contact Darleen at 617-448-7894 or DarleenFoster@remax.net and/or Bradford Pratt at 781 316-5760 or email@example.com with questions or for additional information.