When a Woburn MA home owner fails to pay a loan, the mortgagor will begin the process of receiving the right to sell the home at auction in order to satisfy the debt. The process varies from state to state, but will normally take a lot of time to complete. This blog offers Woburn MA foreclosure explanations for home buyers.
Purchasing at Foreclosure Auction
A mortgagor traditionally holds an auction upon foreclosing on Woburn MA real estate. Buying real estate directly at an auction has many risks to a potential buyer. At this stage, bidders have no ability to view the interior of a home since it sometimes remains occupied (until the residents are evicted). Potential buyers must also have a certain amount of up-front funds to immediately submit as a deposit if they win the bid. Because of these reasons, Woburn MA real estate are not always sold at auction. The bank will instead take possession, making it bank-owned property, a term that buyers may see often in real estate on the open market.
Purchasing After Foreclosure
If the foreclosure auction is unsuccessful, the eviction process gets completed and the home gets listed for regular sale. It is uncommon for any repairs to be performed, so foreclosed properties are normally sold as-is. Furthermore, little information on past repairs is available. As a result, it remains a somewhat risky alternative for Woburn MA buyers. Bank-owned real estate almost always sell for a discounted amount due to these factors.
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Woburn MA Foreclosure Explanations For Home Buyers
Buyers wanting discounted listings regularly consider foreclosed properties, but it is important to understand the risks of foreclosures. Bidding at auction is not an option for typical Woburn MA first time buyers. Since the previous occupants could not make mortgage payments, they likely could not perform general repairs on the property either. Buyers should therefore anticipate extensive repairs. Specific Woburn MA real estate professionals are experts in helping buyers navigate through the process of purchasing a foreclosed home and can be invaluable. This article on Woburn MA foreclosure explanations for home buyers was compiled by Scott Strang at Scott Gregory Group. Contact Scott at 781-646-7600 or firstname.lastname@example.org with questions or for additional assistance.