Buyers/investors looking for bank seized properties in Worcester, MA have discovered many great investment opportunities in the area and surrounding neighborhoods. There is an abundant inventory of foreclosed houses in the Worcester, MA area in all neighborhoods and price ranges. Some homes need work while others are in very good condition. It is recommended that you work with a local real estate agent to help you located bank seized properties. Real estate owned properties (REO’s) can be found throughout the area in the MLS and advertised in the newspaper. Government HUD and VA foreclosed homes are also advertised in the MLS.
Foreclosures in MA
Massachusetts conducts foreclosures through a non-judicial foreclosure Trustee sale process. The process takes several months to complete. Non-judicial foreclosures do not need court approval. The lender must record a notice of foreclosure sale in the country where the property is located. The notice must be published in a newspaper of general circulation the county for three weeks prior to the sale. The notice sets forth the time, date and place of the sale. Public property auctions are held at the courthouse steps or other public place. The property is sold to the highest bidder.
When foreclosed houses are not sold at foreclosure auctions, the lender buys them back and they are known as real estate owned or REO’s. REO’s are sold at discounted prices too. They are listed with a local Realtor who markets them through the MLS and other places such as the Internet and local newspapers and home magazines. The bank generally does not make any repairs, so you need to do your due diligence and inspections. It is not unusual to find REO’s in poor condition so you should budget for repairs. Sometimes the former owners strip the homes taking appliances, cabinets, cupboards, flooring and countertops and hardware, lighting fixtures and window coverings.
When you purchase seized properties in Worcester, MA, you are getting a discounted property at or below market price with built in equity so you know you are getting a good deal. Banks are difficult to deal with these days so don’t try and bargain too much or they won’t accept your offer on an REO. Since the properties are priced so well it is well worth your effort to try and purchase foreclosed homes right now. There are many good opportunities in the Worcester, MA area to buy government foreclosure properties, auction properties, REO’s and pre-foreclosure short sales.
According to Trulia.com, for the period January 10 through March 10, 2010, there were 741 homes in some stage of foreclosure. The average listing price for homes for sale in Worcester MA for the week ending April 28, 2010, was $207,167, a decrease of 0.1%, or $308, compared to the week before. Hot neighborhoods in Worcester include West Tatnuck and Webster Square. Average list prices in these neighborhoods are $241,657 and $181,232, respectively. No one knows for sure how much longer prices will stay at this level, so it is a good idea to take advantage of Worcester affordable prices now.