Since pre-foreclosure owners are motivated sellers, it's more likely you'll be able to close a good deal fast. You'll submit an offer, negotiate the sale price and terms, and set a closing date. In Massachusetts, making an offer on an REO or pre-foreclosure is similar to a conventional purchase. For flippers and investors, this is a crucial step to figuring If you're buying the foreclosure as an investment, you might bring in a contractor to give you a sense of what kind of work they think you'll need to do and how much it'll cost. If you see anything you don't want to fix or pay for, then you can stop there and move on. This is especially important since foreclosures are usually sold "as is."ĭuring the tour, you'll want to keep an eye out for any deal breaker issues such as a cracked foundation, dilapidated roof, or faulty major appliances. Seeing the property yourself is an important step in making sure you know what you're signing up for. » MORE: Are you an investor who needs more leads on properties? Check out DealMachine 4. You can find auctions listed in the real estate or classified section of your local newspapers or by searching "foreclosures" on Public Notice Massachusetts and. Only seriously consider auctions if you're experienced in real estate, have substantial cash reserves, and are willing to take the risk of buying a home sight unseen. You can also find government-owned foreclosures on the HUD home store. Usually, you just need to set search filters to focus specifically on foreclosures, pre-foreclosures, or bank-owned properties. You can find pre-foreclosures on your local MLS (e.g., Mass Live), as well as sites like RealtyTrac or Zillow. These are more like traditional homes and involve less risk since you can usually tour them and get them inspected. If you're not a real estate professional, we recommend you stick to pre-foreclosures and REOs. Talk to a Clever agent today to see what they can do to help you navigate the foreclosure process and find your next home.ģ. This can give you the inside track on a constantly replenished pool of foreclosed homes that others might not know about.įortunately, Clever already has a network of partner agents with experience buying foreclosures in Massachusetts. Most agents only do one or two foreclosure transactions a year - if any - so having the right agent could make a world of difference in your search for a foreclosed property.Īgents with foreclosure experience might even have established relationships with the REO departments of local lenders. One of the most overlooked advantages in this market is having an experienced agent who knows how to buy foreclosures in Massachusetts.įinding this person might not be as easy as it sounds though. Hire a top Massachusetts realtor with foreclosure expertise Loan to cover the initial purchase and renovations, then refinance the property with a traditional lender.Ģ. Some experienced investors use a short-term It's more common for people to use cash to buy properties at auction. Can you finance a foreclosure at a Massachusetts house auction?įinancing is usually not an option at foreclosure auctions, unless you're borrowing from a private investor or hard-money lender.
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