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Foreclosure & Short Sale Information
When a homeowner defaults on his/her mortgage in Massachusetts, the lender will start the process of obtaining the right to sell that property at auction in order to satisfy the debt (balance owed on the mortgage). The process varies from state to state, but will often take several months to complete.
Purchasing a home at a foreclosure auction has many risks to a potential buyer. There is commonly no opportunity to view the interior of the property, and in some cases, there are individuals still occupying the premises. Because of these risks, homes in Salem, MA are not always sold at auction and the bank will instead take possession of the property. The property is then referred to as bank-owned, REO (real estate owned) or foreclosed property.
There are cases where a homeowner will attempt to sell their home before the bank starts the foreclosure process. The home owner is either already behind on their mortgage payments or will not be able to sell for a price that would cover the balance owed on their mortgage. This is referred to a short-sale and requires the lender's approval. Obtaining approval can be a long and difficult process. Additionally, there is no assurance that the lender will accept an offer at or above the listed price.
Salem MA foreclosures and bank owned listings are often marketed with a real estate agent and placed in the Massachusetts Multiple Listing Service (to ensure full market exposure).
Virtual Homes real estate agents will assist you in your search for property.