Foreclosure in Lynn>Question Details

Denise Hill, Both Buyer and Seller in Lowell, MA

do you have affordable multifamily foreclosed or tax seized homes or know where i can access these?

Asked by Denise Hill, Lowell, MA Fri Nov 16, 2007

i am looking to buy a multifamily foreclosed or tax seized home in lynn ma
i also want to sell my home in lowell ma

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Susan read the dates this is from November 07.
0 votes Thank Flag Link Wed Jul 23, 2008
Go to foreclosures north shore .com its a new site that is being updated daily. It's free and the data is accurate.
0 votes Thank Flag Link Tue Jul 22, 2008
Using these listing sites, If you are not an experienced investor can be risky. If you can't pick up the red flags that come from knowing the investment game you can get burned easily. Whether they are foreclosed on or being sold as "short sales" they will be on the local MLS and your buyer's agent should be able to do the due dilligence necessary to help you make a good deal.
0 votes Thank Flag Link Wed Jan 23, 2008
Find yourself a good Buyers' agent to assist you. Stay away from the sites and programs that ask that you pay for information relative to foreclosures, shortsales, etc. You don't need to pay to get this info and those sites are notoriously out of date. You can get on a local Realtor's website, sign up for free to get daily email updates of all new properties available, and then even be informed of UPCOMING properties not yet common knowledge.
Good luck-
Paul
Web Reference: http://www.lynnforsale.com
0 votes Thank Flag Link Sun Jan 20, 2008
Please read this post:
http://www.trulia.com/voices/Market_Conditions/Philosophical…

And remember if it is too good to be true it probably is.
Ruth
0 votes Thank Flag Link Sun Jan 20, 2008
Ruthless, Other/Just Looking in 60558
MVP'08
This is the most affordable multi-family Buyers' market in 10 years. There are plenty available.
Paul in Lynn
Web Reference: http://www.lynnforsale.com
0 votes Thank Flag Link Sun Jan 20, 2008
There are numerous bank owned multifamily homes in Lynn right now. You can find them on any MLS based web site such as Realtor.com

Most real estate companies also have their own searchable MLS database. I agree with Mike, you should find yourself a good Buyer's agent who has experience with bank-owned properties. They are handled differently than your regular privately owned homes. The MLS does not separate bank-owned properties from the privately owned ones, but an experienced agent can tell the difference by the information that is contain in the listing.

There are some great deals out there right now, with many multifamily homes with the potential to pay the entire mortgage and expenses from the rents - something that has been difficult to find in the last few years. Be prepared, however, to invest some time and money into the building after you purchase it. In many cases the properties have been neglected, before and after the bank took possession. Look into a rehab loan, such as the FHA 203K loan.

As for selling your home, again, find a local Realtor who can help you fully market your home and expose it to the most qualified potential buyers. This isn't a market where you can just throw up a "For Sale" sign and wait for the offers to pour in. You really heve to work hard to make sure that your home is on every possible internet site, and is properly prepared for the buyers to see. Your Realtor will be invaluable with giving you advice on staging your home, making sure it gets the exposure it deserves, and most importantly in this market, is priced right.

Good Luck
0 votes Thank Flag Link Fri Nov 16, 2007
Oh yeah, and as Mike said, there's tons of foreclosures in Lowell right now, keep in mind those cheap foreclosures are most likely going to be your direct competition when trying to sell your current home.
0 votes Thank Flag Link Fri Nov 16, 2007
With all due respect, the ABR and CBR designation is only allowed to those who pay fees to the National Association of Realtors. Keep in mind this is a political lobbyist organization for real estate agents (not for buyers/sellers). So while I'm sure that there are many agents with paper badges that are quality agents, these designations might hint to a level of experience held by a particular agent, however experience in a field still does not guarantee that experience will be used in the client's best interest. There are many great agents out there that don't hold those designations. Meet multiple agents, and use your best judgement when deciding.

Back to the main point, pre-forclosures are public information (properties still owned by the owner, not yet by the bank, where the bank is starting the procedure to excercise their first lien position due to non payment) and the names of people going into pre-foreclosure across the state of Mass, can be loaded onto a memory card once a week at the land court on Causeway St in Boston. (without a memory card... you better bring a lot of paper and pens because you can't e-mail it ....) It is just the names, so you have to hunt down contact info on your own.
Please keep in mind a good chunk of these foreclosures are investors taking a risk where they failed... this is never a sure money maker, and you should tread extreemly cautiously.
0 votes Thank Flag Link Fri Nov 16, 2007
Yes. There are many, many foreclosed and tax seized homes out there right now. In Lowell there are tons as Lowell is one of the top cities in the state for foreclosed homes. My recommendation is to find a qualified buyers agent who has access to everything out there. They will be able to tell you where to look, and what to pay, and they should be able to help you make the numbers for rent and investment work. In looking for a buyers agent, look for agents that have the designations ABR and CBR (qualified at the state and national level). I hope that helps...
0 votes Thank Flag Link Fri Nov 16, 2007
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