Home Buying in Back Bay>Question Details

Bugalox, Home Buyer in Back Bay, Boston, MA

What is the disadvantage in buying a repossessed property in an area like Back Bay or Beacon Hill.?

Asked by Bugalox, Back Bay, Boston, MA Tue Mar 29, 2011

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Good question. I would say if you find a repossessed property in Back Bay or Beacon Hill that has been on the market for more than 2 days take a good hard look at it because there is a reason it is still around. There are several investors who will buy a deal in these areas cash, sight on seen and they know what they are doing. So, if they passed on a property you need to find out why. One way to do this would be to find an experienced agent you can trust and ask them why a particular unit is still available.

Next I would say with buildings that are around 100 years old, you can run into all kinds of problems and REOs and Sheriff sales are typically done sight unseen, or as is which means you cannot get an inspector in the property to find these problems.

In any old building in Back Bay or Beacon Hill expect that the finishes to be from the mid 80's if the property was repossessed chances are the owners did not update the unit. Updating in the old brownstones is more costly than similar work in the suburbs so if you have renovations in mind, expect a higher price tag.

In my experience these are the biggest things to watch for when buying a distressed/repossessed property in the Back Bay or Beacon Hill.

I'd be happy to discuss this further with you if you have any more questions.
1 vote Thank Flag Link Thu Apr 7, 2011
I would say absolutely Nothing!!!!
Go for it!!!
A few years years from now, you would have regretted NOT doing so!!!
I have yet to see a good repossessed property in the Back Bay or Beacon Hill that lasted more than a few days after being in the market.
Most distressed properties in the Back Bay and Beacon Hill do NOT even go on the market. They get scooped up way before.
0 votes Thank Flag Link Sun May 8, 2011
No one took a stab, and I'm guessing because there are so many variables to this question it is hard to answer. In general, the disadvantage could be the condition of the property. Often, homes are foreclosed upon owners who do not have the money to afford the home so in many cases, they do not have the money to have made updates along the way. Will you have the means to fix what is necessary? If you have the means, do you have the patience? Is this an investment or for yourself? Back Bay and Beacon Hill boast heavy price tags, so turning it into turn-key property in a desirable area could be a money maker. Or, if for yourself, it could be a great way to get into an area that is higher priced and slowly make it your own. Best of luck!
0 votes Thank Flag Link Sun Apr 3, 2011
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