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Foreclosure in Beverly : Real Estate Advice

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  • Home Buying11
  • Home Selling3
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Activity 3
Wed Jan 7, 2015
Matt Zimmermann asked:
Wed May 19, 2010
Bob Meehan answered:
Hi,

This property was scheduled for auction on May 3rd, often times the current owner is able to get the auction postponed while they attempt a work out with their lender. The foreclosure process is taking quite a bit longer than it used to, mostly due to the volume of properties the lenders are dealing with. The process can be tough to deal with as a Buyer, most properties that are eventually auctioned are re-purchased by the lender and entered into their REO (Real Estate Owned) division, this starts the process of marketing the property as a "bank owned" property, it is at this stage that the property is most likely to be sold to an interested Buyer. The timeline from pre-foreclosure to "bank owned" can be 1-2 years. I advise you concentrate your search on the "bank owned" properties which will be easily available through MLS. Don't hesitate to contact me if you have any additional questions.

Good luck!
Bob Meehan@kw.com
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Mon Apr 13, 2009
Lauren Consolazio answered:
This is a mystery. 14 Dearborn was listed last year. It expired in April 2008. It is not currently on the market and there is nothing in public record showing it is forclosed on? Strange?
If you are looking for a home in the cove I'd be happy to help you find a not so mysterious listing :)
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