Purchasing a Bank-Owned Property in Massachusetts

What is a bank-owned property? Often called "REO properties" or "foreclosure properties," they are properties the lender foreclosed but the property was not sold to a third party at the auction. The property was instead taken back into the lender's portfolio. Often, bank-owned properties are a good deal. Many investors and some home buyers are willing to take the risk. Occasionally, the Buyer will be allowed an inspection. In most cases, the Buyer is taking the property "as-is" with all faults, occupants, and the like. Buyers should consider the cost of eviction, failed systems, structural problems and other high ticket items. The Purchase and Sale Agreement is usually quite long and entirely one-sided. In most cases, edits are not permitted. Stiles Law will review the Purchase and Sale Agreement with you so that you can understand the risk. If you would like more information about bank-owned properties, contact Stiles Law by calling (781) 319-1900 or by visiting https://stiles-law.com. Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy. Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.