Massachusetts has a lot to offer and this state is a very popular place to live. The economic situation in the state is promising for new residents and there is a large amount of Massachusetts real estate owned by banks offered at lower than average prices. A 3% unemployment rate determined by the latest census is lower than many other states across the USA.
The median household income in Massachussetts is $50,502. Real estate owned property in the area is typically sold for between 5% and 20% below the market value. 6.7% of families in the state live below poverty level and this is a small percentage when other states are considered. Homes for sale by owner may also be found at lower than market prices if the owner is motivated to sell.
Banks are usually motivated to sell homes that have been foreclosed on to minimize inventory because these homes represent maintenance costs but bring in no income for the bank which owns the property.
The Massachusetts real estate owned purchase process is not difficult. There are some considerations when purchasing these homes that all buyers should be aware of though. Many REO homes can be a fantastic bargain, and in some cases these properties can be purchased for half of the market value or even less.
Pre-approval is important with a REO purchase because this step shows a serious intent to purchase by the buyer. If cash will be paid for the property then pre-approval will not be required but the bank must be able to verify that the funds for the purchase are available. Without this verification most banks will not even consider a purchase offer. Patience is essential when dealing with banks and Massachusetts real estate owned by financial institutions. Because a large organization is involved simply getting an answer to the first offer or correspondence can take days, sometimes a week or more.
80% of employees in Massachusetts work in the private sector, more than 13% work for the government, and close to 6.5% are self employed. The natural beauty and economic opportunities are both reasons why many individuals choose to live in this state. Real estate owned properties can provide financial and housing incentives to reside here as well.
The population for the state of Massachusetts according to the last census is more than 5 million people who are 16 years old or older. 41% of individuals work in management and professional occupations and close to 30% work in sales and office positions. Service employees account for slightly more than 14% of the workforce and the construction trades employ 7.5% of the workforce. The housing and economic situation can make Massachusetts real estate owned properties ideal for many individuals who are looking for their dream home at an affordable price.
Anyele Ivys, has been working on usreoproperties.com studying the foreclosures market, helping buyers on the finer points of Massachusetts Real Estate Owned. Try to visit usreoproperties.com and find all related information about foreclosures.