If you’re looking to buy foreclosures and bank owned properties on the South Shore, you might be pleasantly surprised or overwhelmed. 
Working the pre-foreclosure, short sale and bank owned property circuit might be the way to go for some, but for many inexperienced real estate investors and buyers, it’s full of risk and trepidation. So be forewarned that this effort is not as easy as you may think, but if you do choose to follow your desire to work this angle to get the best deal on a home, then don’t go it alone. Work with an experienced Realtor and local Attorney who can help guide you.
The Lingo for Foreclosures and bank owned properties on the South Shore
If you haven’t been introduced to the foreclosures and bank owned properties terminology, here it is: Short sales are properties still owned by the homeowner who is under water. In order to sell the property for fair market value, the homeowner must sell for a price less than their current mortgage. This means the homeowner must engage an Attorney to negotiate with their lender to reduce the principal amount of their loan in order to sell the property for what it’s worth. This is called a short sale and banks have been known to take many months to communicate and ultimately negotiate a successful short sale. A short sale could also be considered a pre-foreclosure if the homeowner is delinquent in their mortgage payments but hasn’t yet been officially foreclosed upon. Many Attorneys and the banks themselves will tell a homeowner they can’t negotiate a short sale unless they haven’t paid their mortgage in a few months. A bank owned property is also referred to as a REO, as in “Bank real estate owned”, which is a property that has been foreclosed upon and the bank has taken legal title to the home.
Foreclosures and Bank owned properties protocol can change on a dime
All these scenarios have various bank and legal protocols that must be followed and it is not always an “easy deal or steal” that most would think is the case. Yes, banks want to get these properties off their hands, but the red tape and legal considerations slow the process down. Add to the mix the amount of other bidders you may have when you are competing for the same property. With some bank owned properties, your offer may lose out to a bid $100 more than yours and someone less educated in this process may overprice the property and totally overbid. In some cases the bank may come back and keep bidding up all the bidders and ask for a final highest and best offer, which was actually the requested protocol in the first place. There is no rhime or reason with how these banks work, but you have to follow their protocol even if it changes through the process. In the end, it may be worth the wait and the hassle. With that being said, there are deals to be had albeit opportunities that come with unknown levels of risk without recourse in most cases. The best advice I can give you is to work with a real estate expert when playing the short sale, pre-foreclosure and bank owned property circuit. Realtor George Jamieson of Capital Residential has experience working with these types of properties, the banks and Attorneys who are active in this sector. You can reach George Jamieson at 617-877-4839 or by email at george@capitalresidential.com.
Showing properties
1 - 50 of 193.
See more South Shore Foreclosures and Bank REO Properties.
(all data current as of
5/21/2012)
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$69,900 : 135 Grove St, Unit 128, Rockland2 beds, 1 full bath
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$75,000 : 36 Greentree, Unit 36, Weymouth1 bed, 1 full bath
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$85,500 : 10 Tara Dr, Unit 4, Weymouth1 bed, 1 full bath
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$87,500 : 55 Bonney Street, Pembroke2 beds, 1 full bath
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$88,900 : 160 Burkhall St, Unit 101, Weymouth1 bed, 1 full bath
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$89,900 : 70 Pleasant St, Unit 3, Whitman2 beds, 1 full bath
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$89,900 : 114 Bridge St, Weymouth0 beds, 0 baths
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$89,900 : 215 Winter St, Unit 1M, Weymouth2 beds, 1 full bath
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$92,900 : 3 Tara Dr, Unit 11, Weymouth1 bed, 1 full bath
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$95,000 : 160 Burkhall Street, Unit 412, Weymouth1 bed, 1 full bath
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$95,000 : 50 Webster St, Unit 206, Weymouth1 bed, 1 full bath
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$99,000 : 383-385 Water Street, Quincy1 bed, 1 full bath
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$99,000 : 105 Waltham, Hanson2 beds, 1 full bath
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$99,000 : 59 Perry Ave, Hanson6 beds, 2 full baths
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$99,900 : 20 Overbrook Rd, Pembroke2 beds, 1 full bath
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$105,000 : 85 Fairview Ave, Pembroke2 beds, 1 full bath
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$105,000 : 267 Neck St., Unit A-7, Weymouth2 beds, 1 full bath
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$109,900 : 7-A Roosevelt Ave, Hull2 beds, 1 full bath
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$109,900 : 235 Lake St, Unit D, Weymouth1 bed, 1 full bath
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$109,900 : 55 Greentree Lane, Unit 12, Weymouth2 beds, 1 full, 1 part baths
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$110,000 : 10 Mattakeesett Ave, Pembroke3 beds, 1 full bath
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$114,900 : 13 Olive Ave, Pembroke2 beds, 1 full bath
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$114,900 : 10 Chapman St, Unit 204, Weymouth1 bed, 1 full bath
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$114,900 : 167 Waltham Street, Hanson3 beds, 1 full bath
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$119,000 : 3 Tara Dr, Unit 9, Weymouth2 beds, 1 full bath
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$119,900 : 1801 Ocean St, Unit B33, Marshfield2 beds, 1 full bath
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$119,900 : 195 Chestnut St, Unit 195, Abington3 beds, 2 full baths
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$120,900 : 44 Pine Tree Lane, Pembroke3 beds, 1 full bath
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$121,500 : 585 Temple St, Whitman2 beds, 1 full bath
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$124,900 : 15 Alton Rd, Unit 1, Quincy1 bed, 1 full bath
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$124,900 : 45 Hobart Lane, Unit 45, Rockland1 bed, 1 full bath
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$126,000 : 804 Auburn St, Whitman1 bed, 1 full bath
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$128,000 : 6 Walnut St, Unit 6, Abington2 beds, 1 full, 1 part baths
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$129,900 : 56 Townsend St, Unit A1, Abington2 beds, 1 full bath
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$129,900 : 230 Wilard St, Unit 412, Quincy1 bed, 1 full bath
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$129,900 : 297 North Ave, Unit 297, Abington2 beds, 2 full, 1 part baths
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$130,400 : 46 Cyril Ave, Pembroke2 beds, 1 full bath
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$133,900 : 11 Lee St, Weymouth2 beds, 1 full bath
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$134,900 : 40 Waltham St, Hanson2 beds, 1 full bath
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$134,900 : 133 Commander Shea Blvd, Unit 112, Quincy1 bed, 1 full bath
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$135,000 : 688 Monponsett St, Hanson2 beds, 1 full bath
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$139,000 : 22 Pacific Street, Rockland3 beds, 2 full baths
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$139,900 : 95 Charles St, Whitman2 beds, 1 full, 1 part baths
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$139,900 : 236 Franklin St, Whitman3 beds, 1 full bath
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$149,900 : 102 Josh Gray Road, Rockland3 beds, 1 full bath
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$149,900 : 204 Tall Oaks Dr, Unit E, Weymouth2 beds, 2 full baths
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$151,200 : 130 Fullerton Ave, Whitman2 beds, 1 full bath
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$154,900 : 200 Falls Blvd, Unit A106, Quincy1 bed, 1 full bath
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$154,900 : 285 Mattakeesett St, Pembroke2 beds, 2 full baths
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$154,900 : 5 Rockview, Hull3 beds, 1 full bath
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
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