Hopkinton MA Real Estate ~ Just sold 7 Hill Street Hopkinton Massachusetts. Listed at 290,000. Sold at $285,000. There was also a $5000 sellers concession at closing. Sold on 4/16/09. Sold by Bill Gassett, RE/MAX Executive Realty.
This Hopkinton home located at 7 Hill Street was a bank owned home. If you have ever considered purchasing a bank owned home let me tell you it is not without it's challenges. I represented the buyer in the sale of this home and it was a very difficult transaction. If you want to know more about buying a bank owned property, I would suggest clicking the link and reading about some of the potential headaches you may encounter.
While bank owned homes generally are a pretty decent value, they are not the easiest transactions to complete. Most home buyers do not realize just how difficult these types of transactions can be.
If the listing agent is not a good communicator the whole process can be a nightmare. One of the issues in the Real Estate industry at the moment is that the bank owned listings have been monopolized by a handful of Realtors.
Instead of dividing up these listings with more Real Estate agents, banks have kept a small group of Realtors to handle these properties. There are some agents that have so many homes they are marketing that they just can't keep up.
Almost everything that could go wrong with this home did. The buyers of this home had the patience of a saint. One of the more challenging hurdles included the fact that the home was not winterized properly and ended up having burst pipes. In addition there were also issues with the a couple of components of the furnace that required ordering parts that were out of state.
These issues along with others caused the delay of the closing by weeks. In the end after much anxiety the buyers were able to close.
More than any other type of transaction it is critical that you have good buyers representation when buying a bank owned property. Although there is the potential for a very good value, bank owned properties often times can add a significant amount of stress to a Real Estate transaction.
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About the author: The above information on the bank owned home at 7 Hill Street Hopkinton was provided
by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. Bill has helped people move in and out of Hopkinton MA and other Metrowest towns for the last 23+ Years.
Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise!
For Massachusetts and Hopkinton MA Real Estate and homes see Hopkinton Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.
I service the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, and Framingham MA.
Click here to view Bill Gassett's Real Estate profile.
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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 23 years.
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Congratulations on another one sold. I certainly appreciate what you are saying about how these listings are disbursed by the banks. You have to wonder if the asset managers can be very good if the don't get the idea that putting all their eggs in one basket usually spells trouble somewhere down the road. On second thought , we have already seen the logic clearly expressed by many of these lenders and the taxpayers had to come to their rescue. With that kind of mindset, the taxpayers probably should be worried about their bail out money given to these institutions.