It has been a great spring. Lots of activity in both the rental market and sales. This past week my buyers were caught up in a bidding war! And it wasn't a foreclosure. Sales have certainly been brisk and as I have said before it is limited to certain price points and locations. We are seeing an uptick in foreclosures too, more are coming on the market after a government and self-imposed moratorium this past winter/spring.
We are also seeing occupied foreclosures. It seems that banks are not evicting tenants/squatters/former owners after foreclosure. I think banks have realized two things, it's far too expensive in Massachusetts to evict and a vacant home attracts trouble and vandalism. At least with a tenant the copper is not being stripped out and squatters/trouble makers are kept away.
This of course presents a problem for the foreclosure buyer as it becomes the buyers' tenant at closing. Usually, this tenant has not been paying rent to the bank and is reluctant to start, meaning the buyer will then have to evict. I haven't run into this while representing a buyer yet, but I will update you if I have to and how it goes.
Cheers!
I am working with Nadine and I am very pleased with her work ethic and her focus. Jayd
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