$506,879 EMV

3 Beds   1 Bath   1,508 Sq. Ft.   Single-Family
Get the Preforeclosure Address

Great Woods Rd
Lynn, MA 01904

Overview

This Single-Family Preforeclosure is located at Great Woods Rd, Lynn, MA 01904. It has 3 Beds, 1 Bath , 1,508 sqft of living space. This property is currently in auction with an estimated market value of $506,879.
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Status: Active
Listing ID: 60950131
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Learn about Great Woods Rd in Lynn, MA

This single-family property is available as a preforeclosure at Great Woods Rd. It has 3 bedrooms, 1 bathrooms, and 1,508 square feet of living space. Based on our analysis of the current market conditions in Lynn for Great Woods Rd and comparable listings, the estimated market value is $506,879. If purchased for rental purposes, the monthly rental rate could range between $1,790 and $2,430. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Great Woods Rd are updated daily along with others in Lynn, Massachusetts. Since this property is a preforeclosure, check out our Foreclosure Timeline for Great Woods Rd below to see helpful information about this listing.


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Based on 20% down, 30 year mortgage, with 5% APR

Principal
Interest
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Total Monthly Ownership Cost

All calculations are estimates provided for informational purposes. Actual amounts may vary by location. It is important to know that mortgage rates are dependant on credit scores, loan timeline, and a down payment amount.

Foreclosure Timeline

Great Woods Rd in Lynn Massachusetts Property History

Not in Foreclosure

Pre-Foreclosure

Auction

Bank Owned

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Preforeclosure

The property located at Great Woods Rd in Lynn, MA is listed as a Preforeclosure

This listing located at Great Woods Rd in Lynn, MA could be available as a Rent-to-Own listing as well, additional diligence will be required from the buyer to determine if this listing can be approved as a RTO.

Please take note that this property in Lynn, Massachusetts is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Lynn, MA, commonly referred to as Pre-Foreclosure, indicating that the homeowner has missed at least one payment and is considered delinquent. However, instead of going through a potentially lengthy foreclosure process, which could take up to 18 months, the homeowner may be open to considering a Rent-to-Own option that covers their mortgage.

Since Pre-Foreclosure properties are not formally listed for sale, there is no asking price available. Instead, you’ll find either the original loan balance or an Estimated Market Value (EMV) provided. To make a reasonable offer for this home, it’s advisable to use either the loan balance or EMV amount in conjunction with local sale price comparables to determine an appropriate offer. Alternatively, the homeowner might be willing to work with you on a monthly amount that can help them avoid the foreclosure process.

You may also want to check with a real estate attorney or other legal authority to discuss the potential risks of executing a Rent-to-Own agreement with the current Pre-foreclosure owner. If the current owner in Lynn, Massachusetts doesn't make their mortgage payments, they could lose the property which would directly affect you and your Rent-to-Own agreement.

For this reason, many buyers find a real estate investor or investment company to buy a Pre-Foreclosure property from the current owner. The investor/investment company could then offer you a Rent-to-Own agreement on that property that you worked out with them in advance, which could stabilize the investment and prevent complications.

First Steps to Buying a Preforeclosure

Preforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender.  At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.

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Rental Value

The estimated rental value for Great Woods Rd located in Lynn, MA is $2,110/month. Comparable homes around Great Woods Rd that are rentals have monthly ranges starting as low as $1,790 per month and as high as $2,430 per month. An owner looking to use this property as an investment could bring a return in the area of $1,790 - $2,430 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.

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Great Woods Rd
Lynn, MA 01904

3 Beds   1 Bath   1,508 sq. ft.   Single-Family

$506,879 EMV

Status: Active Listing ID: 60950131

Property Information

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Public Records

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Property Description

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Listing URL

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