Christopher Barrett | Wakefield Real Estate, Lynnfield Real Estate, Melrose Real Estate


Top Wakefield West side address. Picture-book Barry Wills styled Cape Cod nestled onto a pretty lot. This home is filled with lots of original detail and touches. Combination family room kitchen features granite counters, gas stove, some glass front cabs, recessed lighting and is open to the vaulted ceiling tv sitting area. All this opens out to a fabulous elevated deck with a gorgeous wooded back drop. The living room has an oversize mantle with a gas fireplace, the formal dining room features wainscoting and china cab. There are hardwood floors throughout. Two nice sized 2nd floor bedrooms with walk in closets. Walkout lower level has a large pine paneled game room plus a separate office area. Newer gas heating system attached garage. Wonderfully opportunity to move into great neighborhood setting

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27 Strathmore Rd, Wakefield, MA 01880

Single-Family

$589,900
Price

7
Rooms
3
Beds
1/1
Full/Half Baths
Top Wakefield West side address. Picture-book Barry Wills styled Cape Cod nestled onto a pretty lot. This home is filled with lots of original detail and touches. Combination family room kitchen features granite counters, gas stove, some glass front cabs, recessed lighting and is open to the vaulted ceiling tv sitting area. All this opens out to a fabulous elevated deck with a gorgeous wooded back drop. The living room has an oversize mantle with a gas fireplace, the formal dining room features wainscoting and china cab. There are hardwood floors throughout. Two nice sized 2nd floor bedrooms with walk in closets. Walkout lower level has a large pine paneled game room plus a separate office area. Newer gas heating system attached garage. Wonderfully opportunity to move into great neighborhood setting
Open House
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Image by Ricarda Mölck from Pixabay

If you've heard people talk about "subject-to" real estate, you might be curious what that means and if it would be a good investment for you. Briefly, "subject-to" real estate means you're buying the property but the loan on that property stays in the name of the existing seller. You're making your purchase "subject-to" the existing mortgage or lien.

Why Would Someone Buy Real Estate This Way?

When you buy a "subject-to" property, you don't have to get a mortgage in your own name. That can be perfect for people who don't want to tie up their credit or funds. It also works well for those who might not be able to qualify for an existing mortgage. Since you're not putting your name on anything that involves the mortgage, you're free and clear from that standpoint. But you'll own the house, and you'll make the mortgage payments.

Is This a Good Wealth-Building Tool?

This can be a great tool to build wealth when it's used correctly. It's very important that you continue making the seller's mortgage payments on time, and that you get everything in writing. But since you don't have to qualify for a mortgage yourself, you can choose great properties that people really want to sell. Often, this is because the owner is in foreclosure. By buying the property "subject-to", the owner doesn't have to go through foreclosure proceedings and have that on their credit report.

How Much Risk is Involved in This?

As with any type of investment, there is always risk. The biggest concern is that the seller of the property will file for bankruptcy. When that happens, the house could be included in that filing and would be foreclosed upon by the lender. You could lose your investment, since you aren't the one who has the property's mortgage in your name. Another risk is the due-on-sale clause in the seller's mortgage. Almost all mortgages have these, but they're often not enforced. Still, if the lender wanted to enforce that clause, they could demand that the entire mortgage be paid if the deed transfers into your name.

How Many "Subject-to" Properties Can Someone Own?

Theoretically, there's no limit to the number of "subject-to" properties that you could own. As long as you can make the payments, you can keep buying these properties. You don't need any credit to get started, and you won't really need much cash, either. You'll simply have to be willing to take a little bit of risk to build up your real estate portfolio. With that in mind, though, it's not a bad idea to have an attorney help you, at least right at first, to be sure you're protecting yourself and the seller as much as possible.


Owner occupied two family home in popular Lakeside location. Most updates done mid to late 1990's. Common entry foyer with nice winding staircase to 2nd floor. 1st floor apartment entry has a walk through den to an open kitchen and living room area. MBR off the rear has the exterior access. There is a dining room that could be a 2nd bedroom currently, no closet. Top floor apartment is vacant. Similar layout to 1st floor with 1, 2nd floor bedroom. Walk up 3rd floor access through the den. 3rd floor is 1 br plus a large open area office/family room space. Separate utilities, include CB's, gas heat and HW. Nice fenced rear yard with elevated patio/deck. --------- SHOWINGS: Show top floor vacant, apartment, (side entrance) and basement through rear bulkhead only. Owners apt virtual views only. Offers if any to be reviewed Tuesday May 19 after 2PM

More Info on this Property | New Listing Alerts


52 Pleasant St, Wakefield, MA 01880

Multi-Family

$549,900
Price

2
Units
2,169
Approx. GLA
Owner occupied two family home in popular Lakeside location. Most updates done mid to late 1990's. Common entry foyer with nice winding staircase to 2nd floor. 1st floor apartment entry has a walk through den to an open kitchen and living room area. MBR off the rear has the exterior access. There is a dining room that could be a 2nd bedroom currently, no closet. Top floor apartment is vacant. Similar layout to 1st floor with 1, 2nd floor bedroom. Walk up 3rd floor access through the den. 3rd floor is 1 br plus a large open area office/family room space. Separate utilities, include CB's, gas heat and HW. Nice fenced rear yard with elevated patio/deck. --------- SHOWINGS: Show top floor vacant, apartment, (side entrance) and basement through rear bulkhead only. Owners apt virtual views only. Offers if any to be reviewed Tuesday May 19 after 2PM
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