Burlington Foreclosures

What Interested Buyers of Burlington, MA Foreclosed Homes Should Know

Real estate properties in several places in Massachusetts offer a variety of ways for investors to gain profits. At the same time, potential buyers will have the opportunity to become new homeowners because of the options available. One such option is a foreclosed home. If you are searching for an affordable property in Burlington, you are in luck because this town has foreclosed houses that you can find.

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Why Choose This Town

Located in Middlesex County, this town represents a suburban industrial municipality. It is a part of the Greater Boston Area and is bordered by Bedford, Billerica, Wilmington, Lexington, and Woburn. The surrounding towns give this area a convenient position. Additionally, it is just 12 miles south of Lowell and 12 miles northwest of the state capital.

The town has many things to offer to its residents. It has the Mill Pond Reservoir located in the eastern part. The area has some excellent trails for hiking, and some are for biking. It is right at the junction of the Merrimack-Boston corridor, and it allows easy access to different parts of the state through Route 128.

It became the fastest-growing area in Massachusetts from 1955 to 1965 with population numbers rising. As a result, commercial and residential real estate developments exploded. These qualities now signify the current character of the town.

Several types of housing are prevalent in this town from large apartments to row houses to other attached homes. Some are duplexes and homes that have been converted to apartments.

Among the highest appreciating neighborhoods in this area since 2000 are Woods Corner, Wilmington Road, Cambridge Street, Town Center, and Havenville. These places are among the best communities to look for foreclosed properties.

Bank-Owned Properties

The median home value in this town is around $555,255, which is one of the highest in the Boston area. This number has gone up almost nine percent over the past year and will continue to increase within the next year. The homes here have a median list price of $322 per square foot, which is much higher than the average of the Boston Metro that is only $268.

Because of the high prices, many homebuyers are trying to search for other options to save. Bank-owned properties are a good choice, and it seems that the town has several of them. The number of foreclosed homes has an impact on the values of homes. In this town, there are about 2.6 homes that are foreclosed for every 10,000 properties. It means that the foreclosures here are much higher than the national value, which is only made up of 1.6 homes per 10,000.

Some bankers and lending institutions own properties in this town. You can find them listed as foreclosures, while some go to auction. If the banker was unsuccessful in selling the home, it is possible that you will see it again in the listings as a quick auction. It is essential to make your decision quickly because these properties typically do not last long in the market.

For instance, a single-family home at Birch Street was seized by the bank. It has three bedrooms and 1.5 bathrooms. It spans almost 1,900 square feet and has an estimated market value of more than $456K. However, it got sold for just around $200K.

Short Sale Properties

Short sales offer a fantastic opportunity for people to buy a home in this town at a reduced price. They happen when the mortgage company or lender has reclaimed the house because the previous owner did not pay the mortgage. As a result, these organizations want to gain profits from the homes as soon as possible. It is for this reason that these properties are available in the area, but they come with little warning. It may be difficult to spot the deals in this area, which is why it is recommended that you have a reliable source for listings of this kind of property.

With short sales in the area, you can purchase a home that has a much lower price than usual. In fact, buyers have the chance to pay for a property that is 50% lower than its market value. Unfortunately, these homes do not last for a long time, which is why it is vital that you are always on the lookout for them.

For instance, this property at 18 Boulder Drive has five beds and three baths in a 2,136 square foot structure. This single-family home was built in 1960 and has plenty of amenities that the new owner will love. Usually, this property would have an asking price of at least $520K, but since it was a foreclosed home, it was sold for only $160K.

Another property that a lender seized and got sold was at 8 Jefferson Avenue. It is also a single-family home with three beds and two baths. Its living space spans for almost 2,300 square feet and would have had an asking price of over $600K because of its location and the features of the home. However, it was only sold for $234,376.

With bank-owned and short sale properties, potential buyers have the chance to own a place that they can call home. Also, investors can also profit from these houses because they can get them with a much lower asking price than their value.

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