Chatham Foreclosures

Details about the Foreclosed Homes in Chatham, MA

Chatham is a pleasant town in the state of Massachusetts that offers excellent walkability. It provides easy access to Cape Cod and is one of the best vacation spots for both kids and adults. This place has calm beaches, including Harding’s Beach and Cockle Cove. It also offers stunning scenery, such as the Lighthouse Beach and Monomoy National Wildlife Refuge. You will also find some restaurants here, as well as pie shops and wine bars.

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Being at the southeast corner or right at the elbow of Cape Cod, it has several ponds, harbors, brooks, rivers, and inlets. The area is surrounded by other regions, including Harwich, Orleans, Pleasant Bay, and Nantucket Sound. It is also 85 miles southeast of the city of Boston.

When it comes to real estate, the town is friendlier to buyers than sellers. However, the median home value is still high at $626,744, which makes it ideal to sell homes at the current time. The home prices have gone up almost four percent compared to last year, and it is predicted that the numbers will rise at least two percent within the next year.

As for the median list price, the homes are about $448 per square foot, which is much higher than the values of homes at the Cape Cod Metro since they only average less than $295. During the first three months of 2018, the median price of homes listed in this town is $969K.

Just like with other cities and towns, foreclosure has a significant impact on the values of homes, where approximately 3.6 out of 10K homes are foreclosed in this area. This number is higher than the US value, which is just 1.6 but is lower than the Cape Cod Metro (4.9 per 10,000 homes). The percentage of delinquent mortgages in this town is smaller than one percent and is, therefore, less than the national value (1.6%).

Short Sale Properties

The town has some properties on the market being sold by the owners to pay their debts. Some have been announced as foreclosure homes where most of them are priced at $200K to $400K. Just like with other foreclosed properties, these houses have a much lower cost than usual.

A home that is on a short sale by the owner with three beds and four baths with about 2,000 square feet can have a low asking price of $137 per square foot. It means that it will only cost $274K. In a typical situation, the houses, particularly a single-family property in this area, will ask for at least $445. Therefore, a 2,000-square foot home will cost approximately $890K.

Bank-Owned Properties

As you can see from above, properties that are on short sale can provide considerable savings for the homebuyers. Some houses may require repairs and are on a short sale. However, it may take a while for the selling process to be completed. In fact, they can last for about a year, which is why these properties are usually ideal for those who are not in a hurry to live in the area.

An alternative would be to choose a bank-owned property. If you are planning to own a home at the town center, the northern part of town, or at near the port, you have to be ready for the high prices of the houses. With a median value of over $600K, the homes here are not just among the most expensive in Massachusetts, but also in the entire US.

The good news is that it is not that difficult to find bank-owned properties that can give huge discounts over the real prices of homes in this area. You will find condos, apartments, and single-family homes in neighborhoods, such as Barcliff Avenue, Round Cove Road, Cross Street, and Stage Harbor Road. Several areas have homes that have been announced to be in the process of being repossessed by the bank, including those at Orleans Road, Shore Road, and Deer Meadow Lane.

Waterfront properties at Tilipi Run, Sears Point Road, and Seapine Road were in an auction just in January of 2018. These homes were sold to new owners with prices that range from $400K to $678K. It is undoubtedly a huge challenge to find waterfront houses that have these unbeatable prices.

If you are planning to purchase a foreclosed home or even one that is up for a short sale by the owner, you will see that this type of property can help you save a lot of money. With the high values of the single-family homes and condos in Chatham, it is hard to look for properties that have prices that are substantially lower than the average costs of homes in this area.

Note though that buying a property in this condition means that it has a previous owner. It will not be the responsibility of the bank to make repairs or even maintain the yards and the other parts of the home. These houses are often subjected to threats of vandalism, and some also have unkempt walkways.

It helps to know about the laws to ensure that you will not be paying more than you have to for this type of property. A real estate agent may also be useful so you can find the home that will truly let you save on both the price and the upkeep.

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