Cohasset Foreclosures

Cohasset, MA Foreclosure Properties for Sale

A town in Norfolk County, Cohasset has many things to offer, including for people looking for a property to invest in or those who want to purchase a new home. Unfortunately, the price index in this area is over $813,500, which makes it difficult for many interested buyers to afford a property.

Search Foreclosures

The prices have increased more than five percent since 2017 and are expected to rise this year for at least three percent more. For this reason, buyers look at other places to buy, such as the other areas in the Boston Metro where the average list price for every square foot is $268. In contrast, the town has $356 in asking price average.

However, it does not mean that you cannot find affordable homes in the area. If you want to save as much as half of the median list price mentioned, you may want to look into foreclosures. The town has about 16.5 foreclosed homes for every 10,000 properties, which is so much higher than the US number of just 1.6.

The number of foreclosed properties seems to be on a steady rise starting from 2015. In February 2015, there were only about 4.29 homes on mortgage delinquency. A year and a month after, this number went up to 8.56. A few months later in October 2016, the number went up to 16.53.

Short Sale Properties

The area is small with a single neighborhood and is just a modest community. However, it has some of the highest prices of homes not only in Massachusetts but America. Short sales are an excellent chance for those searching for a new home in this town to save some money. They come with a much lower rate than the original asking price of the property.

The owners themselves typically oversee these short sales in this town, but there are some cases when the lenders supervise the process. Some properties may be on a short sale by a lender even if the owner is not in default or ceased to make payments on the mortgage. It could mean that the market price of the property has fallen, which is why the buyers may want to take the opportunity to purchase it while still on the market.

Short sale properties have low costs, such as this property in Old Pasture with four bedrooms. The single-family home with 2,196 square feet of living space only asked for $187K. Because of the low price, a buyer purchased the home right away. It is, however, essential to know that buying the foreclosed home does not mean you can live on it immediately. The process may take some time, and it is typical for the sale to go on for as long as a year.

Information on Bank-Owned Homes

On the other hand, bank-owned properties are also all over the town, including those in Jerusalem Road, North Main Street, Forest Avenue, and Atlantic Avenue. These neighborhoods have distressed homes that have been repossessed by the bank because the owner failed to make payments on schedule.

As a result, the banks are looking for a new homeowner or even an investor who is willing to pay for the property. An example is a home at Forest Avenue where most of the houses here, particularly single-family properties, are expensive where the median listing price is $929K. The homes here have a median sales price of $605K with an average price of $336 per square foot.

A particular residence with three beds and two baths in a 1,778 square foot space asked for $562,500. If the bank did not own this particular property, it would have been priced at over $1.3 million. The bank schedules auctions for those who are interested in purchasing the delinquent properties. In some cases, the auctions do not take place once since there are times when the bank or the lender would hold at least two auctions for the homes.

Another property was for sale at 514 Beechwood Street. The bank-owned home has one bedroom and two full and one-half bathrooms. It measures 3,076 square feet and is in a 0.25-acre lot. The expansive home would typically sell for $823K at the very least. It is in a good neighborhood, and the property already has some premier appliances and amenities, including a gas fireplace and custom wainscoting.

The property was up for auction with an opening bid of just $81 per square foot. It was later sold for at least 11.30% less expensive than its original price.

Cohasset may be a small town, but it does have many offerings for those looking to purchase a home. A foreclosed property can be a fantastic opportunity if you want to live in this area. It has a good location since it is about 12 miles east of the town of Braintree and approximately 20 miles SE of Boston. This town is on the South Shore’s corner, where the link between the Boston Harbor and the Massachusetts Bay starts.

This place has a convenient location, especially for frequent travelers who may use the Logan International Airport or the T.F. Green Airport’s services. There are also MBTA Bus systems that border the nearby town of Hingham. Commuting by car is the most common way to get around the area where there are resorts, restaurants, and art galleries to enjoy.

Search Foreclosures