Concord Foreclosures

Useful Information on Concord, MA Foreclosure Homes for Potential Buyers

A town in Middlesex County in Massachusetts, Concord is just 19 miles east of Boston, while the city of Lowell is approximately 13 miles to the north. State routes pass through this town, including 2, 62, and 117. Its location is near the convergence of two rivers namely Assabet and Sudbury, which form the river named after this town. This particular river flows north to Lowell’s Merrimack River.

Search Foreclosures

When it comes to real estate, the town’s value index is almost $900K, which is about 3.8% higher than the past year. It is predicted that this number will rise again next year with a possibility of increasing almost three percent more. Currently, the median price of homes listed in this town is $995K, which is undoubtedly expensive.

With the market trends increasing about 15% or exactly $135,050 in median home sales for the past year, the properties in this town are without a doubt costly. On average, the price for every square foot is $408, which has increased from $385.

Homes in neighborhoods like the town center, the western part of the area, and the Nine Acre Corner are the top three places with the most expensive properties. It may be difficult to afford single-family houses in these parts of the town. Additionally, many areas typically have at least three bedrooms, which mean that they are indeed costly.

However, it does not mean that potential buyers cannot find the home that they would like to purchase. The town has about 5.7 homes per 10,000 that are in foreclosure, which is a number higher than the US average of just 1.6 properties. With some homeowners failing to pay for their loans and mortgages, they present an opportunity for buyers to discover houses, condos, and apartments that have low asking prices.

Homes on a Short Sale

A short sale takes place when a certain homeowner owns more mortgage than the value of his house. What this means is that the property is upside down or underwater. Some homeowners will have a real estate agent negotiate a deal with the bank to accept a lower amount than the mortgage balance.

For instance, if the homeowner in this town owes $300K on his mortgage balance and his home is worth $200K, it means that he will be $100K short once he decides to sell his house based on its current value. If you plan to purchase a property on a short sale, it means that the owner is experiencing financial hardship. Some instances may cause this problem, such as income dramatically dropping or the homeowner lost his job.

The owner who is on the road to foreclosure is a likely applicant for a short sale. Before you purchase, it is essential to know that a home on a short sale means that it is worth less than the mortgage balance of the seller or the homeowner. It will also take some time before the transaction is completed. Therefore, this type of property is ideal for those who may not be ready to move into it yet since it is possible that the whole transaction will last for about a year.

What to Know about Bank-Owned Properties

Meanwhile, if you want to purchase an affordable home but you are not willing to wait too long for the completion of the sales process, a good alternative is to go for a bank-owned property. Often, you will see these homes in an auction scheduled by either the lender or the bank. After that, you can give your offer that should be higher than the starting bid.

If your offer is the highest among the other bidders, you get the property. A particular home in Main Street was foreclosed last year, and the bank seized it. The single-family house is a great colonial with three beds and two baths. The whole living space measures 1,848 square feet, and the estimated price before it was foreclosed was $1.4 million.

However, after the bank repossessed the property and an auction was held to find the highest bidder, it was later purchased for a price of $512,904. The house did need some updating, although it is located in a quiet and pleasant neighborhood, which is a wonderful place for families.

The house has some historical story behind it since it was built around 1890. It has a parking lot with more than 8,200 square feet of space and offers a fireplace, uses green energy, and has heating and cooling facilities.

The problem with many bank-owned and short sale properties is that they usually require upgrades and repair. The new owner will have to handle these expenses. Nevertheless, it is difficult to find a home with more than 1,500 square feet and some amenities that is lower than $300K. Most would ask for at least $700K in this town.

Therefore, the houses that the bank owns and those that are up for a short sale by the owner are indeed a great deal. If it is the first time that you will purchase such property, it always pays to be attentive to specific issues that may come with the home. Nevertheless, buyers will be in a convenient location, in a peaceful neighborhood, and finally has a house with a price that is hard to beat in Concord, MA.

Search Foreclosures