Dedham Foreclosures

How to Buy Dedham, MA Foreclosed Properties

Dedham is one of the towns in Norfolk County in Massachusetts that has some of the best deals on foreclosed properties. The town consists of many neighborhoods, including Oakdale, Cedar Street, Whiting Avenue, and Fulton Street. On the east corner of the town’s districts Court Street and High Street, there is a small medallion placed on a granite block that shows the area has an elevation of precisely 112,288 feet.

Search Foreclosures

The town has Riverdale, which is an island that the Long Ditch and Charles River surround. Meanwhile, there is a neighborhood called The Manor that has the southern part of Sprague Street. The area offers many things to do, such as eating in an American diner that will take you to the 50s era, along with shopping malls, architectural buildings, and some historic places.

The town also has many lodging properties. However, if you want to stay in this place, you will find that there are quite a few that offer great prices.

Sellers of real estate have something to rejoice about in this town because it is considered a sellers’ market. Currently, the homes here have an average price of $482,154, which is an improvement of almost eight percent over the last year. It is speculated that the cost will continue to increase before the year ends.

The median price for every square foot of a property is $352, which is more expensive than the homes in Boston Metro where the average is $268. Currently, the homes in this area are around $499,900, and the sold properties are worth at least $441,800. These prices are not too high but may not be attractive to some buyers. For this reason, potential homeowners are looking for ways to save on the cost of the homes they would like to purchase.

Short Sales and Foreclosed Homes

Foreclosures, just like in all the parts of the United States, have an impact on the value of homes. This fact will continue for the next several years. In this town, there are at least 13 in every 10,000 homes that are facing foreclosure. This number is much higher than the average of homes in the United States.

Mortgage delinquency is the part where a home may soon be considered a foreclosed property. About 1.2% of houses in the area are found delinquent, which is lower than the US value of 1.6%. The residents in this town who are underwater on their mortgage are over five percent, which is still smaller than the number at Boston Metro, which has 6.3%.

The market health of this town is considered healthy where there are about 5.3% homes that have negative equity. Although sellers may have the upper hand in this town, some homes are currently on a short sale, which is an excellent opportunity for both investors and potential buyers to own a house in this area.

The town’s neighborhoods, including Riverdale, High Street, Common Street, Ashcroft, and Readville Manor are some of the places with the most expensive homes. You may think that it is not possible for you to own a property here, but thanks to the short sales, you have the chance to find a home that has a price that is much lower than its market value.

For instance, a home at 943 High Street has seven beds and six baths. It had an enormous size of 6,003 square feet of living space and was up for a short sale for almost $1.2 million. It was indeed a great deal, mainly because the homes in this area typically sell for $350 per square foot. In this case, this property would have been priced $2,101,050.

Bank-Owned Properties in Town

An issue with a short sale is that it can take several months for the property to be transferred to the new owner. If you are not in a hurry to live in the home, it may not bother you. However, if you need the house right away, you can turn to bank-owned properties instead. The transaction is almost the same as a property that is on a short sale. However, instead of dealing with the owner of the home, you will have to talk to the lender or a representative of the bank.

If a home is owned by the bank, it means that the previous owner failed to make payments and the lending institution has seized the property. Banks usually are eager to let go of the home, which is why they hold auctions where interested buyers would present their bids against the initial offer of the bank. If you are the highest bidder, you will end up with the property.

A home at Maynard had a starting bid of $300K+, and the new owner was willing to pay $360K to beat the other offers. This property is a single family home with three beds and two baths in 1,469 square feet of living space. The house was owned by a government-sponsored agency after it foreclosed on the owner.

The agency is charted by the government of the United States to assist families with incomes considered low and moderate so that they will become homeowners. This particular home was built in 1964, and it is located in a good neighborhood that offers peace and quiet for the new owners.

Search Foreclosures