Dennis Foreclosures

How to Purchase Dennis, MA Foreclosures

Dennis is a town that is a part of the Barnstable County in Massachusetts and is almost at the center of Cape Cod. There are five villages here, which comprise of the central area that includes the north, south, west, east, and the town’s port.

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The area officially became a town in the state in 1793. With not enough land to farm, seafaring became the major industry here, which focused mainly on the Shiverick Shipyard. Today, this town is a well-known seaside resort and the Cape Playhouse, which is located in the northern part. It is considered one of the oldest theaters in the entire United States.

The town is also prominent because of the stately colonial mansions that make up the northern coastline of the Cape Cod Bay. It is also well-known for the warm-water beaches that run along the Nantucket Sound. There are also several lakes and ponds in this town, along with the Sesuit Harbor located in the northern part of the area.

The northern and southern shores are comprised of many beaches. As for the south, it has the Bass River and the Swan Pond River, while in the south and the west, there are also bodies of water.

The town is ideal for those looking for waterfront views and those who want to live near the water. Most of the time, these properties are quite expensive. In this town, real estate seems to be “warm” as it favors the sellers, although buyers still have many options available.

The current value index of the homes here is $350,406, which is 4.6% higher than last year. Experts predict that the value will increase even more up to at least three percent until next year. Compared to the Cape Cod Metro, the average price of homes in this town is the same where both have a median of $294. At present, the median price of the homes that are currently up for sale is $362,400.

The cost of homes is not that unattractive, which is why many buyers go to this area to look for properties. However, there are a few other ways to purchase a home without paying the standard rate. Looking for foreclosed properties is one of the best methods that will allow buyers to save a considerable amount. With the town having almost eight foreclosed homes for every 10,000, you have a big chance of spotting a distressed property in the area.

The mentioned number is more significant compared to the Cape Cod Metro, which has 4.9 foreclosures out of 10K. The town also beats the national value, which is only 1.6.

Short Sale Properties

To start your search for low-priced homes, watch out for properties that are on a short sale. It means that the owner owes a higher amount of money than the current market value of the property. One of the reasons why these houses are an excellent choice for new buyers is because they are much lower in price than the other properties of the same kind in the area.

For instance, this condo at Main Street with one bed and one bath is probably one of the most affordable units you can ever find. It has 312 square feet of living space and is located right in the center of the Mid-Cape area.

It is in the western part of town at the Bass River, which means that the new owner can enjoy boating, canoeing, and other water activities.

This unit was for sale for just $72K. If it were not up for a short sale, it would have been sold for more than $91K.

Bank-Owned Properties

As for bank-owned properties, you can find them in several parts of town. For instance, in Main Street, a single-family home was sold at an auction to a new owner for less than $190K. The house has four beds with 1,054 square feet. The asking price was just equivalent to $180 per square foot, which is indeed a great deal for this neighborhood.

It is not difficult to find real estate owned (REO) properties in the area. Many distressed homes are foreclosed and repossessed by the bank or the lender when the owner can no longer make payments. Since banks here are not in the business to become owners of homes, they sell the foreclosure to other people as quickly as they can. To attract these buyers, they offer the houses with low prices.

You can save a lot of money if you go for short sales or bank-owned properties in this town. The decision to buy means that you are helping the previous owner become free from the financial obligation. If you choose to buy from a bank, you are also doing the same thing.

However, there may be some risks associated with buying this type of property. The good news is you can find a high-quality home even with the reduced prices. Make sure that you know about the condition of the property, the price range in the neighborhood, its background story, and the previous owners. It also helps to learn about the legal status and the terms and conditions relating to the purchase of the home in the town of Dennis.

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