Dover Foreclosures

Dover, MA Bank-Owned Homes and Properties on Short Sales

Dover is in the Norfolk County of Massachusetts, and this particular area is just 15 miles SW of downtown Boston. The residential town is settled on the Charles River’s south banks. Natick, Needham, Walpole, and Medfield surround this place.

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It is considered one of the wealthiest towns in the whole state. In fact, it has high prices when it comes to houses. Imagine that the median home value in this town is $1,096,230, which means it is one of the most expensive in the state. The costs have gone up over six percent over the past year, and it will probably increase at least three percent this year.

The median list price is $322 for every square foot. The amount is higher than the average of the Boston Metro, which is $268. As for the median price of properties, the town currently has almost $1.5 million.

Information on Short Sales

Foreclosures affect the values of homes in this town, and it will remain this way for the next several years. In this area, at least 13 per 10,000 homes are foreclosed, which is higher than the US value (1.6 per 10K).

The process of foreclosing a specific property starts with mortgage delinquency where the homeowner misses more than one mortgage payment. Delinquent mortgages in this town are only 0.4%, which is much lower than the US value 1.6%. The homeowners with mortgages underwater are almost four percent in this town. It may seem high, but the Boston Metro still beats this number at 6.3%.

As a result, the health of the real estate market of this town is still in excellent condition. With less than four percent of homes with negative equity and less than one percent with mortgage delinquency, the town is considered in ideal shape. Additionally, it provides a wonderful opportunity for people who want to become homeowners in this town.

With the prices of homes high, along with the median rent per month (about $6,000), it may be difficult to purchase a home or even rent a property in this area. For this reason, some potential buyers look for other places that can provide them with more attractive prices. The good news is that you can save some cash if you search for short sales in the area.

Properties that are on a short sale have prices that are much lower than their average value. It may take some time before the deal will be completed, which can typically last up to a year. However, if you like the home you see in this town, and it is a short sale property, there is probably no reason for you not to purchase it, especially if you understand the conditions and the risks that go well with the procedure.

A short sale of the property at Edgewater Drive asked for $736,270. This particular single-family home has four beds and 2.5 baths with a total living space of 2,760 square feet. In a typical situation, this home would easily be around $850K to $1 million. However, since the seller was trying to escape foreclosure, he willingly sold the property with the low rate.

Information on Bank-Owned Properties

A bank-owned property at Walpole Street spans 2,098 square feet. It had an asking price of $466,421, which means its price per SQFT was around $222 – or much lower than the regular cost in the area. This home has four beds and two baths with a newly installed furnace and other features. The house may need a little bit of repair in some areas, but it does have a few convenient amenities, including ample closets and an updated kitchen.

The properties, whether on a short sale or owned by the bank (or lender), are worth the hassle because of their price. The cost of the houses is much lower than their regular price, which presents a great opportunity for some people who cannot afford the expensive properties in this town.

A home that would normally sell for over $800K can be bought for only $500K or even less. For instance, a property at Pleasant Street, which was bank-owned since 2017, was presented at an auction just this January 2018. The new owner purchased the single-family home after providing the winning bid.

In some cases, even though the bidder has won in the auction, there are still some conditions that have to be met. For example, the bank may require a certain amount of money in his or her bank account, or through certified or cashier’s check, during the place and time of the sale.

If you are looking for a bargain and a good deal out of the houses in Dover, you will find them when you shop for a foreclosed home or one on a short sale. Sale prices are quite attractive, and since the town offers plenty of reason to live here, you will not regret purchasing a home in this area.

For those who plan to purchase a foreclosed home or a short sale, they should know the procedure. A real estate agent may be helpful in this case to provide them with advice in dealing with the seller and the renovations for the property, if necessary.

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