Dracut Foreclosures

Dracut, MA FDracut, MA Foreclosures: What Buyers Should Know

Dracut is located in the Middlesex County of Massachusetts in which the mentioned town, along with the surrounding places, was once called Augumtoocooke. It was a part of Chelmsford for many years but was finally granted separation in 1701. Today, the area is known as a part of the Merrimack Valley and is just 30 miles northwest of Boston.

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The town is distinguished by its sections, which are Navy Yard, the town center, Kenwood, Collinsville, and the eastern part. It is bordered by other places, including Lowell, Tyngsboro, Methuen, and Pelham, which is a New Hampshire town.

For those working in the town, it makes sense to live here, mainly because the other areas, including Andover and Tewksbury, are not accessible from across the river. Instead, they should cross the Merrimack River through the crossing in Lowell. Another option is through the Interstate 93, which is in Methuen and the Andover line is located on the bridge here.

The median sales price in this town is $299,900 where the price per square foot is $202. Some people who cannot afford to purchase a new home can turn into rentals. In this area, the median rent per month is $1,900.

The prices are more attractive than the other parts of the state, especially the ones that are near the city capital. However, not everyone can afford the homes in this place, particularly those with large families. It is why they should look at other options, such as short sales and bank-owned properties that will allow them to purchase a home in this town.

Short Sales Information

Among the most expensive places in this town include Long Pond Park, Bridge Street, Methuen Road, Greenmont Avenue, Collinsville, and the town center itself. According to the records of the area, there are about 10,988 housing units in the area, which denote homes and apartments. The median home value here is $356,307, which is higher than the surrounding areas, but this number does not compare to the costliest communities in Massachusetts.

Most of the properties in this town are single-family detached homes, which make up more than 66% of the overall housing units of the area. Other types that are prevalent in this area include high rise apartments and complexes, along with homes turned to flats, duplexes, and row houses.

A short sale is one of the best ways to afford a property in this town. The big hurdle though is the waiting period since it takes such a long time for a short sale transaction to get approval. If you find a short sale in this area, you will be delighted to know that price of the home or the condo is much lower than the average cost here.

Some neighborhoods in this town are quite appealing to homebuyers. Therefore, if you find a home in the streets like Pleasant, Arlington, or Dallas Drive, you should take some time to determine whether or not you should purchase the property. These areas, along with the nearby neighborhoods, have short sales that do not stay in the market for more than a few weeks. If you see a home that you like, there is a considerable chance that you will not see it again since other buyers could grab it before you do.

Buying a short sale may seem to be a hassle for some people, but its price certainly makes it worth it. You can get a great deal out of the property, which can be difficult to match. Some short sellers will give you a better price on the home than other houses in the area.

Bank-Owned Properties Information

It is hard to beat a home that is in foreclosure because of the low price. Regular sellers will find it difficult to compete with the agents or lenders who are selling real estate or bank-owned properties. It is because they should be ready to have the costs of the homes on the market in line with these foreclosed houses.

In some parts of the town, it is not easy to distinguish a bank-owned home from a typical one for sale. There are asset managers from a bank’s real estate department who handle these foreclosed properties insist that the agents do not disclose the homes as foreclosures. In this case, the agents market the homes just like the other properties for sale.

If you are wondering whether you should go for a short sale or a bank-owned property, the potential buyer can still learn about the history of the home. Therefore, if the kitchen sink has problems, the roof has just been replaced, or the home inspection did not reveal some defects, the owner can share these details to the buyer of the short sale. On the other hand, if you will purchase a bank-owned home, you will not know about the issues since you are on your own.

The properties owned by the bank in this town may not have been repaired, which means that the buyer is responsible for any problems, including inspections and maintenance. Banks may ignore your request for a repair if you ever submit one after a home inspection.

Nevertheless, both a short sale and a bank-owned home will have prices that are hard to beat. Compared to the regular houses in Dracut, you can find foreclosed properties that only cost $100k to $300k despite its size, amenities, and location.

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