East Bridgewater Foreclosures

How to Benefit from an East Bridgewater, MA Foreclosure

A town in Plymouth County, East Bridgewater has plenty of things to offer for both the residents and those who want to live in the area. It has one of the most significant land areas concerning size in the county and the state. It is bordered by several other towns, including Halifax, Hanson, and Whitman. Its location puts it less than 30 miles southeast of Boston.

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This place is a typical community with rivers, woods, and ponds all over it, including Matfield River, Robbins Pond, and Satucket River. Vast woodland called the Beaver Brook Beagle Club is situated in the northwestern part of the town. Additionally, there are several activities offered to the residents and visitors here.

When it comes to transportation, it should not be difficult for people to go in and out of the town. Route 18 passes through the center, and 104 and 106 provide ways all around the area. The place has no airport, but it is close to Boston’s Logan International Airport.

Understanding Short Sales

The median home value in this town is $380,063, which is almost five percent more than last year. It is expected to rise at least three percent within the next year. Currently, the average list price is $226 per square foot, which is more affordable compared to the Boston Metro that has $268.

Although the homes in this town may not be that expensive compared to the other surrounding areas, some people may not be able to afford them. In this case, the buyers may opt for a foreclosure or a short sale. In the latter, you can have some of these homes all over the town. In fact, it has almost five foreclosed property per 10K. It is much higher than the US value of 1.6 homes.

Some homeowners become delinquent on their mortgage, which can result in a short sale. Most of the time, the sellers choose a short sale over foreclosure because they believe the former can protect credit. While it is real, it is not the whole truth since the credit of the person will fall once he or she fails to make some payments. People who are in default for more than 60 days choose to have a short sale.

Buying from Banks or Lenders

Short sales may expose the seller and the buyer to some risks. However, with the guidance of a good and reliable real estate agent, problems can be avoided. On the other hand, another option is to select a bank-owned property, which is sometimes known as real estate owned (REO) home.

For some homeowners, going through the process of foreclosing their property can be embarrassing and painful. However, there can be a few benefits for them, including the fact that the seller does not have to make mortgage payments. Additionally, proceedings involving the property can take months to complete, which mean that the homeowner will have to experience a long process.

Before the proceedings are over, the property still belongs to the owner of the home. Additionally, choosing to foreclose the house denotes that there are no strangers that can traipse through the property.

Tips on Purchasing Foreclosed Properties

There are foreclosed homes in this town that will allow you to save a lot of money. Some of the neighborhoods that have this type of property include Whitman Street, Winter Street, Pleasant Street, and Belmont Street.

Some of the homes are advertised as traditional sales, which mean that the properties are not revealed to be distressed houses. You can recognize these properties through their prices. Often, when a delinquent homeowner or the bank chooses to sell the home, the cost of the property can give the potential buyer as much as 50% discount during the transaction.

For instance, a home at 132 Whitman Street was offered to a buyer for less than $85K. This property has two beds and one bath with more than 700 square feet of living space. In this town, this single-family home would typically sell for more than $165K.

The lender or the bank may not be interested in disclosing such information. However, short sellers will often talk about why the property has a much lower price than the other similar homes in the area. To get the house, the potential homeowner may want to participate in an auction where he or she has to compete with other buyers. If the bidder has the highest offer, the house will be turned over to the new owner.

Another way is through visiting the financial institution itself. If you are interested in such property, you may want to talk to the bank manager who may provide you with some requirements to purchase the home.

About two percent of homeowners are delinquent in their mortgages. This percentage is higher than the US value of 1.6%. Some people in this town are underwater on their mortgages, which mean that many of them would want to short sell their property to pay their debts. If you are going to live in East Bridgewater and have your own home here, you may want to look for distressed houses, including foreclosed ones and homeowners underwater, which is almost six percent of the total number of homeowners in the town.

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