Eastham Foreclosures

Is It a Good Idea to Buy a Property in Foreclosure in Eastham, MA?

Eastham is located in the county of Barnstable in Massachusetts in which the mentioned county corresponds with Cape Cod. Today, the town is mostly known for being the “gate” to the national seashore of Cape Cod. The area is bordered by the Bay as well as the Atlantic Ocean. The towns of Orleans and Wellfleet also frame this place.

Search Foreclosures

It may be far from Boston, which it meets 92 miles on its southeastern part but it is one of the best options for people searching for homes when they cannot find one in the capital city. The town is made of several ponds, particularly near its center and the largest one is known as the Great Pond. This particular area has two beaches accessible to the public. The town’s proximity to the bodies of water allows the residents and the visitors to enjoy water-related activities, including swimming.

Water skiing is allowed but only on “even days.” There are also several islands that make up the areas of the town, which lead to Salt Pond Bay and Nauset Bay. US Route 6 and the Cape Cod Rail Trail pass through the region, along with other bicycle routes. Currently, there is no air or rail service located in the town itself, but the residents can access the nearby Chatham Municipal Airport or the Logan International Airport situated in Boston.

Short Sales

When it comes to real estate, it does seem that the town has some good news to offer for both sellers and buyers. The current state of the market is ideal where the home value index is $458,366, which has increased almost nine percent since last year. It is also predicted that the homes will grow up to three percent by the next ten months or so.

Currently, the homes have a median list price of $319 per square foot, which is more expensive than the houses located at the Cape Cod Metro where the average is $294. Because of the high prices, potential buyers want to find a more affordable property in this town.

One of the top options is to find a home that is up for a short sale. With foreclosure occurring in almost four homes per 10,000, this number does present an opportunity for those who want to purchase a property in this town. Foreclosed houses may be lower in this town than in the Cape Cod Metro where the value reaches almost five per 10K. The number is much higher than the national average of 1.6.

The market in this area has seen better days. However, now is a good time for potential buyers to start searching diligently for short sale properties in the area. One of the reasons why people choose to buy a short sale in this area is because there is a good chance that they will land a great deal.

Bank-Owned

Often, a bank owns a particular home because the institution is unable to sell it after an auction. Also known as real estate owned (or REO) properties, this type of housing is a large part of the real estate market in the town these days. Distressed properties are all over the area and account for many home sales for the past seven years.

Banks have their own department where they will sell the properties. As with short sales, these homes offer great deals for the buyers, mainly because they have a low asking price, especially if you compare them to a resale.

REOs are a bargain, but you have to know some facts about them, mainly if you are trying to decide between a short sale and this housing type. Both do provide excellent opportunities for saving on the costs of buying a new home. Compared to properties that are sold because the owners have decided to sell them to earn profits, a foreclosed home has some issues. One of the most obvious is that the owner was not able to pay the mortgage on the house.

Should You Buy Foreclosed Properties in This Town?

Since foreclosures are a great deal for buyers, many people would be happy to jump into purchasing with their eyes closed. However, it is essential that you perform your homework first. You can seek the help of a reliable real estate agent, so it will become easier to understand the property and the market, as well as the whole transaction and the neighborhood where you plan to make a purchase.

Most of the time, buyers who are serious about getting a particular property, specifically one on a short sale, have fallen in love with the home. If they can see themselves living and thriving in that house, these potential homeowners may purchase it right away. The town center is a great place to start looking because there are more distressed properties in this part of Eastham than in the other areas.

It is important to understand though that both REOs and short sale properties have some risks. However, if you know about them, it is easy to prepare for these issues. With the guidance of the real estate agent, you will land an attractive deal and complete the transaction more quickly than expected.

Search Foreclosures