Falmouth Foreclosures

Tips for Buying Falmouth, MA Foreclosed Homes

Home to the Nobska Lighthouse, the Shining Sea Bikeway that is a cycling path, and the Woods Hole Historical Museum where you can find exhibits about the history of the seaport community, Falmouth is a town in Barnstable County in Massachusetts.

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The area has so many things to offer to both the residents and the tourists, including historic walking places like the Cornelia Carey Sanctuary and the Highfield Hall and Gardens. There are also many restaurants here where you can enjoy French, American, and Italian cuisines among others.

This place is the second-largest town that lies on Cape Cod, and the whole area is comprised of more than 19% water. Most of the town is similar to Cape Cod in which it is situated on glacial sands with deposits of glacial outwash. However, the southwestern part of town’s soil consists more of moraine deposits, which make it more dense and rocky where it is comparable to the rest of New England.

The area is bordered by other towns, including Mashpee, Vineyard South, Buzzards Bay, and Bourne. It is located 77 miles from Boston but is just 14 miles from the Bourne Bridge. The topography of the town is almost the same as Cape Cod where there are several creeks, inlets, and ponds and surrounded by oaks and pines. The place also comes with rocky beachfront.

Meanwhile, the main road of the town is Massachusetts Route 28, while the northern part of the town is connected with Mashpee and Hatchville through Route 151.

Real Estate in This Town

When it comes to the prices of the real estate properties in this area, it has some of the most expensive, especially when compared to the nearby towns. It has a home value average of $550,228, and the market is mostly for the sellers. It has experienced a massive growth over the last few years and grew almost eight percent from last year. It is expected that the homes will increase in prices even more for up to four percent by next year.

The median cost of the homes here is $336 per square foot, which is indeed higher than other towns, including the Cape Cod Metro that has an average of less than $300. The town center, as well as the north and west parts of town and the neighborhoods called Hatchville and Teaticket, have among the highest priced real estate properties.

About 86% of the homes here are single-family houses, but you can also find apartment complexes and smaller buildings.

Short Sales and Bank-Owned Properties in the Area

Foreclosures are a good alternative, especially considering that the homes in this town are quite expensive. The foreclosed properties may be a little tricky to find here. There are only 2.7 foreclosed homes per 10K, which is much lower than Cape Cod Metro that has almost five homes per 10K.

Additionally, the homeowners who are delinquent in mortgages make up less than one percent of the population. In this case, it may be challenging to locate short sales in this town. Nevertheless, with proper guidance from the professionals, you will find sellers looking to quick sell a property.

Among the places where the most recent foreclosure transactions took place are Haynes Avenue, Marvin Circle, and Elm Road. When looking to buy either a short sale or a bank-owned property in this town, you may want to look for homes that have received a notice of default. After that, they may be listed in an auction, mainly if the lender or the bank will sell them.

A foreclosed property can provide you with huge savings. For instance, the recently sold home at 55 Haynes Avenue that has three beds and three baths with 2,201 square feet of living space asked for exactly $599,999. This property was sold in an auction in which the opening bid was less than $500K.

The single-family home was foreclosed then the lender sold it for the mentioned amount. Just like the other distressed properties, the bank took ownership of this home after the owner failed to pay the mortgage.

If you have chosen to purchase a foreclosed home in Falmouth, you can find them at banks where there is usually a whole department that sells the properties. Often, they are known as REOs, or real estate owned homes. Some banks and lenders also hold auctions to find a new owner of the property.

Meanwhile, if you do not want to transact with banks or a financial institution, you can find short sale properties in the area as well. The town has some delinquent homeowners in which these people sell their homes for a much lower price so that they can pay their debts.

Both bank-owned and short sale homes offer great deals for homebuyers, mostly because they sell for less compared to a typical resale property. These houses are a bargain, but it is essential that you know exactly what you will be facing. It, therefore, helps to understand the market, the town, the neighborhood, and the complete process of purchasing these foreclosed properties.

You can find REOs and short sales online but make sure that you only choose a reputable site. You can also contact a mortgage lender to see these properties, which they may be willing to sell to you.

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