Foxboro Foreclosures

What to Expect When You Buy a Foreclosure in Foxboro, MA

Foxboro (also spelled Foxborough) is a town located in the Norfolk County of Massachusetts. It is just 22 miles southwest of Boston, and its proximity to the capital city allows it to be one of the top options for people looking to purchase a new home.

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Additionally, the town is surrounded by other busy areas, including Providence in Rhode Island. It is best known for the New England Patriots’ National Football League Gillette Stadium and the New England Revolution as well. The area is quite rich in attractions, including the Grange Hall, which is a place registered as a National Historic area since 1983. It also has the Patriot Place, which is an entertainment complex with outdoor shopping and is situated next to the Gillette Stadium.

The town is also known for the local nonprofit theater known as the Orpheum Theater where the Bay Colony Productions use as a home.

The town is not only a place for historic properties and landmarks but is also a great area to look for a new home. If you want to purchase a house though, you may have to pay a little more. According to the latest figures, single-family houses in this area have already reached $480K this year. It looks like this number will continue to increase at least four percent more.

The spike in prices coincides with the trend toward the inflation of sale prices of properties all over the county and the state as well. In this case, it may not be a good sign for the buyers, which is why it is wise to search for other ways to buy a property.

Finding Short Sales

Foreclosures are quite high in number in this town with at least six homes per 10K that have a problem with their mortgage payments. In the whole US, the value is only 1.6. Nevertheless, a smart homebuyer can take advantage of this situation.

It is often difficult to afford homes in this area, especially the ones at the town center, the eastern neighborhoods, and Camp Lincoln Hill. However, it does not mean it is impossible; thanks to the homeowners who choose to short sell their home to avoid foreclosure.

Buying Bank-Owned Homes

Another way to save on house prices is through bank-owned properties. You can find them with the help of real estate agents, or you can inquire at a bank in the area. Some of the mortgage lenders have these homes that are also known as real estate owned (REOs) listed in a multiple listing service or MLS. The listings make it easy for potential buyers or their agents to locate the properties.

What to Expect

One of the reasons why investors and buyers target these foreclosed houses is because they can get a low price out of them. Since the town’s price per square foot is $249, a 1,200 square foot property can sell for $298,800. However, a foreclosed home in Arlington Street with three beds and 1.5 baths and was recently sold in an auction only asked for $200k, which provided almost $100k in savings.

Another property was auctioned in Vernal Avenue this January. The single-family home has three beds and one bath with 1,260 square feet of living space. Usually, this property would have sold for $313,740 if it was not a foreclosed home. However, it sold for only $242K, which is indeed equal to enormous savings for the buyer.

As you can see, these delinquent properties have attractive prices for the new homeowners. However, it is important to remember that the price tag should not be the only thing a buyer should consider. Whether it is a short sale property or a bank-owned one, it is essential to know what to expect out of the transaction.

Buying these foreclosed homes requires patience, mainly because the process is not the same as making an offer for a privately-owned real estate. The owners in the latter respond quickly, but it may take some time before the lender and the short seller notice the offer from the buyer.

In an REO home, it is typical for the proposal or bid to be reviewed by individuals and companies. Therefore, the bank may take some time before they talk to the potential buyer in which it can take at least two weeks. Short sellers, may be a little faster in responding to an offer. The problem is that the whole transaction can take several months to complete.

Nevertheless, these short sale properties in this town have owners who want to get rid of the home to get the money they need. The same thing is usually what happens with REOs. Banks are more than willing to sell the home, and it is one of the biggest reasons why these houses are extremely affordable.

When purchasing a foreclosed property in this town, it is helpful to be smart about your money. If you are serious about buying the home, you may want to get a loan or at least get pre-qualified for it. It indeed is useful, especially if you are pre-approved by the lender or bank that owns the property. If you know what to expect out of the home, you will find yourself satisfied with the purchase.

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