Framingham Foreclosures

How Much are Framingham, MA Foreclosures?

Framingham is a city located in Massachusetts’ Middlesex County. It is a part of the Greater Boston area and the city proper measures approximately 25 square miles. It is just 20 miles west of Boston and is between Worcester and the mentioned city capital. The city is bordered by Marlboro and Southborough, as well as Natick, Wayland, and Sudbury.

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Route 9 passes through the middle part of the city. If you are here, you can have many things to do and places to visit, including the Hopkinton State Park, which offers trails, a reservoir, and diverse landscapes. The city also has the Assabet River National Wildlife Refuge, which is a conservation area that has some trails that the public can access. Other points of interest include the Garden in the Woods and the Callahan State Park.

The city has one of the most high prices of homes in the area. It has a hot market where the sellers mostly benefit. However, it does not mean that the buyers will not find affordable houses. Currently, the home value index in this place is $428,557, which has changed at least seven percent since last year. According to experts in real estate numbers, the mentioned value will once again increase within a year for at least four percent.

Bank-Owned Properties

The good news is that you do not have to go to the Boston Metro to find inexpensive homes. The truth is you will see that the prices in this area are more attractive because the median price per square foot is only $267. In contrast, Boston Metro has an average price of $276 per square foot.

The value, however, may still be tremendous for the potential homebuyers, which is why it is smart to look for properties that can provide more savings. One option is to go for foreclosed homes where there are about three foreclosed homes in the city per 10,000.

A bank-owned property can be found online at a reputable site. You can find information, such as the number of baths and beds, along with the address and the total measurement of the house. One of the best things about a foreclosed home is that the property costs less than the standard market value of the home in a particular neighborhood.

For instance, a foreclosed property on Higgins Road was recently sold for $335K. It has three beds and 2.5 bathrooms with some amenities in its 2,250 square feet living space. If this property were not in foreclosure, it would have cost more than $600,000.

Since the homes have low prices, they may not last long in the market. Several buyers and investors are searching for these houses that have attractive offers for the potential owners.

Before you purchase a bank owned or a real estate owned property, it is essential to get an inspection and appraisal. Some REOs here are not bargains, which mean that you may find some that have the same prices as those that do not have problems in the market.

Banks want to make money since that is what they are in the business for, so the homes are often priced competitively. Nevertheless, if you have the proper guidance from a real estate agent or you know where to look, you can find some that have huge discounts.

Short Sales

Buying a short sale can also be beneficial. Just like REOs, you can get a good deal out of these properties in Framingham. The homeowners are motivated to sell their house so that they do not go through a foreclosure proceeding. Additionally, they do not want to keep the home for a long time. That means they wish to get rid of the house right away.

Another benefit of purchasing a short sale home is that you do not have to worry about severe competitors. Other buyers may be interested in a traditionally sold house where they believe there are no issues to worry about, such as repairs and the like. In a short sale, it takes several months to finalize, which is why homebuyers are not too keen on purchasing them.

Therefore, you do not have to compete with other buyers so you can accept the price that the seller has stated for the property. For this reason, a short sale can be more attractive than a bank-owned home, especially since bidding wars can increase the prices.

If you are willing to wait and you do not mind doing some repairs for the house, a short sale property or a bank-owned one can be an excellent option for you.

The costs of the foreclosed properties will depend on various factors. Among these factors include the location and the amenities that are available in the home. Some neighborhoods have higher prices than the other places in this city. Additionally, some banks or lenders may be willing to wait for just a little before they release the property. Therefore, they may not sell the home for a low-baller.

The good news with the short sale and bank-owned properties is that they provide great options for those who cannot afford homes that are sold conventionally. You may have to fix some issues with the property, but in the end, they can be profitable for you.

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